Women are increasingly taking charge of their finances, a trend clearly reflected in recent data. With more financial platforms and products catering specifically to women, their participation in wealth creation and financial planning is growing significantly.
This increased focus on financial empowerment spans both the insurance and investment sectors. Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance, highlights the rising demand for women-centric financial products. “ICICI Pru Wish is the life insurance industry’s first health product addressing women-specific ailments. It empowers women to be financially prepared by offering a lump sum payout to manage medical emergencies. With unique features like guaranteed premiums and multiple claim options, we aim to address the critical insurance needs of this segment,” he explains.
ICICI Pru Wish provides an instant payout of up to 100 per cent of the health cover amount upon diagnosis of critical illnesses such as breast cancer, cervical cancer, uterine cancer, and heart diseases.
Unlike traditional plans that reimburse medical costs, this product offers lump-sum payouts, allowing women the flexibility to manage treatment expenses and other financial obligations. This ensures that women have access to financial resources when they need them most.
On the investment front, Groww, India’s largest mutual fund distributor with one in every four SIPs (Systematic Investment Plans) happening through its platform, has seen more than double the growth in women’s participation in mutual fund investments.
Lalit Keshre, CEO of Groww, shared on X that women’s financial inclusion is expanding across both urban and emerging regions. Leading the charge are metro cities like Delhi, Mumbai, and Kolkata, but non-metro cities such as Pune, Lucknow, Nagpur, Ahmedabad, and Jaipur are also contributing to this upward trend.
Interestingly, women’s SIP contributions are not only growing in numbers but also in value. Groww has recorded a 10-15 per cent year-on-year growth in SIP contributions by women, with their contributions being 25 per cent higher than those of men. Female investors now account for one in four SIP accounts, a notable improvement from one in five last year.
These figures indicate a shift in mindset, with more women prioritising long-term wealth creation and financial independence. As more women take charge of their financial journeys, the industry is responding with tailored solutions to meet their unique needs.