Abstract

This study focuses on the changing role of women in life insurance sector in India in terms of their role as the policy-holders as well as agents. Historically, women have demonstrated a conservative outlook to financial investments with some of the reasons being traditional gender roles, lack of financial literacy, and economic constraints. Despite all of these challenges, recent data sees a positive trend of the female engagement in the life insurance market. To further highlight, by analysing secondary data of various states of India by financial year 2022-23, the ratio of women's insurances is higher than the all-India Average (34.20%) in 15 states/UTs which reveals that women are having a significant presence in the sector. The ongoing barriers such as discriminatory regulations, lack of financial resource access and societal biases continue to exist to restrict full participation of women in the sector. To improve women's participation in the sector, a multifaceted approach is recommended which involves enhancing financial literacy and developing products that suit their needs. By overcoming barriers and leveraging strategic initiatives, the contribution of women in India's insurance segment can support financial empowerment and innovation on a macro level.