The sales skew of most financial products is decidedly male, but in an encouraging trend, women are now increasingly showing interest in taking life cover. They are also playing an important part in selling insurance.

According to the latest data of Insurance Regulatory and Development Authority of India (IRDAI), the number of policies issued to women in 2021-22 was around 1.01 crore which is 34.7 per cent of the total 2.91 crore policies. This is marginally higher than in 2020-21, when women’s share of life insurance was 33 per cent.

Life insurance is available to women on the same terms as that of men, subject to their income-earning capacity. If anything, women get the better deal, according to insurers, as their life expectancy is higher.

Interestingly, LIC managed to attract more women with 36 per cent of its policies sold to the fairer sex, while in the case of private life insurers, it is 29 per cent.

Can the ratios be improved? “There is a need for life insurers to recognise the growing significance of women’s population in the economy, identify their special needs or requirements, if any, and develop suitable product solutions to provide adequate life insurance coverage,” IRDAI noted in a study on women and life insurance.

Female sales force

Women have made a mark not just as policyholders but also in marketing insurance products. About 7 lakh women are working as agents in the life insurance industry, making it 29 per cent of the total individual agency force.

Out of the total number of women agents, the share of private life insurers is 52 per cent and LIC is 48 per cent. Among the private life insurers, Max Life Insurance has the highest percentage of women agents at 42.5 per cent, followed by Ageas Federal Life Insurance at 42.4 per cent and SUD Life Insurance Co. Ltd. at 41.7 per cent.

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