The continuous rise in the participation of women in the insurance industry, valued at 50 lakh crores in the country, is evident. In the fiscal year 2022-23, women have purchased 97.38 lakh insurance policies, contributing to a total of 2.84 crores policies sold by insurance companies during this period. According to the recent annual report of the Insurance Regulatory and Development Authority of India (IRDAI), the share of women in insurance purchases stands at 34.20%, slightly down from 34.7% in 2021-22, but still a significant 49% in the overall population.
This significant presence of women continues to provide a substantial customer base for insurance companies, offering a vast market for policy sales. Life insurance companies are actively responding to the increasing demand from the female population by introducing suitable products that provide adequate life coverage.
The report highlights that out of the total 24.43 lakh insurance agents in the industry, 7.45 lakh are women agents, accounting for 28.35%. Interestingly, private life insurance companies have a higher share of female agents at 57.33%, while in government-owned companies, it is 42.67%.
Emphasizing the need for insurance penetration in rural areas, the IRDAI has devised a plan to appoint insurance agents, called “Bima Vahak,” in every village by the end of 2024. The plan aims to extend insurance coverage to remote areas, with a focus on engaging women as insurance agents, primarily employed by insurance companies.
Regarding recent developments, it has been suggested that officials may be summoned in connection with the alleged liquor policy scam. The Enforcement Directorate (ED) is reviewing a letter from Delhi Chief Minister Arvind Kejriwal, where he has denied appearing before the agency regarding the purported liquor policy scandal. Official sources indicate that officials could be issued a fourth summons in this regard.
Kejriwal, the national convener of the Aam Aadmi Party, had previously rejected the idea of appearing before the ED, stating that the agency’s perspective does not align with principles of law, equality, or justice. Sources suggest that, disregarding his accusations of an unlawful summons, the agency may issue a new summons, dismissing his claims of false charges.
The political landscape surrounding the ED summons is intertwined with the electoral agenda, as the BJP aims to hinder Kejriwal’s involvement in election campaigning. Kejriwal contends that his assets are honest, and false accusations and summons are detrimental to his integrity.
Arvind Kejriwal has accused the BJP and investigating agencies of using such incidents not for a genuine investigation but to arrest him under the guise of inquiries. He asserts that the ED’s summons lack legality and that he is willing to cooperate if presented with a lawful summons.
Furthermore, Anurag Thakur, a central minister, has criticized Kejriwal, claiming that the AAP and Kejriwal have become synonymous with corruption. Thakur’s comments followed the recommendation for a CBI inquiry into the supply of fake medicines in Delhi’s Mohalla Clinics, suggested by the Lieutenant Governor. Thakur argues that Kejriwal’s claim to be a champion of honesty has been tarnished by involvement in both liquor and medical scandals.
As the political turmoil continues, Kejriwal plans to visit Gujarat for political engagements. The trip includes addressing party workers, participating in public meetings on January 6th, 7th, and 8th, and meeting with party legislator Chaitra Vasava, currently incarcerated in connection with threatening forest officials.
