Women are now becoming more aware of old age. The working women of the present era are saving more as per the earlier expenses keeping in mind the old age. The increasing participation of women in the pension scheme is evidence of this. According to the data of the Finance Ministry, 2.15 crore people had adopted Atal Pension Yojana till 20 February this year. The share of women in these has increased to 43%. Atal Pension Yojana was started in the year 2015 and in December 2016, women accounted for 37% of the total number of people who adopted this pension scheme. According to the data of the Finance Ministry, their share in many states is more than that of men.
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The share of women in Sikkim adopting Atal pension is 73%, in Tamil Nadu, it is 56%, in Kerala 56%, in Bihar 52%, in Jharkhand 54% and in Andhra Pradesh it is 55%. According to Finance Ministry data, till January 31 this year, the share of women in the claims received under the Pradhan Mantri Jeevan Jyoti Bima Yojana was 58.21%. However, the share of women among those registered under this scheme was stated to be 40.70%. According to the Finance Ministry, till January 31 this year, the share of women in the claims received under the Pradhan Mantri Suraksha Bima Yojana was 61.29%.
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Vibha Padalkar, MD & CEO of HDFC Life, says that women are also becoming very aware of insurance. According to the insurance regulatory IRDAI report, the number of women who bought private insurance in the financial year 2017-18 was 32%, which increased to 36% in the financial year 2018-19. According to Padalkar, women from 5 states have left men behind in buying life insurance policy. There are West Bengal, Meghalaya, Manipur, Assam, and Arunachal Pradesh. He said that women, especially working women, should save for both funds and investment funds so that they can prepare big funds for themselves in the future.
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