Page 40 - The Insurance Times October 2021

Table 5: If money is kept aside for On a whole, the sample is evenly distributed regarding their
preference of insurance companies but 78% of non-working
investment every month
women prefer to invest in government insurance policy as
Response Non working Working Working Total compared to 32% of working women and 44% of working men.
women women men More working women prefer private insurers as 68% of working
women preferred them for their service and promptness.
Yes 10 (20%) 38 (76%) 50 (100%) 98
Private schemes are also preferred by 56% of working men.
No 40 (80%) 12 (24%) 0 52
Total 50 50 50 150
Conclusion
Lack of awareness of health insurance is clearly observed in
80% of the non-working women do not keep aside any sum
and around the city of Kolkata from the survey. The importance
for investment and rarely take investing decisions. 76% of
working women and 100% of working men however keep of an insurance policy has always been felt in those times when
aside a sum for investment every month and they invest in the whole family faces financial crisis due to a member's lack of
properties, insurance, gold, stocks, mutual funds etc. insurance. Lack of liquid assets and non-recurring flow of income
often prevents lower income families to opt for health
insurance. The scenario is bad in rural areas but the position is
Table 6: Person whose advice is sought
still far from being satisfactory among the educated urban
for investing money masses. The low amount of annual premium paid by the sample
proves that even among those who have opted for health
Response Non working Working Working Total
women women men insurance, the coverage is not adequate.
Husband/ 41 (82%) 10 (20%) 14 (28%) 65 It is also interesting to note that the working women are
wife or least bothered to increase their risk coverage. Financial
family advisors or company agents do have adequate knowledge of
members
insurance products but it is observed that they are not given
Company 0 (0%) 13 (26%) 0 (0%) 13 much importance by the sample surveyed. The selection of
agents companies by the sample is not based on their past records
Friends and 8 (16%) 0 (0%) 0 (0%) 8 or market capitalization but on other considerations. Thus it
colleagues can be concluded that the state of health insurance among

Financial 0 (0%) 8 (16%) 0 (0%) 8 the selected sample is far from being satisfactory as they are
advisor underinsured, ill informed and are in need of information
about the product.
Self decision 1 (2%) 19 (38%) 36 (72%) 56
Total 50 50 50 150
References:
Y Ahlin, T., Nichter, M., and Pillai, G. (2016). Health insurance
82% of non working women are dependent on their husbands
in India: What do we know and why is ethnographic research
or family members for their investment decisions and only needed. Anthropology and Medicine, 23(1), 102-124.
and 1% takes self decisions. 38% of working women take self
Y Ahmed, A. (2013). Perception of Life Insurance Policies in
decisions as compared to 72% of working men.
Rural India. Arabian Journal of Business and Management
Table 7: Preference of public or private review, 2(6), 17-24.
Y Anita, J. (2008). Emerging health insurance in India - An
company for insurance
overview. 10th Global Conference of Actuaries, The
Response Non working Working Working Total Institute of the Actuaries of India, 81-97.
women women men Y Dutta, M. M. (2020). Health Insurance sector in India: an
Public 39 (78%) 16 (32%) 22 (44%) 72 analysis of its performance. Vilakshan - XIMB Journal of
Company Management, 17(1/2), 97-109.
Private 11 (22%) 34 (68%) 28 (56%) 78 Y Kala, S., and Jain, P. (2015).Awareness of Health Insurance
Company among people with special reference to Rajasthan
(India).International Journal of Business Quantitative
Total 50 50 50 150
Economics and Applied Management Research, 1(12), 21-31 T
.
40 The Insurance Times, October 2021