Plan addresses critical illnesses, maternal and reproductive health, and wellness needs.
Bajaj Allianz General Insurance Co. Ltd. has introduced HERizon Care, a health insurance plan specifically designed for women, as part of its efforts to address the rising number of claims related to women-centric health conditions.
Speaking to Insurance Asia, Aashish Sethi, president and head of the Health Strategic Business Unit and Travel at Bajaj Allianz, highlighted the growing need for a dedicated solution. “Our claims data shows a nearly 25% increase in claims related to women-specific ailments, further reinforcing the importance of tailored health insurance,” he said.
The newly launched HERizon Care plan offers comprehensive coverage, focusing on critical illnesses, maternal and reproductive health, and preventive wellness. According to Sethi, traditional health insurance products in India often overlook women’s distinct healthcare needs, which prompted the development of this specialized offering.
“We identified both a gap and, more importantly, an opportunity,” Sethi explained, emphasizing that HERizon Care was designed to move beyond post-care and focus on preventive care.
Tailored Coverage for Women
HERizon Care provides two primary coverage options — Vita Shield and Cradle Care — aimed at addressing specific health challenges women may encounter at various stages of life.
Vita Shield covers 34 critical illnesses and includes benefits such as child education support, financial assistance for job loss due to illness, incidental medical expenses, wellness services, teleconsultations, and regular health check-ups.
Cradle Care focuses on maternal and reproductive health, offering coverage for surrogate mothers and hospital expenses related to egg cell retrieval complications. Optional add-ons include financial support for infertility treatments, maternity expenses, egg freezing, adoption-related medical costs, and fetal health.
“Women today have the awareness and ability to understand these products and actively choose them,” Sethi noted, reflecting on changing consumer preferences.
Growing Demand for Women’s Insurance Products
The launch of HERizon Care comes amid growing interest in health and term insurance products among Indian women. According to a February report by fintech company Policybazaar, the share of women with term insurance increased by 18% in the past year. Professionals accounted for 49% of these policyholders, followed by homemakers at 39%, with nearly half opting for coverage of ₹1 crore ($115,000) or more.
The report also highlighted a notable trend: 90% of women prefer monthly premium payments, which offer greater cash flow flexibility and better budget management.
Developed with Women’s Insights
To ensure HERizon Care met the real needs of women, Bajaj Allianz sought input from women across various industries, starting with its own female employees.
“We engaged with women at different life stages — from those just entering the workforce to those with 15 to 20 years of experience, and women in the later stages of their careers,” Sethi said.
The resulting product provides both coverage for common health issues, such as polycystic ovary syndrome (PCOS), thyroid problems, and diabetes, and access to preventive care services, including nutrition guidance, yoga, and disease management.
Sethi emphasized that as women’s participation in the workforce increases, so does their awareness of financial products, including health insurance. Women currently contribute 20% to India’s economic output, and this number is expected to grow in the coming years.
“We anticipate that women’s engagement with health insurance and other financial products will rise significantly over the next decade, further boosting India’s economic growth,” Sethi added.
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