Health insurance is important for everyone. Period. It is more critical for women since they are more prone to health risks than men. Women may also have lesser access to employer-based health insurance. Those from a lower economic strata may have limited resources to meet healthcare costs.

Even in a developed economy like USA, health insurance penetration for women is a mere 19%.

"The cost of quality medical care is rising. Insurance acts as a financial buffer that offsets financial setbacks after expensive medical treatment and associated lifestyle changes," says Kartik Jain, marketing head, ICICI Lombard General Ltd.

Health Insurance Schemes

There are few products designed specially for women in the market.

A closer look at health statistics shows a pervasive difference in disease and illness between the sexes. A higher proportion of women suffer from certain conditions that may not directly cause death. That women, on average, live seven years more than men only increases their healthcare needs, as they are prone to suffer more from chronic conditions as they age.

Women-oriented insurance products fall in three categories:

1. Life Insurance Cover

These are essentially money back policies designed to give women financial security. The LIC Jeevan Bharti Policy offers an inbuilt female critical illness rider and a clause for payment of an amount equal to 50 per cent of the sum assured (subject to a maximum of Rs 1 lakh). This will be paid at the birth of a child with any of the specified congenital disabilities.

2. Long Term Health Covers

Life insurers have introduced standalone long-term health cover polices. These products are available for a period of five to 25 years. They are similar to taking a critical illness rider but do not have any life insurance element to it.

ICICI Prudential Cancer Policy is specially designed for women. It covers women-specific cancer like breast cancer, cancer of cervix, ovarian cancer, etc. When cancer is diagnosed, a lumpsum is paid to the insured which covers the cost of treatment as well as loss of income.

3. Riders

Women can also get health cover by attaching special riders designed for women. Bajaj Allianz’s MahilaGain is another plan targeted at women. The plan can be taken in the form of a rider and takes care of specific health issues related to women.

Birla Sun Life has an optional critical illness rider designed for women. Besides the usual critical illnesses, these riders cover women-specific problems, like pregnancy complications, congenital anomalies in the newborn child and other women-specific problems like severe rheumatoid arthritis.These riders are triggered once the illness is diagnosed. A lumpsum is paid to the insured. The riders are then discontinued.