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 of Bottom 5 States/UT with the least share in

policies bought by women to the total number number of policies bought by women to the total

of policies in that State/ UT number 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%.

Series Navigation<< Sukshma Hospi-Cash Group (Micro-Insurance Product) from Future Generali India Insurance Co. Ltd.Interview with Mr. Mahesh Guragain Chairman (Non Executive), Nepal Re – Insurance Co. Ltd. >>

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This entry is part 11 of 14 in the series May 2019 - Insurance Times

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