How term insurance ownership lays the foundation of financial empowerment for women
It’s not uncommon to see female underrepresentation across sectors in India, including the already underpenetrated insurance sector. Right from nurturers to breadwinners, women not only play diverse roles with ease, but also constitute half of the country’s total population. Despite this, they tend to overlook their own needs and the importance of insuring themselves adequately. Recognising their invaluable contribution to the house – tangible or not – there’s a growing need for women to assume better control over their financial decisions. The stepping stone to achieving this financial freedom is to invest in a robust term insurance policy.
Fortunately, the insurance industry has tapped into this need gap and is constantly developing solutions tailored to women’s needs. If we look at the traditional context, both working women and homemakers often relied on their spouses to make financial decisions for them. That outlook, however, is increasingly undergoing a shift, and this is reflected through the rapid product innovation in the industry aimed at serving this segment. Our data suggests that the term insurance ownership grew by 12% in the first quarter of FY’24. Not just that, more women are taking charge of buying term insurance for themselves, instead of depending on male members of the family.
Traditionally, homemakers relied on their spouse’s coverage, leaving them underinsured and financially vulnerable. However, with the advent of modern term plans designed specifically for homemakers, this dependency has been eliminated. These plans offer coverage of up to Rs. 1 crore with flexible eligibility criteria, empowering homemakers to secure the financial futures of their dependents. These plans are available to
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