Tata AIA Life Insurance has introduced “Shubh Shakti,” a new term insurance plan aimed specifically at women, offering lower premiums and a range of female-focused benefits.
Launched on Tuesday, the policy is priced around 15% lower than comparable plans for men. It also includes key features like premium breaks during pregnancy and medical support for conditions such as PCOD.
The initiative aims to bridge the gap in insurance coverage among Indian working women. While the Female Labour Force Participation Rate rose to 41.7% in FY24, up from 23.3% in FY18, a Tata AIA survey found that 89% of married women continue to rely on their husbands for financial planning.
The policy provides a 12-month premium holiday following each childbirth, helping women prioritise recovery and childcare. Single mothers benefit from an extra 1% lifetime discount, in addition to the standard 15% reduction. The plan also supports child education by offering monthly income payments for up to three children until the age of 25.
Health-related features include support for IVF counselling, weight management, and vaccinations for cervical cancer and HPV. In the event of a husband’s death or accidental death, future premiums are waived to maintain the coverage.
“Shubh Shakti” also links with Tata AIA Health Buddy, giving policyholders access to wellness rewards and health-related incentives.
