Why is It Important for Women to Buy an Individual Health Policy?

Why is It Important for Women to Buy an Individual Health Policy?

Bajaj Finserv Health
January 17, 20225 mins read

Key Takeaways

  • Only 20% of women in India had a health cover in 2018
  • Women are more susceptible to bone-related diseases
  • Individual health insurance policy offers tax benefits

With the gender gap becoming narrower each passing day, women are excelling in every field. From managing a home to running profitable enterprises, they prove to be great decision-makers [1]. As they juggle different roles, women should not be left behind in having an individual health policy to rely on.

As per a report in 2018, only 20% of women in India had a health insurance cover [2]. This indicates that there is still a need for more awareness of importance of health insurance for women in this segment. With lifestyle diseases on the rise, having an individual health insurance plan for both men and women is imperative. 

Women, in fact, are more prone to certain diseases than men [3]. Health insurance plays a vital role in making healthcare more affordable and accessible to women [4]. Read on to know the importance of health insurance for women and why you must buy an individual women’s health policy.

Why should women buy individual health insurance?

Investing in an individual health insurance policy early in your life is crucial. It helps take proper care of your health and provides financial stability. Even the healthiest of people can fall ill and become prone to severe diseases. The average lifespan of women in India is 69 years. Opting for a health plan early helps you enjoy a lower premium and maintain your physical and mental health by tackling lifestyle and age-related diseases effectively. 

Here are some reasons why health insurance for women is a must.

Things to Check Before Buying Individual Health Insurance Plan

Sedentary lifestyle

The fast-paced, stressful, and sedentary life has made us prone to lifestyle diseases such as diabetes, obesity, and heart ailments. Due to your super-busy schedules, you may find it difficult to go for a walk or do exercises. Such lack of physical activity can take a toll on your women health. Today, purchasing a health protection cover along with making lifestyle and dietary changes are things you must do to maintain your health.

Additional Read: Sedentary Lifestyle Affect

Cancer and bone-related diseases

Due to lower bone mass in comparison to men, women are more susceptible to bone-related diseases. The iron and vitamin deficiency in many women contribute to such ailments. Certain cancers such as the ones in breasts and ovaries only affect women. Thus, it becomes essential for women to have a health policy in place.

Genetic diseases

Women are more exposed to genetic diseases. This includes health conditions like diabetes, thyroid, and kidney problems. Many health insurance companies offer health plans and riders covering such ailments. You need to be vigilant about these factors and choose the right health insurance plan.

What do health insurance policies specific to women cover?

The health plans created for women offer various benefits for different age groups. With them, women can manage health issues without depleting their savings. Here are some covers that women’s health insurance plans provide.

  • Maternity expenses
  • Newborn care expenses
  • Personal accidental coverage
  • Critical illness coverage
  • Pre-hospitalization charges
  • Post-hospitalization charges
  • Livelihood benefit in case of events like permanent disability

What is the importance of health insurance for women?

Maternity and newborn cover

There are multiple expenses associated with maternity. They include regular checkups, medication, hospitalization, ultrasounds, pre- and post-natal care, and more. Buying an individual health policy that covers these costs well before your pregnancy can help you keep your savings intact. Buy these health plans before planning your family as they come with a waiting period.

Cashless hospitalization

Medical emergencies arrive without notice. During such events, it becomes difficult to arrange for much-needed funds and get immediate medical care. Thus, having a health policy with a large network of partner hospitals can help you avail cashless treatment. As such, you do not have to stress about the medical costs and can focus on recovering.

Women to Buy an Individual Health Policy-46

Financial freedom

Investing in health insurance helps you prepare for unforeseen events in your life such as a job loss or a loss of income. You can confidently avail healthcare and never compromise on your health. 

Critical illness benefit

Treatment of life-threatening diseases specific to women can put a dent in your savings. Diseases such as breast cancer, vaginal cancer, ovarian cancer, cervical cancer, burns, and multi-trauma can impact a women’s life adversely. Having health insurance helps you receive early diagnosis and cover treatment costs without too much of a financial burden. 

Tax benefit

Another benefit of women’s health policies is the savings on tax. Section 80D of the Income Tax Act, 1961, allows tax benefits on health insurance. You can claim this on the premium you pay for self, spouse, parents, or children up to Rs. 25,000. This benefit increases to Rs.50,000 if you are paying premiums for senior citizens’ health policies.

What should you consider before buying an individual women’s health plan?

As the first step, analyze your health requirements and expectations. Take factors such as maternity coverage and critical illnesses in the family into consideration. This way you can select sufficient coverage at an affordable premium.

Make sure that you compare various health policies of different insurers carefully. Once you choose a policy that suits your needs, research its reviews, inclusions, exclusions, claim settlement, and terms and conditions. If they are favorable, make the premium payment and invest in your health.

Additional Read: Looking for Medical Insurance Plans?

To make comprehensive benefits available to all, Bajaj Finserv Health offers Complete Health Solution plans that cover both illness and wellness needs. These plans offer women a high medical insurance cover of up to Rs.10 lakh at budget-friendly premiums. Subscribe to these plans and get online doctor consultations and lab tests reimbursements along with many other benefits such as preventive health check-ups and network discounts.

Why is It Important for Women to Buy an Individual Health Policy? banner
  1. https://www.sciencedaily.com/releases/2013/03/130326101616.htm#:~:text=The%20study%20showed%20that%20women,better%20performance%20for%20their%20companies.
  2. https://www.livemint.com/Politics/Xpeq5eZmZwpQAZpjFpIzVN/Just-20-women-and-23-men-are-covered-by-health-insurance-i.html
  3. https://www.nichd.nih.gov/health/topics/womenshealth/conditioninfo/howconditionsaffect
  4. https://www.kff.org/other/fact-sheet/womens-health-insurance-coverage/

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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