Page 55 - The Insurance Times January 2025

designed with a gender-sensitive approach. Key strategies Anganwadi Workers: These grassroots health work-
include: ers can act as insurance ambassadors, educating
1. Tailoring Products to Women's Needs: women about available products.
Maternity and Reproductive Health Coverage: 2. Gender-Sensitive Sales Teams:
Comprehensive health policies that include mater-
Deploying female insurance agents can build trust
nity benefits, fertility treatments, and neonatal
and make women more comfortable discussing
care.
sensitive issues like health and domestic violence.
Domestic Violence Coverage: Policies offering finan- 3. Collaboration with NGOs and MFIs:
cial and legal support for victims of domestic abuse.
Partnering with non-governmental organizations
Insurance for Homemakers: Life insurance policies (NGOs) and microfinance institutions (MFIs) helps
recognizing the economic value of unpaid caregiving insurers tap into their established networks and
work. credibility in rural areas.
2. Affordable and Flexible Premiums: 4. Digital Channels for Outreach:
Women, particularly in rural areas, often have ir- Mobile apps and digital wallets can simplify the pur-
regular incomes. Offering low-cost insurance with chase and renewal of policies, especially for tech-
flexible premium payment options, such as monthly savvy urban women.
or seasonal payments, can increase accessibility.
Insurance awareness campaigns through social
3. Bundling Insurance with Government media platforms like WhatsApp, Facebook, and
Schemes: Instagram can reach younger demographics.
Integrating insurance products with existing govern- 5. Financial Literacy Campaigns:
ment programs like PM-JAY (Pradhan Mantri Jan
Educating women about the importance of insur-
Arogya Yojana) and Self-Help Groups (SHGs) ensures
ance and how it works is critical. Workshops, com-
wider reach and affordability.
munity meetings, and awareness drives can
4. Microinsurance for Women Entrepreneurs: demystify insurance and empower women to make
Affordable microinsurance policies tailored to informed decisions.
women entrepreneurs, covering risks like theft,
fire, and business interruption, can protect their Success Stories and Initiatives in India
livelihoods and encourage business growth.
1. SBI Life's "Smart Women Advantage" Plan:
5. Technology Integration: A comprehensive life insurance plan designed for
Digital platforms and mobile-based insurance prod- women, offering maternity benefits and coverage
ucts reduce the dependency on physical infrastruc- for critical illnesses like cervical and breast cancer.
ture, making insurance accessible to rural women.
For instance: 2. HDFC ERGO's "Women-Specific Health Insur-
SMS-based claim updates. ance Plans":
Covers health conditions unique to women, includ-
Online purchase and renewal of policies.
ing pregnancy complications and hormonal disor-
Strategies for Distributing Insurance to ders.
3. The SEWA Model (Self-Employed Women's As-
Women in India
sociation):
The success of inclusive insurance products lies not just in
their design but also in their effective distribution. Women SEWA has successfully implemented microinsurance
often face challenges in accessing formal financial services, schemes for its members, offering coverage for
necessitating innovative approaches. health, life, and assets.
1. Leveraging Women's Networks: 4. PM-JAY and Women:
Self-Help Groups (SHGs): SHGs in India, compris- Under the Pradhan Mantri Jan Arogya Yojana,
ing millions of rural women, provide an excellent women account for 49% of the beneficiaries, pro-
platform for promoting insurance awareness and viding free healthcare insurance to millions of low-
distribution. income families.

The Insurance Times January 2025 49