Bajaj Allianz Life Insurance has introduced a new term insurance policy designed specifically for women, reflecting an effort to align its offerings with changing customer profiles and protection needs.
The plan, titled Bajaj Allianz Life Superwoman Term (SWT), incorporates elements beyond traditional life cover, aiming to address health, child care, and financial planning concerns in a single insurance solution.
The SWT product includes a death benefit payout, a critical illness add-on that features women-specific coverage, and an optional monthly income rider aimed at supporting children’s education. The policy also provides access to health management services that include preventive care, outpatient consultations, maternal health assistance, and wellness support.
According to Tarun Chugh, managing director and CEO at Bajaj Allianz Life, the product was created in response to demand from women who are seeking more comprehensive insurance tools.
“It’s designed to empower women with the financial confidence as they march ahead to meet their own personal goals. The comprehensive solution can be customised to the varied needs of our women customers – from managing their own health needs or securing the future of their children or loved ones,” he said, as reported by APN News.
Bajaj Allianz Life, which reported a claim settlement ratio of 99.23% and a solvency margin of 432% for FY 2023-24, continues to diversify its portfolio. Recent product lines include targeted plans for salaried individuals, self-employed professionals, and people living with chronic conditions like diabetes. The new SWT product marks another step in the company’s strategy to segment its offerings and meet niche market demands.
The launch of SWT follows broader developments in India’s life insurance sector, which is currently experiencing steady growth.
New data from the Life Insurance Council showed that new business premiums (NBPs) rose 5.71% on a year-to-date basis through February 2025, reaching ₹29,985.58 crore for the month. Cumulative collections for the fiscal year increased from ₹3,17,746.71 crore to ₹3,35,897.67 crore.
The number of new policies issued during the same month was 1.94 million, indicating continued consumer uptake. Individual single premiums reached ₹4,300.94 crore, an 8.3% increase year-over-year, while non-single premiums for individual policies climbed 12% to ₹8,933.99 crore. Group insurance premium volumes stood at ₹15,130.54 crore.
The ongoing market expansion is being linked to increased digital integration, broader distribution reach, and rising awareness about life insurance.
Analysts also cited regulatory reforms as a key factor. A recent policy shift allows foreign investors to fully own insurance firms in India, lifting the foreign direct investment (FDI) cap from 74% to 100%, as long as the capital stays within the country.
