Vidhu Garg leads Policybazaar's term life insurance division for women and HNIs, driving segment growth, product innovation, operational efficiency, and market awareness. With over 8 years of experience at Accenture Strategy, Mastercard, and Policybazaar, she has advised clients in e-commerce, consumer goods, and fintech.
Women, who end up juggling multiple responsibilities as caregivers and providers, often find themselves balancing a delicate act. In the midst of supporting their families and contributing to household finances, they often neglect to prioritize themselves. What they usually don’t realise is the tremendous value that they add to those around them hinges on their own well-being. Ensuring their own health and financial stability is essential for sustaining long-term security for both themselves and their families.
Despite this, the rate of insurance penetration among women in India, particularly in non-metro areas, remains alarmingly low. The reason for this low adoption among women can be attributed to many factors like societal conditioning or prevalence of traditional norms. However, the bottom line is that women add immense economic value and play an irreplaceable role in their lives, irrespective of their employment status. The industry realises this fact and is rapidly evolving to address women’s needs and demand for term insurance.
New Women-Specific Features Introduced in Term Insurance
Insurers have now introduced new features in term insurance policies that specifically cater to women. These features are designed to provide comprehensive health management services, offering annual benefits up to Rs. 36,500. This package includes a wide range of services such as tele-OPD consultations and lab tests, including Diabetes, Thyroid, Lipid Profile, Calcium Serum, and Complete Blood Count tests.
Moreover, the package includes consultations with nutritionists and mental health experts, providing a holistic approach to healthcare. The plans offer tremendous practical value to women consumers. For instance, psychiatrist consultations which could cost anywhere from Rs 3000 to 5000 is now free of cost for them. Similarly, for diet and nutrition consultation, the cost can go up to Rs 10,000 per month, which is absolutely free of charge here. This provides a much far higher value for the same premium.
For pregnant women, there is a dedicated pregnancy wallet worth Rs. 2,000, which can be utilized for pregnancy-related tests and consultations. By integrating these diverse health services, the industry ensures comprehensive protection for women, addressing specific health needs throughout different stages of life. These benefits not only cater to their immediate health requirements but also provide a preventive approach to long-term well-being.
Another significant feature offered by insurers is the critical illness rider, which can be added to term insurance policies. This rider provides a lump-sum payment if the policyholder is diagnosed with a life-threatening disease that results in a loss of income. Given the rising incidence of cancers specific to women, insurers have expanded their coverage to include breast cancer, ovarian cancer and cervical cancer. Notably, this rider offers coverage even at the initial stages of these cancers, and provides financial support from the earliest point of diagnosis. This feature provides an added layer of protection by helping alleviate the financial burden associated with critical illnesses.
Term Insurance for Homemakers
Homemakers play a crucial role in managing household responsibilities and caregiving, contributions that are often undervalued because they do not earn a traditional salary. However, the economic value of homemakers' work is massive, and should something unfortunate were to happen, their sudden absence can cause significant financial hardship for their families. Term insurance ensures that their families, who rely on their unpaid labor, are safeguarded against such hardships.
The value of a homemaker’s contributions, such as managing household responsibilities and caregiving, should be recognized as equally significant as any salaried position. Having term insurance is important for homemakers as it offers essential financial protection for their families, ensuring stability and support in the event of unforeseen circumstances. It often costs up to 30% less for women, a difference attributed to women’s generally longer life expectancy. Women’s life expectancy generally exceeds that of men. This means that the likelihood of a woman passing away during the policy term is lower as compared to a male policyholder.
Despite being equal contributors to household chores regardless of their employment status, many women still depend on their spouses for managing finances. It is crucial for women to take control of their financial decisions and not rely solely on their spouse. By managing their finances independently, women gain greater control over their future and financial security.
Term Insurance for NRI Housewives
In a commendable move, term insurance is now available for NRI homemakers. This financial protection is particularly important due to their unique circumstances. Living far from relatives, their families might struggle with both emotional and logistical challenges in their absence. Additionally, the cost of replacing their domestic contributions can be significant in a foreign country, and add to the financial strain. Term insurance provides a financial cushion, ensuring that their family can manage both immediate and ongoing costs without additional stress.
The availability of term insurance for NRI housewives addresses the unique challenges they face. Living in a foreign country, often far from extended family, these women play a vital role in maintaining the household and supporting their families. In the event of their absence, the emotional and logistical challenges for their families can be substantial. Additionally, the cost of replacing their contributions to the household can be significant in a foreign country. Term insurance helps provide a financial cushion, ensuring that their families can manage both immediate and ongoing costs without additional stress.
Empowering women through term insurance is a critical step towards addressing gender-specific needs and ensuring their well-being. By providing comprehensive health and financial protection, term insurance policies play a crucial role in securing the future of women and their families. As women increasingly take charge of their financial decisions, they contribute to a more equitable and prosperous society.
