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A Third of Life Insurance Covers are Bought by Women in India

By Finserv MARKETS - Mar 8,2019
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A Third of Life Insurance Policies.

It is a truth universally acknowledged that women form an essential part of every economy’s workforce. Today, women are leading and running successful businesses the world over. Not only do women bring in diversity into an organization, but they also drive growth. In India, majority of the top corporations have women in key decision making roles. Therefore, it is ironic, that when it comes to personal finances and investments, women still they hesitates.

Are men naturally better than women when it comes to handling money? A look at India’s finance and banking sector says otherwise. Four out of the top five banks in India are led by women. Some of our women CEOs have been ranked in Forbes’ list of Most Influential People in the World. It makes one wonder, why do women shy away from money matters.

Traditionally, investments and insurance have been concerns handled by the men of the family. Men have been thought of as the breadwinners and providers of financial security. But times are changing. With several working women now, having equal earning capacity in nuclear family units, money matters are slowly being addressed by the fairer sex.

The Insurance Regulatory and Development Authority of India (IRDAI), for the first time in its annual report of 2017-18, recognized the rising number of women buying life insurance products in India. While women constitute almost 48% of India’s population, their contribution to the number of life insurance policies bought in 2017-18 was 32% of the 2.82 crore policies that were sold. Women accounted for 90 lakh policies as against 1.91 crore policies that were bought by men.

Now more than ever, there is a pressing need to involve women in the purchase process of insurance and investment products. With the growing popularity of products like Unit Linked Insurance Plans, women are finding ways to meet their monetary goals. Whether you are a single woman or a happily wedded wife, a homemaker or a breadwinner; you can now realize your dreams by securing your future financially.

By their very nature, women are protective of their families and children; and insurance is a form of financial protection. Add to that the certainty of good financial returns, as offered by a product like ULIP, and you have a unique instrument that will appeal to every smart woman. A life cover provides financial security to the woman’s dependents in the unfortunate event of her demise. And financial returns help the woman to achieve her economic goals.

For women, building a better world begins with building a better life. This International Women’s Day, take a step towards financial freedom with a Bajaj Allianz Life Goal Assure plan offered by Finserv MARKETS. Balance your financial needs with your financial security for the future. With the theme for International Women’s Day in 2019 being ‘Balance for Better’, women need to empower themselves with a strong economic plan.

Whether it’s insuring your own life, investing in your child’s higher education, or planning a wonderful retirement for yourself, financial instruments like ULIPs give women the opportunity to forge a great life. And it’s important you start now, not only because it’s International Women’s Day; but because premiums are way cheaper if you start early!

Also read in detail about the ULIP tax benefits you can avail with investment plans available on our platform.

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522