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Women insurance: A key factor in economic growth

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December 12, 2018

The onset of this millennium witnessed the immense surge in the global demands and voices for women’s participation in every domain of human activities. Although the participation of women in the core areas was a reality since 20th century, but the diffusion to all the segments in global population took some time before manifesting. One key aspect of women’s participation has always been the economic and the financial one, where today women stand as equal partners and are the forefront of every related action. In India too, women have become equal partners in every financial work and have emerged as top leaders in the business segments. As such, the importance of financial inclusion and of securing the monetary interests of women forms an essential part of total economic growth.

There are many pointers that will help us understand why insurance for women has emerged as a basic requirement for ensuring the overall economic independence and growth of any society. Following are such important facts that underline the importance of women insurance:

  1. Women form the basic building unit of any society. When we talk about financial inclusion for women, we not only talk about their individual financial strengths but also about securing the finances of those who are related to them. In essence, this means financial inclusion for their parents, partners, spouses and children.
  2. Not going by the traditional definitions of parenthood an families, single women with dependent children or relatives have added requirements of specific insurance plans that can guarantee overall financial growth and even serve as investment vehicles. Depending on whether the goals are short term ones or long term oriented, insurance plans must offer targeted benefits for women.
  3. Due to the fact that women today form a mighty segment of active workforce in all industries, they have naturally emerged as a vast potential-market for all the insurers. Many insurers offer women-centric plans that offer benefits for financial freedom of women and their loved ones.
  4. Apart from their professional duties, many women have to attend to the domestic needs as well. This may include bringing up their children, attending to the financial needs of dependent parents or in-laws and acting as significant contributors to the family’s finances. Therefore, the increased set of roles means an increased need for securing the finances and for ensuring that their independent status is maintained at all times and in all circumstances.
  5. If they are single parents, the responsibilities of women tend to be huge and they have to take care of diverse responsibilities. From ensuring that their family’s needs are met, they also have to cater to their livelihoods in a professional manner to ensure utmost efficiency. Therefore, for them the aspect of safeguarding their finances becomes even more important. This is where insurance plays a very crucial role.

HDFC Life offers HDFC Life Smart Woman Plan – a comprehensively beneficial plan for women that is aimed at giving wings to women’s dreams and helping them achieve their financial goals without any stresses or worries. For details, click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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