Why women should prioritize their health by securing a suitable insurance plan

Life's demands often position women as the caregivers, balancing multiple roles while prioritizing the needs of others. However, a significant shift is taking place—women are increasingly recognizing the need to give an equal importance to  their own health and financial security. One of the key factors that has helped women in this journey is increasing financial literacy – that helps them develop skills that include personal financial management and understanding about managing risks and protecting themselves against financial shocks. – secure themselves with appropriate investments and insurance products.

Recent data highlights a remarkable trend: health insurance coverage among women surged by 40% overall in FY '24 compared to the previous year, reflecting a growing awareness and commitment to self-care. This shift isn't just a matter of numbers; it's a powerful statement that women are claiming their right to health and well-being. As the landscape of healthcare continues to democratize, with more women in Tier-2 and Tier-3 cities embracing comprehensive coverage, the narrative is clear—women are no longer the unsung heroes of others' stories; they are the architects of their own futures.

Why Women have unique health challenges

Health insurance is essential for everyone, but it’s particularly crucial for women due to the unique health challenges they face throughout their lives. Women often encounter higher insurance premiums during their childbearing years because they are more likely to require medical care  through maternity and child care, gynecological issues, and critical illnesses. A number of health insurance policies do not have maternity insurance as a part of the plan. 

Moreover, lifestyle diseases such as obesity, hypertension, and diabetes are becoming more common among working women in India, further underscoring the need for comprehensive health insurance. While women may initially pay higher premiums, some insurers offer female-centric plans with added benefits like maternity coverage, acknowledging their specific needs. Securing the right insurance is vital for women to protect themselves against the financial burdens that come with unexpected medical emergencies, ensuring peace of mind and well-being throughout all stages of life.

The confronting conundrum:The need for insurance for women 

74% of Indian women still don’t participate in health insurance decision-making, and 75% believe that existing policies fail to address their specific needs.

As increasing number of women seek Health Insurance designed to their specific needs, Insurance companies are now beginning to offer customizable options. These policies offer women to choose the coverage that best suits their specific circumstances. Whether it’s cashless hospitalization, wellness programs, preventive screenings, maternity care or emergency services, these plans are designed to provide comprehensive protection that adapts to the evolving health needs of women at every stage of life.

Women's health insurance fits in like a glove for them and has been made personalized to their needs with every detail focussed upon.The ability to access quality healthcare without financial strain empowers women to lead healthier, more fulfilling lives, and ensures they are well-equipped to take care of themselves and their loved ones. 

However, the journey towards true financial independence and security for Indian women requires more than just incremental improvements in traditional insurance products.

The scene is changing, and the need for tailored insurance solutions has never been more evident. Here, new-gen financial product delivery companies like Finhaat are stepping in, crafting innovative blueprints to meet the unique needs of these bespoke markets. By leveraging technology and local insights, they are ensuring that the benefits of insurance reach every corner of the nation, making financial independence a reality for all. As women continue to take on diverse roles in society, having access to such customized financial solutions is not just a luxury—it’s a necessity that empowers them to lead healthier, more secure lives.