Are Women-Specific Health Insurance Covers a Good Idea?

Health insurance, though, is not mandatory for anyone in India; it is always recommended to everyone to have one. In fact, in a country like India where health care cost is increasing significantly each year, almost everyone needs to be aware of health insurance benefits.

As per a survey conducted in India, women are more prone to diseases or illnesses as compared to the men are. Though women are not always the priority when it comes to health insurance, ICICI Lombard General Insurance conducted a survey among 1009 Indian women and the results were literally shocking! This is what they found out as a result of that survey:

The company conducted a survey among 1009 women and found out that not more than 39 percent of them had health insurance. Only 22 percent of the result bought those policies on their own while the rest were dependent on their employers or a relative who was a male. A similar survey also resulted in another fact that even though the number of health claims filed by women in the year of 2014, not too many of them came forward to purchase health insurance for themselves.

Health Insurance for Women

India has a huge insurance market while only a small percentage of the population of the country has health cover, which includes a very small share of women who are aware of the need of health insurance. Keeping this low awareness in mind, what do you think should women buy the best health insurance policies specially designed for them?

What is offered?

Various insurance companies in India, including Bajaj Allianz General Insurance, Tata AIG General Insurance, and AEGON Religare etc. have brought out various exclusive products for women while the other ones are available as rider benefits. The Wellsurance Women by Tata AIG offers coverage for 11 critical illnesses and includes benefits for critical illness along with cashless hospitalization too, whereas term insurance plan by AEGON Religare combines Women Car rider benefits, which offers coverage for congenital disabilities that affect newborns.

On the other hand, Bajaj Allianz health insurance plans offer coverage for 8 critical illnesses in women through its Women-specific Critical Illness plan. The company also offers 50 percent of the sum assured in case of newborn with congenital disabilities.

How much is it worth?

Women need to ensure that they have coverage of minimum 5 lakh in case the coverage is availed under a family floater plan. An additional top-up cover can also be purchased to extend the coverage offered in the event of actual coverage is exhausted. Analyze your daily life and its corresponding health care needs, and then evaluate the terms and conditions of the coverage offered by various insurers.

GENERAL INSURANCE PLANS OFFERING MORE FOR LESS
Bajaj Allianz	Tata AIG	Religare	Apollo Munich
Coverage: 8 critical illnesses found in women, viz. cancer, paralysis, burns etc.	Coverage: 11 critical illnesses	Coverage: 37 critical diseases	Coverage: 20 critical diseases
Additional Coverage: 50 percent of the sum assured in case of newborn with congenital disabilities	Additional Coverage: Cashless hospitalization, cosmetic reconstruction, surgery due to an accident	Additional Coverage: E-opinion	Additional Coverage: Accidental death and total disability, including free annual check-ups
Sum Assured: Min. 2 Lakh	Sum Assured: Min. 1.5 Lakh	Sum Assured: Rs. 3 Lakh	Sum Assured: Rs. 5 Lakh
Premium: Rs. 938	Premium: Rs. 3, 400	Premium: Rs. 1, 125	Premium: Rs. 2, 152

 

Insurance companies have tried creating special plans for women while no specific advantageous features were offered because of the absence of any major cost. However, there are no specialized women-specific plans. This also means that the best health insurance in India is yet to be created for women. Thus, women have to explore thoroughly before purchasing a health plan.