In terms of product preferences, women increasingly opt for a mix of protection and long- term savings solutions. Term insurance for financial protection, savings-oriented life insurance plans for wealth creation, and retirement solutions such as annuities are among the most relevant and widely adopted insurance categories supporting women across life stages.
Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance
Around International Women’s Day each year, conversations often reflect on the progress women have made across different spheres from the workplace to entrepreneurship and leadership.
In India, this shift is also reflected in the growing financial independence of women.
According to the Periodic Labour Force Survey, the female labour force participation rate has risen significantly to 41.7% in 2023–24, nearly doubling from 23.3% in 2017–18.
However, financial independence must be complemented with financial protection.
According to the IRDAI Annual Report 2022–23, women accounted for nearly 34.2% of life insurance policies issued in India, highlighting both rising participation as well as the significant opportunity to expand insurance coverage further.
At ICICI Prudential Life, we are witnessing increasing participation from women customers across protection and long-term savings solutions, reflecting this broader shift towards financial awareness and proactive planning.
Building security across life’s changing roles
Women today often navigate multiple responsibilities simultaneously as professionals,partners, caregivers, and decision-makers within the household.
Financial planning plays a critical role in ensuring that these multi-faceted roles do not disrupt long-term financial goals.
Another important factor is longevity. Women generally live longer than men, which means they need to plan for a longer financial horizon.This longevity advantage also translates into an insurance planning benefit, women policyholders can often pay around 10–15% lower life insurance premiums than men, reflecting their higher life expectancy and lower mortality risk.
Protection-oriented life insurance solutions can help provide financial security to loved ones in the event of unforeseen circumstances, ensuring that responsibilities and aspirations remain supported.
At the same time, savings-oriented plans can help women gradually build a financial corpus that aids their evolving priorities from planning for a child’s education to creating a safety net that allows them to pursue their personal financial goals.
In terms of product preferences, women increasingly opt for a mix of protection and long- term savings solutions. Term insurance for financial protection, savings-oriented life insurance plans for wealth creation, and retirement solutions such as annuities are among the most relevant and widely adopted insurance categories supporting women across life stages.
Furthermore, retirement solutions like annuities offered by life insurers can help individuals lead their later years with dignity and financial independence.
Need to lay the groundwork early
One of the most valuable aspects of life insurance is that time works in the policyholder’s favour. Starting early offers several distinct advantages.
First, premiums tend to be lower when policies are purchased at a younger age. Locking in lower premiums can make long-term coverage more affordable. Second, early planning allows to secure protection before potential health concerns arise later in life.
Equally important, starting early provides a longer time horizon to accumulate savings or investment-linked benefits and derive significant benefits from compounding. Over time, this can help build meaningful financial resources that support life goals.
For instance, if a 30-year-old non-smoker woman invests in an annuity plan to secure her retirement, which requires an annual investment of ₹1 lakh while she retires at 60, assuming a rate of return of 10%, she would have an accumulated corpus of approximately ₹1.25 crore. Whereas if she delays retirement planning and starts at the age of 40 her annual investment would almost double to ₹2.44 lakh to build the same corpus.
Preparing for the unexpected
While long-term goals are central to financial planning, it is equally important to recognise that unexpected events can disrupt even the most carefully designed plans.
Health challenges, in particular, can have a significant emotional and financial impact, often requiring extended treatment and recovery periods.Cervical cancer, for instance, continues to be a major health concern for women in India. The country accounts for a substantial share of the global burden, with 127,526 new cases reported in 2022, according to the Global Cancer Observatory (GLOBOCAN).
Such realities highlight the importance of preparing not only for long-term financial goals but also for sudden health-related disruptions that may arise during one’s working years. Recognising these evolving risks, insurers are increasingly designing solutions tailored to women’s specific health needs, including financial protection against critical illnesses.
These solutions may provide lump-sum payouts upon diagnosis, enabling individuals to manage treatment costs, access healthcare at facilities of their choice, and focus on recovery without the added burden of financial stress.
At ICICI Prudential Insurance, we offer ICICI Pru Wish, a first-of-its-kind health product, in the life insurance industry, catering to women specific critical illnesses and surgeries.
Empowerment through preparedness
Every stage of life brings new milestones, responsibilities, and aspirations.
Life insurance provides a framework that evolves alongside these changes, offering stability and protection when it matters most.
For women, starting early with a thoughtful financial plan can help create a solid foundation that supports both aspirations and responsibilities.
Insurers are also actively working to bring more women into the insurance fold through simplified digital journeys, financial awareness initiatives, and solutions tailored to women’s evolving financial and health needs.
By combining protection, disciplined savings, and preparedness for unexpected challenges, women can ensure that their journey from salary to long-term security remains steady and resilient.