June 28 is observed annually as National Insurance Awareness Day to raise awareness on the importance of insurance and how it affects our lives. Whether you insure for life, vehicle, property or health, it offers you and your family financial stability and peace of mind.
Insurance is your safety net in unpredictable times. It protects you from mishaps, natural disasters, and other threats, helping to avoid financial strains that can endanger your future. National Insurance Awareness Day serves as a reminder to reevaluate our needs and make sure we have the appropriate coverage to safeguard the things that are most important to us.
India’s insurance policies cater to the needs of women by covering prenatal care, contraceptive services, screening for breast cancer, coverage for illnesses particular to women, health examinations, and general well-being. The government’s ongoing efforts to provide insurance coverage to all of India will also benefit women, considering their unique needs and circumstances.
Let us look into the benefits of insurance and how can women take full advantage of it.
Maternity Coverage
In India, maternity death rates have significantly decreased over the past 20 years, from over 500 per one lakh women to 97 per one lakh women. The number is significantly higher in rural areas and particularly impoverished states where access to institutional childbirth is restricted. By offering prenatal and postnatal care, new-born care, and medical access for childbirth expenses, comprehensive maternity coverage can contribute to a decrease in maternal mortality. It also helps women through the pregnancy and delivery process.
Reproductive Health Services
Taking informed decisions on their health and family planning, insurance coverage for reproductive health services such as contraption, fertility treatments and surgeries can lower female mortality and improve India’s sex ratio, which is currently approximately 929:1000 (female: male ratio).
Breast Cancer Screening And Treatment
One of the leading causes of deaths in Indian women is breast cancer. The survival rate after five years of incidence is still 66 per cent, amongst the lowest survival rates globally. In order to guarantee early detection and efficient management of the disease, customised insurance policies can provide coverage for breast cancer screening, diagnostic testing, treatments, and post-treatment care.
Gender-Specific Illness Coverage
Gender-specific disorders like endometriosis, ovarian cancer, and cervical cancer are covered by insurance policies, guaranteeing prompt diagnosis and treatment.
Women-Specific Health Check-Ups
Preventive screenings, wellness initiatives designed to meet the unique health requirements of women, and routine health check-ups can be included and covered by insurance plans.
Coverage For Serious Illnesses
Coverage for serious illnesses such as diabetes, heart disease, and stroke can guarantee women with severe health access to cutting-edge medical treatments and continuous care.
According to the most recent Periodic Labour Force Survey for 2021–2022, India’s female labour force participation (FLFPR) rate for those who are working age (15 years and older) has improved significantly to 32.8 per cent. However it is still low as compared to the global average of 47 per cent for many years.
Increasing Women’s Entrepreneurship: Insurance programmes can help women entrepreneurs by offering business interruption coverage plans, packaged business coverage, and fostering economic empowerment and entrepreneurship.
Income Protection: If a woman has a child, caregiving obligations, or experiences health problems, she may be able to get financial support through income protection programmes tailored to suit her needs.
Support For Childcare: Insurance plans may provide childcare benefits to assist working moms in meeting the costs of nursery, allowing them to successfully balance their work and family responsibilities effectively.
Insurers can successfully serve the unique requirements and objectives of women by including these varied coverages into insurance plans, thereby fostering gender equality, financial inclusion, and general well-being.
Image source: Business Standard, LIC, Freepik