Page 39 - Insurance Times May 2019

Participation of Women in Life Insurance

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 in population of 48%, women contribute 32% in number of policies and 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 92,135 62,334 29,801 68% 32%

*Premium in Rs. Crores. * Population estimation as at 2018 from UIDAI web site

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.

The Insurance Times, May 2019 39