Insurers fail to design policies for women

They have conquered many a male bastion, whether it is driving an auto-rickshaw or playing a role in the armed forces. Women, in India, however have little option when it comes to taking an insurance cover. As a matter of fact, in a country where there are 930 women per 1,000 men, Bajaj Allianz is the only company that offers insurance policies exclusively designed for women.

Recently, Life Insurance Corporation (LIC) withdrew Jeevan Bharathi-I, a policy for women. “The policy wasn’t popular. It didn’t sell enough. So we withdrew it. We’ll bring out a new policy soon”, says Devraj Kashyap, a development officer at LIC.

However, Vinit Vidyarthi, principal officer, Almondz Insurance Brokers, says, “Jeevan Bharthi didn’t do well because it was not pushed well by LIC.” A Commonwealth Fund report, Women and Health Coverage: The Affordability Gap, by researchers at the National Woman’s Law Centre, says women are at a disadvantage because they have greater healthcare needs and lower incomes than men.

“Yes, We don’t have policies that are exclusively for women. But we understand that women are equally at risk due to modern urban lifestyle,” says Soumi Rao, a manager of public relations at ICICI Prudential Life Insurance.