The share of women in the country’s Rs 50 lakh crore insurance industry is continuously increasing. Women have purchased 97.38 lakh insurance policies in 2022-23. During this period, insurance companies sold a total of 2.84 crore policies. According to the recent annual report of the Insurance Development Regulatory Authority of India (IRDAI), the share of women in purchasing insurance is 34.20 percent. In 2021-22 this share was 34.7 percent. Their share in the population is 49 percent. In such a situation, there is still a huge customer base for insurance companies to whom they can sell policies. Life insurance companies are rising to the occasion by meeting the growing demands of the female population. Also offering suitable products to provide adequate life insurance coverage.
7.45 lakh women agents
The report said that the contribution of women in the economic activities of the country is good and it is continuously increasing every year. Karnataka is at the top in terms of women purchasing policies with 44.23 percent share. Kerala is at second place with 43.96 percent and Mizoram is at third place with 42.97 percent. There are a total of 24.43 lakh agents in the insurance industry. Out of these, 7.45 lakh are women agents. That means it is 28.35 percent. The share of women agents in private life insurance companies is 57.33 percent while in government ones it is 42.67 percent.
emphasis on insurance carriers
IRDAI has planned for insurance carriers to take the insurance extension scheme to villages. A target has been set to appoint insurance carriers in every Gram Panchayat by the end of 2024. Insurance companies will primarily employ women as insurance carriers.
