Women in India are increasingly active in financial decision-making, yet a significant life insurance protection gap persists. Government data shows the Female Labour Force Participation Rate (FLFPR) climbed from 23.3% in FY18 to 41.7% in FY24, highlighting women’s expanding economic role.
Despite this progress, a 2025 Policybazaar report reveals women make up only 11% of term insurance buyers—though their share has surged by 80% in the past two years. Among those insured, 44% have chosen coverage of ₹1 crore or more.
A Bajaj Allianz Life survey further indicates that 46% of working women view term insurance as their primary means to secure their children’s future, with nearly 90% favoring policies that include child income support and critical illness coverage.
Industry experts emphasize that term insurance holds particular value for women, who frequently juggle responsibilities as both caregivers and income earners. Beyond providing substantial life coverage at comparatively affordable premiums, insurers are now incorporating women-centric features such as maternity benefits, wellness initiatives, premium waivers, and educational support for children.
Key considerations for women-focused term plans include:
- Reduced premium rates tailored for women
- Protection against critical illnesses specific to women
- Premium waiver benefits in the event of serious health conditions or the death of a spouse
- Financial support for childcare and education needs
- Maternity-related coverage and wellness benefits
- Flexible plan options with adaptable coverage and withdrawal features
Five notable women-centric term insurance plans in 2025 include:
- Tata AIA Shubh Shakti — Offers premium holidays after childbirth, discounted premiums for women and single mothers, maternity and wellness benefits, education income support for children, and premium waivers upon the spouse’s death.
- Bajaj Allianz Superwoman Term Plan — Provides life coverage with a critical illness rider, maternity and fertility care benefits, childcare income support, and reduced premium rates for women.
- SBI Life Smart Women Advantage Plus — Combines term insurance with savings, includes coverage for pregnancy-related complications, a critical illness rider, and premium waiver provisions.
- HDFC Life Smart Woman Plan — A ULIP-based policy offering investment flexibility, premium waivers for specific life events, and the option for partial withdrawals post-childbirth.
- LIC Aadhaar Shila — An entry-level plan designed for Aadhaar-holding women, requiring no medical examination, ideal for first-time buyers in rural and semi-urban regions.
Industry experts note a shift from generic, one-size-fits-all insurance products toward specialized offerings tailored to different life stages. With the rise in working women, dual-income households, and single-parent families, the demand for such customized protection plans is set to increase.