Bajaj Allianz Life Insurance on Wednesday announced simpler norms for encouraging life insurance cover for homemakers that will help them secure themselves as well as their families' future.
The company would offer up to Rs 1-lakh life insurance cover to homemakers without confirming whether their husbands have insurance, a release issued in Mumbai on Wednesday said.
"Now any housewife/homemaker will be able to take insurance cover of up to Rs 1-lakh without giving details of her husband's insurance cover," the release said.
It is the norm in the industry to give life insurance cover to a homemaker only if her husband already has an insurance cover.
"Housewives/homemakers add economic value to a household and have their own independent identity," Country Manager Allianz and CEO, Bajaj Allianz Life Insurance, Kamesh Goyal said.
"Bajaj Allianz Life Insurance recognises both these as important factors and keeping this in mind, has launched its new initiative to empower housewives/homemakers to make independent financial choices for their families," Goyal added.
According to him, over 25 per cent of Bajaj Allianz Life Insurance's policy holders are women and in the current fiscal, the company has already issued over 4-lakh policies to women.
"This new initiative will help us reach out to many more housewives/homemakers," he said.