Women comprise roughly 48% of the total population in India. Their contribution to the economic activity of the country is significant and is increasing every year. In this context, a brief study is made on the share of women in life insurance business. Only individual new business data – number of policies and first year premium for the FY 2017-18 – has been considered for the purpose.
1. The total number of policies sold in the year 2017-18 stands at 2.82 Cr, with a first year premium (FYP) of Rs. 92135 Crores. The following table provides the contribution of men and women to the total business.
2. As can be seen, as against the share of the population of 48%, women contribute 32% in the number of policies and the first year premium.
3. Out of 90 lakh policies bought by women in the year 2017-18 in India, almost one-third have come from three States, Maharashtra (12%), West Bengal (10.3%), and UP (9.4%). Similarly, out of Rs. 29800 crore FYP contributed by women, slightly more than one-third have come from three States, namely, Maharashtra (18.1%), West Bengal (10%) and Tamil Nadu (7.8%).
Top 5 States/UT with highest share in number ofBottom 5 States/UT with the least share in
policies bought by women to the total numbernumber of policies bought by women to the total
of policies in that State/ UTnumber of policies in that State/ UT
State
Percentage
State
Percentage
Lakshadweep
55%
Jammu & Kashmir
24%
Puducherry
43%
Haryana
27%
Kerala
43%
Gujarat
27%
Mizoram
41%
Uttar Pradesh
28%
Sikkim
40%
Jharkhand
28%
All-India Average
32%
All-India Average
32%
Male Female Proportion Analysis of Population & Individual Life Insurance New Business 2017-18
Particulars
Total (Cr)
Male (Cr)
Female (Cr)
Male %
Female %
Population
134
69
65
52%
48%
No of policies
2.82
1.91
0.90
68%
32%
FY Premium (Rs Cr)
92,135
62,334
29,801
68%
32%
*Premium in Rs. Crores. * Population estimation as at 2018 from UIDAI website
4. In 19 States/UTs, the share in number. of policies bought by women to the total policies sold is higher than the all-India average of 32%. The above table provides data of top and bottom five states/UTs in terms of share in no. of policies bought by women to the total policies sold in that State/UT.
5. At All-India level, 210 persons have purchased a life insurance policy, for every 10000 population. But, when we break it up in terms of male and female, we find 277 males have purchased life insurance policies for every 10000 male population, whereas, 139 women have purchased life insurance policies for every 10000 female population. The following table provides male female break-up State/UT wise.
State / UT
Policies per 10,000 Population
Policies per 10,000 Male Population
Policies per 10,000 Female Population
Andaman & Nicobar Islands
141
174
101
Andhra Pradesh
248
306
189
Arunachal Pradesh
83
107
58
Assam
236
313
156
Bihar
129
168
86
Chandigarh
774
1016
502
Chhattisgarh
177
240
114
Dadar & Nagar Haveli
56
71
37
Daman & Diu
210
220
197
Delhi (Nct)
442
570
298
Goa
626
774
474
Gujarat
217
303
123
Haryana
238
329
135
Himachal Pradesh
337
444
226
Jammu & Kashmir
127
169
72
Jharkhand
159
223
90
Karnataka
244
301
184
Kerala
248
296
203
Lakshadweep
19
16
22
Madhya Pradesh
154
206
98
Maharashtra
301
411
183
Manipur
103
134
72
Meghalaya
57
72
41
Mizoram
43
50
35
Nagaland
80
109
48
Odisha
285
372
197
Puducherry
312
370
259
Punjab
220
294
138
Rajasthan
188
260
112
Sikkim
241
272
206
Tamil Nadu
221
266
176
Telangana
235
302
168
Tripura
258
347
166
Uttar Pradesh
133
185
77
Uttarakhand
288
394
179
West Bengal
290
380
195
All India
210
277
139
6. As can be seen, the three states with the highest number of policies sold per 10000 women are Chandigarh, Goa and Delhi (NCR).
7. Further, the all-India average reveals that there are two men purchasing life insurance policies per every one woman. As compared to this, in States/UTs such as Lakshadweep, Daman & Diu, Sikkim, Mizoram, Puducherry, Kerala, Tamil Nadu, etc., the participation of women in life insurance is higher as compared to the all-India average. However, the ratio is more skewed towards men in States/ UTs such as Jharkhand, Gujarat, Haryana, Uttar Pradesh, Jammu & Kashmir, Rajasthan etc., where a relatively lower proportion of women purchased life insurance policies as compared to the national average.
8.A look at the participation of women in Life Insurance Marketing as Insurance Agents:
a. 579220 women are working as agents in the Life Industry making it 27.81% of the total agency force as at 31.3.2018. Of these, 49.53% are employed by Private Insurers and 50.47% by LIC.
b. Among the private life insurers, Max Life Insurance Co has the highest percentage of women agents at 46.11% followed by IDBI Federal Life Ins. Co at 39.17% and AEGON Life Insurance Co at 34.10%.
