With women becoming financially independent and having a bigger say in financial decisions at home, insurers have started focusing on women-specific plans to capture the larger share in the market. According to the 2020-21 annual report by Insurance Regulatory and Development Authority of India (IRDAI) the number of life insurance policies issued to women in the year 2020-21 is around 93 lakh policies, which is a 33 per cent share as against a share of 32.23 per cent in 2019-20.
Given the trend, Max Life Insurance has recently announced to offer its Smart Secure Plus Plan as an independent cover on Policybazaar to homemakers. Currently, homemakers in India are typically allowed term cover only as an add-on to their earning spouse's cover.
V. Viswanand, Deputy Managing Director, Max Life said, "A woman's contribution as the homemaker is essential and irreplaceable. They take care of the family's well-being, offer emotional support and ensure the financial balance of the household. Max Life's Smart Secure Plus Plan for homemakers is a step towards empowering Indian women and enabling greater financial inclusion by providing protection in challenging times."
Sarbvir Singh, CEO, Policybazaar.com said, "In the current sales mix of the online protection category the housewives segment remains an untouched opportunity. In the Indian context, this segment is and will continue to be a large pool. We are happy to partner with Max Life Insurance in their crucial endeavor to improve protection penetration and accelerate growth for homemakers."
Naval Goel, Founder and CEO, PolicyX.com points out that recently LIC also launched an individual savings life insurance plan called Dhan Rekha that has special premium rates for the women category. Similarly, Cholamandalam MS General Insurance and Equitas Small Finance Bank in partnership have launched Chola Sarva Shakti Policy, a women-specific health insurance policy that offers insurance in case of personal accidents or any health crisis, health indemnity and maternity cover, support for child's education and EMI benefit to the insured in case of termination or temporary suspension from employment owing to health problems and helping hand cover for insured hospitalization period, as well as genetic testing for mother and child.
Goel adds, "Women are becoming more financially independent with improving literacy levels and financial decision making power has increased along with having a clear say in buying insurance for themselves and their families, therefore, the insurance brands are targeting them with category bespoke plans that are designed in consideration with their requirements and needs in the mind."
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