%20(2).jpg)
Traditionally, Term Life Insurance policies have been designed with a male-centric approach, primarily focusing on male breadwinners and overlooking the unique needs of women. Indian women are breaking barriers, stepping into leadership roles in the workplace, becoming entrepreneurs, and taking charge as key financial decision-makers. This shift is evident in the Female Labour Force Participation rate*, which surged to 41.7% in FY24 from 23.3% in FY18, underscoring the expanding economic impact of Indian women and their increasing demand for financial security.
Despite these advancements, an earlier Tata AIA survey revealed that 89% of married women still depend on their husbands for financial planning, and only 44% make their own financial decisions when given the opportunity. This gap underscores the urgent need for solutions that address the distinct financial challenges faced by women.
The good news, however, is that the insurance buying behaviour of Indian women is changing. According to a September 2024 report by Policybazaar, the number of women purchasing term insurance plans increased by 80%. This indicates a significant rise in demand for term insurance and financial inclusion among women.
Against this backdrop, Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India's leading life insurance protection providers, has partnered with Policybazaar, one of India’s largest insurance brokers, to offer Tata AIA Shubh Shakti on the latter’s online insurance platform. This pioneering, women-centric term insurance plan is specifically designed for working women in India. It empowers them to achieve financial independence by offering comprehensive coverage and tailored health benefits at affordable premiums.
“As Indian women take charge of their finances and investments, they are still vastly underinsured, leaving their families vulnerable in the event of tragedy,” said Gayatri Nathan, Chief Compliance Officer at Tata AIA. “With Shubh Shakti, we’re offering a solution that aligns with the strengths of today’s woman, empowering her to secure her family’s future, invest in her health, and lead a life free from worry. It’s about supporting her ambitions, providing peace of mind, and ensuring that she can face life’s challenges without compromising on her loved ones' security.”
Speaking on the occasion, Vivek Jain, Chief Business Officer of Life Insurance, Policybazaar, said, “We’ve seen that term insurance is increasingly becoming an essential financial tool for women. The concept of a women-centric term plan, specifically designed for working women in India, will accelerate it further. With a range of women-specific benefits as well as health and wellness solutions, Tata AIA Shubh Shakti is a holistic protection plan that will cater to the unique requirements of every working woman at every stage of her life.”