Despite India’s growing insurance market, the penetration of insurance remains low, and the gender gap in coverage is even starker. While women form half of the population in India, they are even more abysmally underinsured than men. Even as they continue to be more financially independent, there’s still a long way to go to achieve an ideal balance when it comes to financial protection. Traditionally, the lack of tailored products, awareness and affordability had deterred women from adopting insurance.
However, the narrative is shifting as the industry rolls out product innovations that are designed to serve women consumers better. From enhanced maternity benefits to critical illness covers addressing women-specific health risks, insurance companies are recalibrating their offerings to ensure accessibility, flexibility and financial prudence. Here’s how product innovation is making insurance more relevant for women.
Maternity insurance: Shortest waiting period for expecting parents
Maternity insurance had long been an afterthought for most consumers. Earlier, maternity coverage in health insurance came with waiting periods extending up to 2-4 years. This made them impractical for couples planning a family. Our data shows that out of couples seeking maternity coverage, over 60per cent would already be expecting a child, which left no scope for long waiting periods. Recognising this gap, insurers are now offering maternity plans with waiting period as low as 3 months.
This essentially means that even expecting couples can opt for maternity coverage as soon as they find out. These policies include pre- and post-natal expenses and newborn care, which reflects a more holistic approach to maternal well-being. The idea of the significant reduction in waiting period means more people can easily secure their expanding families, even if they have not thought about it earlier.
Addressing women-specific health risks with critical illness cover
Women face unique health risks that demand specialised financial protection. The rising incidence of breast, ovarian and cervical cancer, as well as autoimmune disorders that disproportionately affect women, calls for a more tailored approach. Insurers are now expanding their critical illness policies to include a broader spectrum of gender-specific ailments, ensuring that women are not left financially vulnerable in the face of a severe diagnosis.
In fact, insurers are going a step ahead and offering exclusive discounts for women proposers, along with additional savings for those adding a girl child to the policy. Some plans go beyond basic coverage, providing riders that include gynecologist consultations, cancer screenings, diagnostic tests, and even access to a personal healthcare manager to ensure comprehensive support tailored to women’s unique healthcare needs.
Breast cancer alone accounts for over 25per cent of all cancers among Indian women, and treatment costs can range from ₹5 lakh to ₹20 lakh, depending on the stage and complexity. Similar financial burdens apply to ovarian and cervical cancers, which require prolonged treatments, including surgeries, chemotherapy and targeted therapies. The inclusion of these diseases in critical illness plans means that policyholders receive lump-sum payouts upon diagnosis, which allows them to focus on recovery without the strain of mounting medical expenses.
Modular Plans and greater affordability
Health insurance doesn’t work on the one-size-fits-all model, especially when it comes to accommodating the diverse needs of women. Women now balance both personal and professional fronts and need protection that caters to their unique needs. Enter modular insurance plans – flexible policies that allow women to customise coverage based on their life stage and financial situation. The coverage can be adjusted to the premium paying capacity of an individual. For instance, one could opt for shared room or choose preferred network hospitals or even take higher deductibles as some practical measures to bring down the premium.
Beyond covering medical costs, insurance policies now provide wellness benefits that can result in up to 100 per cent discount upon renewal. Policyholders who maintain good health metrics enjoy a reduced premium in order to promote long-term wellness rather than just risk coverage. This is a win-win situation for both the insurer and the insured.
Insurance is rapidly evolving into a personalised financial safety net. For women, this shift is critical, as they navigate longer lifespans, motherhood and distinct healthcare risks. The industry’s move towards customised coverage marks a positive step towards financial protection for women. As awareness and innovation continues to grow, the road ahead is one where women in India are not just financially independent but also financially secure in the true sense.
This article is written by Sarbvir Singh, Joint Group CEO, PB Fintech.
(DISCLAIMER: The views expressed are solely of the author and ETHealthworld.com does not necessarily subscribe to it. ETHealthworld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly)
