Why women must get proper insurance cover, even if they are not employed

In life insurance, ensure flexibility so that coverage can be reduced when circumstances require doing so

Life insurance penetration in India is low at 3.49 per cent (2016-17 figures from the Economic Survey, 2018). In addition, women lag behind men in the purchase of life insurance — the ratio is almost 1:2. According to the recently published annual report of the Insurance Regulatory and Development Authority of India (Irdai), the total number of life policies sold in 2017-18 stood at 28.2 million while the first-year premium stood at Rs 92,135 crore. Women accounted for only 32 per cent of both number of policies purchased and first-year premium contribution. These numbers underline the need for women themselves,