The latest Insurance Regulatory and Development Authority of India (IRDAI) data shows that there has been an increase in the number of women advisors in the insurance sector. Also, the number of women insurance advisors has grown more in percentage as compared to their male counterparts. In 2017-18, the number of women insurance advisors grew by 28% compared to 25% in the previous year.
According to the report by the IRDAI, women account for 48% of the total population and of all the insurance policies purchased, 32% are bought by women.
More women buying policies
Not only this, but the Indian women are also opting more for insurance policies and are appearing in greater numbers as compared to men, for covering their lives with insurance products. According to the report by the IRDAI, women account for 48% of the total population and of all the insurance policies purchased, 32% are bought by women. “We surely see a spurt in women’s policies of late, due to an increase in the number of working women as well as awareness on long-term social security,” RM Vishakha, MD and CEO, IndiaFirst Life Insurance, told BusinessLine.
28% insurance agents are women
According to the statistics in the IRDAI data, the insurance sector had 20.83 lakhs agents in the year 2017-18, out of which, 72% were male and 28% were female. For LIC, this figure stood at 25% female and 75% male agents. For private companies, this percentage came out to be 69% and 31% for male and female agents respectively. As of March 2018, women formed 27.81% of the total agency force in the life insurance industry, at 5,79,220. Of these, 50.5% work for LIC, and the rest with private insurers. Max Life has the highest percentage of women agents at 46.11%, followed by IDBI Federal Life among private life insurers.
The insurance sector had 20.83 lakhs agents in the year 2017-18, out of which, 72% were male and 28% were female.
Rise in awareness among women
One of the reasons why more and more women are opting for insurance policies is the rising awareness of the need for social security. Not only this, women are becoming financially independent and hence are investing more money, for their own self. The ‘scared’ factor is diminishing when it comes to financial planning and women are becoming more conscious about the use of money.
Discussing money has never been a part of our culture when it comes to women. We are taught to look towards our father or husband when it comes to financial matters. In a study, 8 out of 10 women confessed that they have refrained from talking about money with those they are close to. Around 56% of the women in the study found that money matters are too personal to discuss. Also, around one-third of the respondents said that they didn’t want to disclose anything about their investments. According to Fidelity Investments Money FIT Women Study 2015, women do not feel confident enough to talk about their financial decisions.
Amidst such confusion regarding money, a spurt in the number of women buyers and advisors for insurance policies embarks a positive mark in women handling finances.