International Women's Day 2024: Women breaking barriers through financial planning and empowerment

As we mark International Women's Day, it is truly refreshing to see the growing number of women who are taking charge of their financial planning with a sense of empowerment and independence. In a society where gender roles are constantly evolving, women are breaking free from traditional constraints and asserting their financial independence like never before.

In recent years, there has been a noticeable shift in women's attitudes towards financial planning. Women have stopped solely relying on their partners or family members for financial decisions, women are taking matters into their own hands and becoming more informed and engaged in managing their finances. This trend reflects not only an increased financial literacy among women but also a strong desire for autonomy and self-sufficiency.

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Prime Minister Narendra Modi's recent emphasis on 'Naari Shakti' serves as a powerful reminder of the strength and potential that women hold. As we celebrate the achievements and contributions of women across all sectors, it is crucial to acknowledge and support their efforts towards financial empowerment. This is particularly important for women in rural areas, who face unique challenges in accessing financial resources and services.

By breaking free from traditional gender stereotypes and embracing financial independence, women are not only securing their futures but also contributing to a more inclusive and equitable society. As we champion the cause of women's empowerment, we must recognize the role of financial independence in advancing gender equality and societal progress.

Also Read: International Women's Day: Money is freedom, regardless of gender, says Sraboni Haralalka of Wodehouse Capital Advisors

One of the most significant ways in which women are demonstrating their financial empowerment is through the purchase of life insurance. Life insurance is a crucial tool for securing one's financial future and ensuring the well-being of loved ones in times of need. By actively seeking out and investing in life insurance policies, women are not only safeguarding their financial security but also making a proactive effort to protect their families.

By empowering themselves financially, women are not only enhancing their own well-being but also setting a powerful example for future generations.

According to the IRDAI's annual report for 2023, it was revealed that out of the total policies sold in the insurance industry, approximately 9.73 million policies were issued to women. This figure represents a significant portion of the market, accounting for 34.20 percent of the total policies sold. This data showcases a positive trend towards increased participation of women in the insurance sector, highlighting a growing recognition of the importance of financial protection and security among women.

The rise in the number of policies issued to women underscores the industry's efforts to cater to the specific needs and preferences of this demographic, as well as to promote financial inclusion and empowerment. By providing tailored insurance products and services that resonate with women, the industry can further enhance its reach and impact, contributing to a more inclusive and strong insurance ecosystem.

As we celebrate International Women's Day, let us honor the strength, resilience, and determination of women everywhere as they navigate the intricacies of financial planning and secure their futures.

Together, let us continue to support women in their journey towards financial independence and a brighter tomorrow.

Vighnesh Shahane, MD & CEO, of Ageas Federal Life Insurance