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Women’s Day 2023: How women purchase insurance online 

Indian women are no longer waiting for someone else to take the lead and are instead conducting thorough research online before buying insurance products for themselves & their family.

  • 06 Mar 2023
  • min read

Women are often considered the backbone of their families, the caretakers, and the decision-makers. In a world where women's voices are becoming more prominent and powerful, they now play an even more important role in household decisions, especially the financial ones. It's a startling number: Globally, when women can earn an income, they typically reinvest 90% of it into their families and communities to provide better nutrition, health care and education to their family & children.

In India, according to the fifth National Family Health Survey fact sheet in 2022, nearly 88.7% of currently married Indian women tend to participate in the critical household decision about healthcare for themselves and are decision-makers in major household purchases, including those related to insurance. They are researching, comparing, and choosing policies offering comprehensive coverage and flexible payment options.

Whether it's a health policy that covers their specific medical needs, a vehicle policy that protects them while driving or riding on the road, or a travel policy that provides comprehensive coverage on the go, women in India are making intelligent and informed decisions about their insurance needs. Below are a few key takeaway points from our initial sample study on understanding women's behavioural preferences when purchasing health, vehicle & travel insurance online.

What does insurance mean to women?
Insurance is a financial product that protects against unforeseen risks. For women, insurance means financial security and peace of mind.

How do women decide on buying insurance policies?
Most women prioritise their family's financial safety, and they believe insurance is a helpful tool for achieving this goal. Healthwise, women are more exposed to specific health conditions, including breast cancer and gynaecological-related complications requiring specialised medical care. Therefore, women favour health insurance that covers these healthcare expenses so that they do not add additional costs to their family budgets.

While deciding on an individual health policy, women prefer health insurance policies that offer cashless hospitalisation and a wide network of hospitals. The need for convenience and ease of access to medical facilities drives this preference.

When it comes to vehicle insurance, women have different preferences compared to men. While they believe that the person using the vehicle most should be making the insurance purchase decisions for a family-owned vehicle. However, for their own car or bike, they prefer affordable, comprehensive vehicle insurance policies that cover their personalised needs, such as vehicle damage due to rat bite—indicating their preferences for customised coverage & add-ons. Add-on covers provide additional protection and help women feel more secure while driving & maintaining their vehicles.

For travel insurance, most women prefer to avoid getting involved in the purchase decision as they believe it's insurance for only a short duration and is not a major investment. Most are strapped for time and trust the travel agent's recommendation.

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How do women purchase insurance online?
While purchasing any insurance online, women are more likely to choose insurance policies that offer a high level of customer service. This preference is driven by the need for personalised attention and support when they face any issues related to their policy purchase or claim.

Another critical factor for women while purchasing insurance is the insurance company's reputation. Women prefer buying policies online from established insurance brands with a good claim settlement ratio (CSR) track record. They are more likely to demand transparency and value for money from their insurance providers.

Frequently asked questions by women while making purchase decisions for health insurance:

  • What kind of health insurance plans are available for women? Do they cover women-specific diseases?
  • What is the maximum amount I can claim in a year?
  • What is the waiting period for maternity coverage?
  • Are pre-existing health conditions covered?
  • What are the network hospitals, and how can I locate them online?
  • What are the documents required to file a claim in case of hospitalisation?
  • Can I add my spouse or parents to my health insurance policy? What is the additional premium for that?
  • Are there discounts available for women, or if I purchase a long-term policy?
  • How do I renew my policy next year? Are there any benefits of continuing the policy on time?
  • Do I get any tax benefits for purchasing this policy?
  • Can I customise my health insurance plan per my needs, and what are the additional charges for that?

Most asked questions by women while making purchase decisions for vehicle insurance:

  • Is third-party insurance mandatory, and what are the benefits of comprehensive motor insurance?
  • What is a No Claim Bonus? How does it work?
  • How can I contact you if I meet with an accident or in an emergency?
  • Can I transfer my insurance policy if I sell my vehicle?
  • What kinds of add-ons are available for my vehicle? What are the additional charges for that?

In conclusion, women have unique preferences when buying insurance in India. They prioritise comprehensive coverage, personalised attention, and excellent customer service while purchasing. Women compare policies and consider multiple factors, such as consulting their family members and colleagues before making a final decision. With the increasing popularity of online insurance buying, women are more empowered than ever to make informed decisions about their insurance needs.

  • women health insurance
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