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Women’s purchase of health cover grows faster than the industry, reports ET HealthWorld

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Growth in health cover purchase by women outpaces industry growth, ET HealthWorld

In a recent analysis by Policybazaar, it has been revealed that in the fiscal year 2023-24, there has been a significant increase in the number of women covered under health insurance, surpassing the overall individual growth rate. The data indicates a 40% rise in women opting for health insurance, as opposed to a 27% increase in the overall population.

The trend highlights a 43% surge in women purchasing standalone coverage for themselves, showcasing a proactive approach towards securing their health and emphasizing financial independence. Notably, there has been a shift towards higher coverage sums, with more women selecting coverage exceeding Rs. 25 lakhs.

Moreover, the analysis shows a slight increase in policyholders from Tier-2 and Tier-3 cities, indicating a democratization of healthcare access. While younger women below 40 are actively investing in health insurance, older women in the 51-60 and 60+ age groups face challenges due to decreased policyholders in these categories.

Maternity insurance has seen a 31% uptick among women, while critical illness coverage has also increased by 20%. This reflects a growing awareness and adoption of proactive health measures among women. Additionally, the data indicates a 25% rise in women filing claims for health issues such as fibroids, breast cancer, and cervical cancer, underlining the importance of tailored coverage for women-specific health challenges.

In conclusion, the increase in women opting for preventive care services signifies a positive shift towards proactive health management and underscores the importance of tailored health insurance products for women.

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