Mother's Day 2025: Why Not Gift Her Financial Security Instead? This Is How It's Possible

Women of today wear multiple hats. They are professionals, homemakers, decision-makers, and increasingly, financial contributors. And yet, when it comes to insurance coverage, the gap between women and men remains substantial. But the good news is that this gap is finally beginning to narrow. In fact, according to recent industry data, there has been an 80 per cent surge in women buying term insurance plans over the last two years, with a 120 per cent jump in high-cover plans (Rs 2 crore or more). And it's not just metro cities. Smaller cities are seeing a quiet revolution as well, as women step up to secure their futures.

The reason is the rsing awareness and a fresh wave of insurance products crafted with women in mind. From term insurance plans tailored for homemakers to health covers that address the specific health needs of women, the industry is finally recognising that women need protection that matches their life journeys. This Mother’s Day, let's break down the why and how of protecting her health and wealth, and what insurance products are finally getting it right.

The Evolving Landscape of Insurance For Women

It is no secret that, traditionally, insurance products were designed around a single-income male breadwinner. But this one-size-fits-all model is no longer valid in the new age world that we live in — the world where women increasingly participate in the workforce and where more and more homemakers are involved in making informed financial decisions. Taking this into account, insurance companies are also rethinking their offerings and are coming up with more inclusive products.

Term Insurance

Let's begin with term insurance. Until recently, homemakers weren't even eligible for standalone term policies. Since it was assumed that they don't earn any income, they do not need income replacement should something happen to them. But that is now changing. Insurers now understand that homemakers offer irreplaceable economic value through their contributions at home. Although these contributions go unpaid, their replacement actually means substantial and recurring expenses. Recognising this contribution, Insurers now offer plans that cover homemakers. And today, nearly 40 per cent of recent term plans women buy are bought by homemakers.

Moreover, the trend is shifting towards higher cover amounts and monthly premium payments, with most women preferring monthly payouts for better budget management. Also, term plans now come with riders that cover women-specific illnesses such as breast, cervical, and ovarian cancer, ensuring comprehensive coverage during vulnerable phases of life.

Don't miss:The Power of Play: How Sports Build Bridges Beyond Boundaries

Health Insurance

It is quite understandable that the health needs of women are in many ways distinct from men, from maternity care to hormone-related conditions and their higher risk of getting cancer, especially breast, ovarian, and cervical cancer. For far too long, these were poorly covered in mainstream health plans. But these days, many insurance providers are making a pivotal shift and launching women-specific health insurance products which not only cover a broader spectrum of gender-specific critical illnesses, but also provide comprehensive maternity and reproductive health cover, including egg retrieval complications, surrogate mother expenses, adoption support, and even foetal care. Many new-age health plans go beyond basic coverage and even offer riders that cover gynaecologist consultations, cancer screenings, and diagnostic tests.

Even more game-changing is the reduction in waiting periods for maternity benefits. Earlier, such covers had two to four-year waiting periods, making them almost impractical. Today, some maternity plans offer coverage with just a three-month wait, making them accessible even for expecting parents.

With rising healthcare costs, especially with maternity and lifestyle illnesses on the rise, it is of utmost importance that their health is fully covered. For instance, treatment for breast cancer, which alone accounts for over 25 per cent of all cancers among Indian women, can cost anywhere between Rs 5 lakh to Rs 20 lakh, depending on the stage and complexity. A health insurance plan with a critical illness rider is crucial.

Don't miss:Working Mothers, Restless Minds: Can Spirituality Help Us In Balancing All?

Investment-Linked Plans

For many women, especially mothers planning for children's education or future stability, they should also look for other avenues to safeguard their families. This is where insurance-cum-investment products such as ULIPs (Unit Linked Insurance Plans) can play a smart role. ULIPs allow you to combine life insurance with market-linked wealth creation, with the flexibility to switch between equity and debt based on your risk appetite and life stage. This dual-purpose product can be a powerful planning tool for women juggling family responsibilities and personal aspirations. These plans are great for building a long-term corpus while keeping protection intact.

Whether a woman is a primary earner, a co-earner, or a homemaker, insurance ensures that her contributions are valued and her future protected.

This article is authored by Apeksha Mishra, Head of Corporate Communications at Policybazaar.