How new-age term insurance plans are rethinking financial security for working mothers
Spotlight Wire | May 16, 2025, 11.04 AM IST
For decades, financial security was seen through a traditional lens. Women might or might not have been covered by insurance but they were rarely the ones making the decisions. That is changing fast. More women are stepping up, not just as earners but as financial planners. The term insurance industry is also matching this pace with products that help them safeguard their future and their dependents, especially for mothers.
We do celebrate the women who raise us, nurture us and hold our worlds together. But how often do we talk about protecting them emotionally as well as financially? Especially when it comes to working mothers, who are not just caregivers but also contributors to household income, family decisions and future planning, the question of financial security becomes even more important. And yet, despite their evolving roles, many still remain underinsured, or worse, not insured at all.
Working mothers and their financial management
More and more women in India are entering the formal workforce. Many of them belong to the salaried class, while others might be a part of the gig economy. They are making EMI payments, funding education for their children, and are even planning for their own retirement. But life can be unpredictable. And that’s where term insurance plays a crucial role.
Insurance products for women have traditionally taken a backseat, often bundled within a plan or treated as an afterthought. But unlike in the past, today’s term insurance landscape has started acknowledging that a working mother’s financial needs are different. Apart from a payout in case of her death, she also needs a comprehensive solution that factors in her health, her family’s well-being, and her long-term goals. And the good news is that a new generation of term insurance plans has been changing the game for working women. Instead of just the lumpsum payout, the plans now come loaded with features that are designed specifically for women. These plans recognise the multiple roles that women play as a professional, a caregiver, and a decision-maker.
Insurance plans tailored for working women
Some new-age term insurance plans that have recently been introduced in the market are focused on the specific needs of women. For instance, a women-centric term plan offers critical illness coverage for over 60 illnesses, including female-specific conditions like breast, cervical, and ovarian cancers. Given the rising incidence of these illnesses, this is no longer a luxury but a necessity.
Some plans also come with optional childcare benefits, which ensure a steady monthly income for a child’s education in the unfortunate event of the mother’s death. This is particularly valuable for single mothers or families where both partners work and carry shared financial responsibilities.
Another useful feature of such plans is that they also offer complimentary health management services, which can range from annual health check-ups to emotional wellness counselling, pregnancy support, outpatient consultations and even access to nutritionists. This takes insurance beyond just a payout and brings a preventive, holistic layer to it, thus promoting overall well-being.
It’s not just term plans evolving for working women. Overall, the insurance industry is coming up with product innovation and a precise level of customisation to better suit the needs of today’s women. There are term plans that adequately cover homemakers as well, without any kind of dependency on the spouse. In fact, term insurance is also available for self-employed women. So, no matter which life stage or what category you fall into, there’s a financial protection plan tailored just for you. Don’t forget to review your financial portfolio and ensure that it truly covers you and the responsibilities that you carry.
- Varun Agarwal, Head, Term Insurance, Policybazaar.com.
Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.
We do celebrate the women who raise us, nurture us and hold our worlds together. But how often do we talk about protecting them emotionally as well as financially? Especially when it comes to working mothers, who are not just caregivers but also contributors to household income, family decisions and future planning, the question of financial security becomes even more important. And yet, despite their evolving roles, many still remain underinsured, or worse, not insured at all.
Working mothers and their financial management
More and more women in India are entering the formal workforce. Many of them belong to the salaried class, while others might be a part of the gig economy. They are making EMI payments, funding education for their children, and are even planning for their own retirement. But life can be unpredictable. And that’s where term insurance plays a crucial role.
Insurance products for women have traditionally taken a backseat, often bundled within a plan or treated as an afterthought. But unlike in the past, today’s term insurance landscape has started acknowledging that a working mother’s financial needs are different. Apart from a payout in case of her death, she also needs a comprehensive solution that factors in her health, her family’s well-being, and her long-term goals. And the good news is that a new generation of term insurance plans has been changing the game for working women. Instead of just the lumpsum payout, the plans now come loaded with features that are designed specifically for women. These plans recognise the multiple roles that women play as a professional, a caregiver, and a decision-maker.
Insurance plans tailored for working women
Some new-age term insurance plans that have recently been introduced in the market are focused on the specific needs of women. For instance, a women-centric term plan offers critical illness coverage for over 60 illnesses, including female-specific conditions like breast, cervical, and ovarian cancers. Given the rising incidence of these illnesses, this is no longer a luxury but a necessity.
Some plans also come with optional childcare benefits, which ensure a steady monthly income for a child’s education in the unfortunate event of the mother’s death. This is particularly valuable for single mothers or families where both partners work and carry shared financial responsibilities.
Another useful feature of such plans is that they also offer complimentary health management services, which can range from annual health check-ups to emotional wellness counselling, pregnancy support, outpatient consultations and even access to nutritionists. This takes insurance beyond just a payout and brings a preventive, holistic layer to it, thus promoting overall well-being.
It’s not just term plans evolving for working women. Overall, the insurance industry is coming up with product innovation and a precise level of customisation to better suit the needs of today’s women. There are term plans that adequately cover homemakers as well, without any kind of dependency on the spouse. In fact, term insurance is also available for self-employed women. So, no matter which life stage or what category you fall into, there’s a financial protection plan tailored just for you. Don’t forget to review your financial portfolio and ensure that it truly covers you and the responsibilities that you carry.
- Varun Agarwal, Head, Term Insurance, Policybazaar.com.
Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.