According to a news report published by ET BFSI, in FY25, women purchased 65.37 lakh policies from LIC, representing over 35% of the total 177.83 lakh individual policies sold by the company. This surge, driven by higher female workforce participation and over 46% of LIC's agents being women, indicates a strong shift towards financial independence and protection.
R Doraiswamy, Managing Director & Chief Executive Officer of LIC, in an interview with ET BFSI said the insurer is seeing a clear pattern across states with higher levels of women’s employment and empowerment.
Key highlights regarding this trend include:
· Regional Strength: States like Maharashtra, Karnataka, and parts of the Northeast showed higher participation, according to ET BFSI.
· Driving Factors: Increased employment in sectors like IT and active recruitment of women agents have enhanced trust and coverage.
· Financial Inclusion: Women are increasingly viewing insurance as a core component of their financial portfolio for security and savings.
· Bima Sakhi Initiative: The Bima Sakhi scheme (launched Dec 2024) has been instrumental in employing women and expanding reach.
“Whether it is a family or an individual income earner, states where women empowerment or even employment is at a higher level, particularly in sectors IT where there are a good number of women employees, the participation of women in insurance is much higher in those states,” Doraiswamy said.
