Women and Insurance: The Duo You Must Know

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While insurance is often regarded as a unisex product, this is far from the truth. Tailor-made Insurance for women not only helps secure their lives and those of their loved ones, but it also gives them better coverage on women-specific illnesses such as Cancer, Gynecological Health, Maternity benefits, and many more.

Until a while ago, a majority of women were covered as floaters or dependents in their spouse’s/parent’s insurance plan. While women make up 48% of the nation’s population, they now account for 32% of the number of policy-purchasers and first-year premium payers in life insurance, according to a study by the Insurance Regulatory and Development Authority of India. The slow and steady increase in women entering the workforce is driving the need for and awareness of women-centric insurance plans.

The Need for Insurance for Women

While it is true that insurance covers financial loss during an unprecedented event, the question – “Why women’s health insurance” is often left unanswered. Cervical/Ovarian/Vaginal Cancer cover, Maternity care package with discounted OPD, Diagnostics and wellness benefits, Vaccine cover for kids, etc are just some of the add-ons women still look for in their insurance. Hence, understanding one’s health insurance requirement is imperative to create and buy specific usage-based insurance that suits you best.

Here are just some of the reasons women’s health insurance is a need of the hour:

  • Safeguarding – Secure your family’s financial security and independence in the event of an accident, permanent disability, or death.
  • Financial Planning – Long-term savings & investment plans help with personal and professional financial goals along with tax benefits.
  • Health Insurance – Protect you financially against illnesses such as childbirth-related issues, pregnancy, cancer, etc.
  • Stability after Death of Spouse/Retirement – Starting retirement plans earlier equates to low premiums giving you the ability to build a sizable corpus or in the unfortunate demise of your spouse.

Women-Centric Insurance Products in India

We understand the need for women/user-centric insurance products now, more than ever. While it is important for every individual to be covered in an insurance plan, the financial benefits of owning insurance curated to your needs are multifold. Here are the top women-centric insurance products available for you to choose from in India:

  • HDFC Life Smart Woman Plan – an insurance + investment plan designed solely for women. This plan offers assorted benefits to help take care of various stages of a woman’s life such as motherhood, fighting cancer, or coping with the loss of a companion.
    • Benefits of the plan
      • Sum Assured of up to 40 times the annualized premium
      • Pregnancy Complications or in the event of congenital disorders to the new-born
      • Diagnosis of malignant cancer of female organs
      • Death of the spouse
  • SBI Life – Smart Women Advantage – a participating Individual Traditional Endowment Plan with added protection features that help women with financial planning and offer the security that will forever be of value.
    • Benefits of the plan
      • A comprehensive Insurance plan designed for females providing benefits of Life Cover, Savings, and Critical Illness (CI) benefit
      • Optional benefit of Additional Pregnancy Complications and Congenital Anomalies (APC&CA).
      • Critical illness payout (based on the stage of severity) if a specified Critical Illness occurs.
  • Bajaj Allianz Women-Specific Critical Illness Insurance – This plan provides financial protection against the risk of serious illness. It provides with a security of a guaranteed cash sum that will be paid in case the insured individual is diagnosed with a life-threatening illness.
    • Benefits of the plan
      • Critical Illness Cover – Breast Cancer, Fallopian Tube Cancer, Uterine/Cervical Cancer, Ovarian Cancer, Vaginal Cancer
      • Congenital Disability Benefit
      • Children Education Bonus
      • Loss of Job
  • Care Joy Maternity Insurance Plan – This plan offers financial assistance to parents during one of the most important journeys of their lives – the birth of a newborn baby. Care Joy offers new parents a product that is catered specifically to their maternity and health needs.
    • Benefits of the plan
      • Inpatient Care
      • Day Care Treatments
      • Maternity benefit
      • Newborn Baby cover
      • Pre & Post Hospitalization

  • Star Women Care Insurance Policy – A comprehensive health insurance to assist women in every stage of their lives. Women from the age of 18 to 75 can avail the Star Women Care Insurance as an Individual or Floater policy without having to undergo premedical tests.
    • Benefits of the plan
      • Assisted reproduction treatment
      • Pre & Post-natal cover
      • Preventive health check-ups
      • Voluntary sterilization
      • Child hospitalization

Realistically speaking, women may need better preventive health measures as compared to men considering reproductive care and a higher possibility of chronic illness and disability among women. Furthermore, women take notable accountability when welcoming a new family member and are more likely to encounter inconsistent insurance coverage. Hence, the need for women’s health insurance is vital to help them live a stress-free life.

Disclaimer – Riskcovry does not endorse, rate, or recommend any particular insurer or insurance product. Please do your own research or ask a qualified insurance advisor for help in choosing an insurance cover that is right for you.

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