Bajaj Allianz launches exclusive insurance for women

The plan covers critical illnesses, maternal and reproductive health, and wellness. 

Bajaj Allianz General Insurance Co. Ltd. has launched a special plan for Indian women amidst increasing claims related to illnesses and health conditions specific to their gender.

“Our claims data shows a nearly 25% increase in claims related to women-centric ailments, further reinforcing the need for a dedicated solution,” Aashish Sethi, president and head of Health Strategic Business Unit and Travel at Bajaj Allianz, told Insurance Asia.

Last month, the insurer launched HERizon Care, a health insurance plan for women that covers critical illnesses, maternal and reproductive health, and wellness. 

“Women have a distinct set of healthcare needs that are not necessarily covered by the traditional health insurance products available in India,” Sethi said in a Zoom interview. “That’s where we identified both a gap and, more importantly, an opportunity.”

Sethi noted that most insurers only offer add-ons to address health issues of women, who make up half of their clients. HERizon Care has two main covers — Vita Shield and Cradle Care.

Vita Shield covers 34 critical illnesses and offers benefits such as child education support, financial assistance for job loss due to illness, and incidental medical expenses. It also includes wellness, teleconsultations, and check-ups. 

Cradle Care caters to mothers and pregnant women and focuses on reproductive health, covering medical expenses for surrogate mothers and hospitalisation related to egg cell retrieval complications. Optional covers include financial support for infertility treatments, adoption, egg freezing, maternity expenses, and fetal health. 

“Women today have the awareness and ability to understand these products and actively choose them,” Sethi said. “This wasn’t about post-care but about preventive care.”

The share of Indian women with term insurance grew 18% in the past year, according to Indian fintech company Policybazaar.

Professionals led with 49%, followed by homemakers at 39%, with almost half of buyers opting for $115,000 (₹1 crore) or more in coverage.

“Women overwhelmingly prefer monthly premium payments (90%), indicating a strong preference for cash flow flexibility, better budget management and avoiding large upfront costs,” according to the February report.

Sethi said they consulted women across industries starting with Bajaj’s women employees to come up with the product, the first of its kind in India. “We engaged with women at different life stages — those just entering the workforce, those who have been here for 15 to 20 years, and those in the later stages of their careers.”

The result is a product that addresses both prevalent health issues such as polycystic ovary syndrome, thyroid problems, and diabetes and preventive care such as nutrition guidance, yoga, and disease management, he added.

Sethi said Indian women contribute 20% to economic output, adding that there is a growing awareness about financial products, including health insurance, as more women choose to work.

“We see health insurance, financial products, and women's awareness growing significantly in the next decade and contributing to India's growth,” he added.