In a progressive move towards inclusive financial protection, Tata AIA Life Insurance has introduced Shubh Shakti, a women-centric term insurance plan launched in collaboration with Policybazaar. Traditionally designed for male breadwinners, term insurance plans have often overlooked the specific needs of women. As India’s Female Labour Force Participation Rate rose from 23.3% in FY18 to 41.7% in FY24, the need for women-focused financial products has become more evident than ever.
Shubh Shakti is tailored for working women, offering comprehensive coverage, women-specific health benefits, and affordable premiums. A Tata AIA survey highlighted that 89% of married women still depend on their husbands for financial planning. This plan aims to bridge that gap by supporting women in taking charge of their financial futures.
Key features include 15% lower premiums for women, an additional 1% lifetime discount for single mothers, and premium holidays during maternity. Child Education Protect ensures monthly income for up to three children until age 25, while a waiver of premium in case of the husband’s or policyholder’s accidental death offers added security.
Integrated with Tata AIA Health Buddy, the plan provides PCOD and IVF support, cervical cancer vaccinations, health check-ups, and rewards for fitness achievements, promoting overall well-being.
“Shubh Shakti celebrates women’s strength and empowers them to protect what matters most,” said Gayatri Nathan, Chief Compliance Officer at Tata AIA. The plan is now available through Tata AIA’s platforms, Policybazaar, and Central Bank of India branches, making financial security more accessible to women across the country.