Women are on par with their male counterparts in every sphere, but they lag in being protective against future vulnerabilities and safeguarding their financial well-being against both expected and unexpected circumstances.
Family finance will stay incomplete until women, who are increasingly matching their male counterparts in work and earnings, are aware of financial planning and act on it with future needs in mind. There are expected and unexpected emergencies, and women are more vulnerable. Today, women are educated and capable of doing everything their male counterparts do. They are seen in the C-Suite of all types of companies, on warfronts, security guarding, flying fighter planes, commanding armed forces, driving public transport, delivering parcels, and performing every heavy-duty task once considered unthinkable for women. In India’s growing financial landscape, women are taking up roles as professionals, entrepreneurs, caregivers, decision-makers, and social workers. Yet, when it comes to financial protection, the figures tell a worrying story.
The reality check
Despite increasing participation of women in the workforce and awareness about popular financial products for future protection, the culture of adopting tailored financial protection among women has yet to take root. Statistics could be alarming.
- Eighty per cent of Indian women still don’t have individual health insurance.
- Only 27 per cent of working women make independent financial decisions.
- Nearly one in two women believes insurance is primarily a man’s responsibility.
- Sixty-five per cent of women rely on family for retirement support.
- Women remain underinsured against critical illnesses like breast and cervical cancer, which are among the leading causes of death.
In another way, these are not just statistics; they are warning signs of a serious omission. This reality underscores the urgent need for solutions that are not one-size-fits-all, but something flexible that can accommodate the needs of women in their unique financial journey.
Beyond generic policies: The missing link
Most traditional insurance and investment products are designed with a gender-neutral profile in mind. But women undergo significantly different experiences.
- Career breaks for caregiving
- Longer life expectancy but shorter earning windows
- Higher healthcare risks (especially reproductive and lifestyle-related illnesses)
- Greater responsibility for children’s education and household well-being
Without addressing these lacunae to which women are naturally exposed, a comprehensive and sustainable family financial planning for the long term will remain incomplete.
Synemerge’s perspective
At Synemerge, we believe true empowerment begins with awareness and tailored financial planning. Financial products must evolve to reflect the roles women actually live — balancing income, caregiving, and aspirations.
Our approach has always been to:
- Simplify complexity by breaking down financial products into clear, relatable terms.
- Highlight overlooked risks by ensuring women are not left vulnerable.
- Promote conversations around financial independence that go beyond just “savings.”
This is not about selling a product. It’s about sparking awareness — so women can make informed, independent decisions that protect their future and their families.
Let’s Talk
As a responsible financial advisor, Synemerge wants to hear from the public:-
- What challenges have you faced while exploring financial protection?
- Do you think women-focused insurance products are reaching the right audience?
- How can awareness be improved in workplaces and communities?
Together, we can shift the narrative — from women being passive participants to becoming active architects of their family’s financial security.
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Hitesh Pandey is Managing Director of Synemerge
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Sources: IRDAI & Economic Times (2023), DSP Winvestor Pulse (2022), India for Women Survey (2021), HSBC Retirement Report (2021), WHO & National Cancer Registry (2022)
