The traditional approach to term life insurance has been male-centric, focusing on male breadwinners and neglecting the unique needs of women. However, Indian women are breaking barriers and taking on leadership roles, becoming entrepreneurs, and making key financial decisions. Despite this progress, many women still rely on their husbands for financial planning, highlighting the need for solutions that address the distinct financial challenges faced by women.
Fortunately, the insurance buying behavior of Indian women is changing, with an 80% increase in women purchasing term insurance plans, according to a recent report by Policybazaar. To cater to this growing demand, Tata AIA Life Insurance Co. Ltd. has partnered with Policybazaar to launch Tata AIA Shubh Shakti, a women-centric term insurance plan designed specifically for working women in India.
This pioneering plan empowers women to achieve financial independence by offering comprehensive coverage, tailored health benefits, and affordable premiums. Gayatri Nathan, Chief Compliance Officer at Tata AIA, emphasizes that Indian women are still vastly underinsured, leaving their families vulnerable in the event of tragedy. Shubh Shakti aims to address this gap by providing a solution that aligns with the strengths of today’s woman, enabling her to secure her family’s future, invest in her health, and lead a life free from worry.
The plan is designed to cater to the unique requirements of every working woman at every stage of her life, with a range of women-specific benefits and health and wellness solutions. Vivek Jain, Chief Business Officer of Life Insurance at Policybazaar, notes that term insurance is becoming an essential financial tool for women, and a women-centric term plan like Shubh Shakti will accelerate this trend.
The launch of Tata AIA Shubh Shakti is a significant step towards promoting financial inclusion and empowerment among Indian women. By providing a tailored insurance solution, Tata AIA and Policybazaar aim to support women’s ambitions, provide peace of mind, and ensure that they can face life’s challenges without compromising on their loved ones’ security. As Indian women continue to break barriers and take charge of their finances, Shubh Shakti is poised to play a crucial role in helping them achieve financial independence and security.