In Part 1, we discussed how women’s health has been historically overlooked and how insurance can support preventive and wellness care. Part 2 emphasized the importance of term insurance in giving women the power to protect and provide. In this final piece, we turn the spotlight on what still holds women back from getting adequately insured — and what we can collectively do to change that.
The Invisible Barriers Holding Women Back
Even today, women’s insurance coverage lags behind — not due to lack of products, but due to lack of awareness, autonomy, and advocacy.
1. Financial Dependence and Low Involvement in Decision-Making
Many women, especially in joint families or traditional households, are not the final decision-makers in financial matters. Insurance is often bought for them, not by them.
What’s missing? Inclusion in financial discussions and education at the household level.
2. Underinsurance or Token Coverage
When policies are bought for women, they are often low-ticket covers — a Rs 2–3 lakh health plan or a term cover that barely meets funeral costs — not enough to fund a child’s future or repay a loan.
What’s missing? Understanding how to calculate “need-based insurance” — i.e., coverage based on actual financial responsibilities.
3. Delayed Purchase Due to Life Events
Women often postpone insurance until after marriage, childbirth, or illness. But insurance is most affordable and effective when bought young and healthy.
What’s missing? Proactive planning and awareness about entry-age advantages.
4. Limited Representation in Distribution Channels
Very few women work as insurance advisors or agents — and many female consumers feel more comfortable discussing sensitive health or financial issues with women.
What’s missing? More female advisors and ambassadors to bridge the comfort and communication gap.
The Role of Institutions, Employers & Educators
1. Schools & Colleges
Introduce financial literacy programs that teach girls early about risk management, insurance basics, and personal finance.
2. Employers
Companies should offer gender-sensitive group insurance that includes maternity, mental health, fertility support, and wellness programs tailored for women.
3. Women’s Groups, SHGs and NGOs
Use community networks to conduct insurance camps, benefit explainer sessions, and claims literacy drives.
Action Steps for Women and Families
- Start with a health and term plan before other financial products
- Use online premium calculators to assess actual needs
- Add critical illness or maternity riders as per life stage
- Review policies annually, especially after major life changes
- Involve daughters and spouses in insurance discussions early
- Buy policies in the woman’s name to build ownership and financial identity
From Passive Beneficiary to Informed Guardian
For too long, women have been seen only as beneficiaries of insurance — not buyers, planners, or protectors. It’s time to flip that narrative.
Let’s raise daughters who know what a deductible means, who can calculate their Human Life Value, who walk into a bank and ask for a quote — not because they have to, but because they want to own their future.
(The writer is the Founder of ‘Investment Options’, an insurance and investment consultancy based in Goa since 2013, with pan-India clientele)
