Ahmedabad: With fewer women in labor, Gujarat ranked among the five lower states with the number of women who least have life insurance protection.
Only 27% of life insurance policy holders in Gujarat, one of the most industrial countries in this country, is a woman.
This is much lower than the average of all-India 32%, state insurance regulatory & Indian authority development (Irdai) in its annual report for 2019-20.
Gender equality in the labor market is one of the main concerns in the country because of the number of policy holders less, said insurance experts.
Other countries and union areas with the least number of women covered for life are Daman, DIU, Dadra and Nagar Haveli (19%), Ladakh (22%), Haryana (27%) and Kashmir (27%).
“The trend of decreasing female workers has an impact on life insurance policy.
The level of women’s workforce participation (FLFPR) in Gujarat was 16.9% – lower than the national average of 18.6%, according to the 2018 Periodic Work Force Survey (PLF) 19.
This applies to rustic and urban Gujarat, “said Goel Navy, Founder & CEO, Polisx.com, insurance comparison portal.
“Furthermore, gender differences in the level of labor force participation are wider in Gujarat (40.8%) compared to those observed at the national level (35.4).
Because of this, the fewer women are insured,” Goel added.
The total number of policies sold in 2019-20 throughout India stood at 2.88 crores, with the first year premium (FYP) from RS 1.02 Lakh Crore.
Of the 93 lakh policies were purchased by women in India.
Industrial sources also said that his awareness was also one of the main barriers for lower adoption among women.
“The level of awareness of having a life insurance policy is less among women and not priority.
This is especially true among home makers, which has an impact on overall absorption,” said an expert in the city-based insurance sector, provided that anonymity requirements.
The top five states and union areas with the highest ratio of female life insurance policy holders including Kerala (43%), Andhra Pradesh (40%), Mizoram (40%), Puducherry (39%) and Tamil Nadu (38%).