This story is from May 30, 2007

Life insurers buck up to women

Arti Sharma / TNN / May 30, 2007, 02:04 IST

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Its a well known fact that more women agents sell insurance than their male counterparts.

MUMBAI: Its a well known fact that more women agents sell insurance than their male counterparts.
Given the increasing number of financially independent women in the country, now more women are buying life insurance for themselves and their families than before.
Although, men still dominate the insurance market, industry experts estimate that the number of women buyers interested in insurance is growing at a healthy 30%.
Bajaj Allianz Life Insurance is looking at deriving premia in the range of Rs 500-700 crore by end of this financial year from this segment. So much so that it has set up a separate cell to focus on working women-centric products and marketing strategies.

A separate cell will ensure greater focus and more niche marketing for this segment, says Sam Ghosh, chief executive officer, Bajaj Allianz Life Insurance. Other life insurance companies have some specific plans aimed at women.
Like Life Insurance Corporation of India (LIC), the country's largest life insurer, has a special money back plan for womenJeevan Bharathi.
While Birla Sun Life Insurance doesnt have any special plans for women, it offers a critical illnes rider designed to cater to specific women-centric health problems, inculding some pregnancy related conditions.

Most companies already offer differential rates to women compared to men, based on mortality data.
Says Pranav Mishra, senior vice president, ICICI Prudential Life Insurance, ICICI Prudential incorporates features that make products more female centric within the existing products.
Life insurance is based on a simple philosophy of providing financial relief to a family when they lose their key earning member, no matter if its a man or a woman.

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