“How is it you don't have insurance?” — A lot of us, women, blink at this question. For many, many years, it's men whom life insurance agents chased. Men brought home the dough, and their income had to be guarded. Women were home-bound, so where was the risk? The one threat to her life, childbirth, was too risky to be covered. As for her illnesses, there was no talk at all.
Today, women pick up decent pay cheques, own businesses, and travel abroad. And, the women, including homemakers, are sought by the Government and private insurance players. Apart from a ceiling in the insured amount, all basic covers — accident, mediclaim, critical illness — are part of the women's life insurance policies.
An investment
“Your insurance premium is now an investment,” says Akhila Srinivasan, MD, Shriram Life, explaining how insurance ‘products' have had a makeover. “Under the Unit-Linked Insurance Policy (ULIP), 80 per cent gets invested (60 per cent equity, 20 per cent debt) in a company or fund of your choice.” If there's a mishap, there's dead benefit or fund value, whichever is higher. It's 18 per cent return over 20 years, unaffected by market fluctuations.
The Married Women's Property Act (MWP) is a big help as well, she says. All policies are covered under the Act, and in the event of the man's death, the money will be the wife's. Creditors won't be able to touch this. Once converted into an addendum, the amount goes directly to kids. United India Insurance provides for disablement, death of husband, temporary total disablement, expenses of legal divorce proceedings, loss / damage to household in fire, flood, riot or terrorism. Their accident cover includes death during childbirth and surgical procedures.
The Bajaj Allianz website says it has a scheme for ‘post-retirement income' for homemakers. There are services for women car drivers, homemakers and grandmothers too.
The flexibility
LIC has Jeevan Bharati for women. There's flexibility in encashing survival benefits, in paying and receiving premiums. Women between 18 and 35 can opt for the congenital disabilities benefit rider that pays an assured sum in case they have a child with a congenital problem.
Group insurance is in too. Vimo SEWA, owned and run by the SEWA women, covers illness, widowhood, accident, fire, communal riots, natural and man-made calamities that result in loss of work, income and assets for the economically weak.
“Women should make the change for well-being,” says Akhila. “Their first salary should be signed off for health or life insurance — not jewellery and gifts.” She wants the homemaker's work to be seen as economic contribution. “For a Rs. 5 lakh policy with kids as beneficiaries, she pays Rs. 750 as annual premium. That is just a cup of tea a day, less than the newspaper bill for a month.”
More to come
All's well, except most of these policies come with far too many limitations. There's no comprehensive policy for child-birth related risks. Thankfully, there's hope. As Akhila says: “With a lot of women in the insurance industry, expect more women-centric policies.”
