Assessing the Effectiveness of Life Insurance Products for Women in Nepal: A Comprehensive Content Analysis

Abstract

This study delves into the evolving landscape of life insurance in Nepal, particularly focusing on its accessibility and effectiveness for women. Life insurance in Nepal has surpassed its traditional function of providing financial security in the event of death, becoming a multifaceted tool that supports families in various ways. Life insurance is not just about securing financial stability; it plays a critical role in supporting education, healthcare, and emotional well-being during challenging times. Furthermore, the impact of life insurance extends beyond individual families, contributing to the economy, strengthening social safety nets, and indirectly enhancing public health by promoting preventive care. Insurance companies in Nepal have been offering additional benefits such as double death coverage, disability protection, and assistance with critical illnesses, the article underlines the need for greater awareness and plans that cater to diverse needs and income levels, particularly for women and underserved communities. The gender-specific focus becomes crucial as women in Nepal have shown a growing interest in insurance policies, driven by coverage tailored to their unique needs, such as benefits during pregnancies or coverage for diseases like breast and ovarian cancer. The main aim of the research study outlined in the article is to evaluate the degree of women-friendliness of insurance policies provided by Nepalese insurance companies. The research meticulously gathers and assesses data on 217 policies from 14 companies, scrutinizing features, advantages, and aspects that are particular to women. The methodology involves content analysis, focusing on indicators such as maternity allowances, critical illness coverage, gender-neutral premium structures, loyalty bonuses, and women-specific riders. The findings unveil that out of the 217 policies examined, just one, named "Himalayan Nari Jivan Beema," is specifically tailored for women. The absence of women-centric policies in other companies suggests a potential void in inclusivity. The analysis further reveals that while policies commonly provide coverage for critical illnesses, accidental death benefits, disability income benefits, personal accidental benefits, and premium waiver benefits, gender-specific special offers or benefits are scarce and designed exclusively for women. This study concludes by stressing the need for more inclusive and responsive insurance offerings in Nepal, highlighting the potential benefits of dedicated women's insurance policies. As societal expectations change, the researcher argues that addressing gender-specific concerns in insurance is crucial for ensuring fairness, inclusivity, and responsiveness in the rapidly changing Nepalese insurance landscape.