Even as insurance net is growing rapidly in the country, women have shown an aversion to such products. For every five insurance policies sold in the country today, only one is purchased by a female customer.
Women, who are earning, still prefer to go in for small savings instruments like the public provident fund or a systematic investment plan, industry analysts said, adding that due to the socio economic fabric, insurance is considered a product for men. However, the insurance industry is now gearing up to tap female customers in a big way.
“Women have generally shown an aversion to buying insurance products. Typically, in India, it is considered that men need it more than women,” Sanjay Tripathy, executive director (marketing), HDFC Standard Life told Hindustan Times. The company has already launched a product for home-makers called the Housewife Insurance, typically a savings instrument.
A Max New York Life spokesman said that insurance is a need based product, aimed at providing financial protection.
“Keeping the social fabric in mind, men tend to purchase more of insurance products which are meant to take care of financial needs in case of unforeseen events,” the spokesman said.
Industry observers say even the marketing and advertising programmes are centred around fulfilling needs that are shouldered by men.
A spokeswoman for Aviva Life Insurance said the company believed the trend was changing.
Life insurance penetration in the country is still about 25 per cent of the insurable population, which is significantly low, compared to other developing countries.