Fewer women bought life insurance in FY20
Feb 18, 04:02

Life insurers saw a drop in women customers in FY20. According to new data released in the IRDAI Annual Report, the total number of policies sold in the year 2019-20 stood at 28.8 million. But the share of women in FY20 decreased to 32 percent compared with 36 percent a year ago. The possible reason for the drop could be because of lesser women joining the workforce since insurance is bought primarily for earning family members. Of the 9.3 million policies bought by women, nearly one-third of policies have come from three states—Maharashtra, West Bengal and Uttar Pradesh. LIC, India's largest insurer, was able to get more women policyholders (34 percent) than private competitors (27 percent) in FY20.

less women buying life insurance