New Delhi, Oct. 22 -- Term insurance offers the highest life cover at the lowest cost. However, despite its importance, penetration remains low as many people expect a maturity benefit from it. Eligibility is strict as well. One must have a steady income and be in good health to qualify.

In an attempt to broaden the appeal of term insurance, companies first opened it to homemakers, who were otherwise excluded for lack of income. Now, they are experimenting with women-specific term plans.

To broaden appeal, companies are now experimenting with women-specific term plans, opening access to homemakers otherwise excluded for lack of income. Only two such products exist currently-Bajaj Allianz Life Superwoman Term and Tata AIA Shubh Shakti. ...