A report by BajajCapital Insurance Broking highlights a powerful economic reality of Indian women contributing an estimated ₹22.81 lakh crore in unpaid household work, equivalent to nearly 6.39% of India’s GDP yet a significant protection gap continues to persist
Gurugram: BajajCapital Insurance Broking today released Shakti Shield 2026: Defending the Financial Matriarch, a comprehensive research report that captures the evolving financial and insurance journey of Indian women.
The study highlights a powerful economic reality of Indian women contributing an estimated ₹22.81 lakh crore in unpaid household work, equivalent to nearly 6.39% of India’s GDP yet a significant protection gap continues to persist.
The report introduces the concept of “Shakti-nomics” recognising women not just as dependents, but as key economic contributors and primary decision-makers within households.
Venkatesh Naidu, CEO, Bajaj Capital Insurance Broking Ltd., added: “This research shows that while awareness and intent are rising, gaps in coverage and understanding still remain. Women today are digitally savvy, financially aware, and increasingly independent. The opportunity for the industry lies in simplifying access, improving awareness, and designing solutions that truly align with their evolving needs.”
Key Findings: Progress Meets Protection Gaps
The research reveals a dual narrative rising financial independence alongside structural gaps in insurance coverage:
● Ownership is rising, but not universal:41% of women now own insurance policies in their own name, signalling a clear shift toward financial autonomy.
● Dependency still runs deep:Over 45% of women remain dependent on spouse or parental health insurance coverage.
● Critical illness gap is stark:Nearly 29% of women have no critical illness cover, with the gap widest among homemakers where 77% remain uninsured.
● Digital adoption is accelerating:Almost 49% of women prefer buying insurance digitally, while over 67% are comfortable filing claims via mobile apps.
● Life experiences drive decisions: 46% of women said a medical crisis in their family or social circle was the primary trigger for buying insurance highlighting a shift toward more emotionally informed decision-making.
The Homemaker Reality: High Contribution, Low Protection
One of the report’s most striking insights is the disconnect between contribution and coverage. Despite their substantial economic value, homemakers remain among the most underinsured segments. The report notes that while industry experts recommend ₹25–50 lakh term cover for homemakers, actual coverage levels remain significantly lower or absent altogether.
Beyond Maternity: The ‘Transition Health’ Gap
The report also highlights a critical awareness gap around life-stage health conditions such as menopause, PCOS, and mental health:
● Only 26% of women have coverage for such conditions
● Over 36% are unaware these conditions can be insured at all
This points to a clear need for broader product design and awareness initiatives that reflect the full health journey of women.
Sanjiv Bajaj, Joint Chairman & Managing Director, BajajCapital Ltd., said: “The Indian woman today is not just participating in financial decisions, she is leading them. The Shakti Shield 2026 is our recognition of this shift. It reflects both her growing financial confidence and the need to strengthen the protection frameworks around her. As an industry, we must move beyond traditional approaches and ensure she has access to comprehensive, independent financial security.”