A life insurance plan provides protection to an individual’s risk and is, therefore, a necessity for a person who has financial dependents. Though women were not allowed to go to work earlier, today, many women go to work and are financially independent. Some women have their parents or children as dependents too. It is, hence, necessary for working women to purchase life insurance policies so that their loved ones are not left helpless if she were to pass away.
Several life insurance companies in India offer life insurance plans exclusively for women. If you are a working woman looking to buy a life insurance plan, you can take a look at a few of the plans available in the market:
This is a special insurance plan offered by LIC for the benefit of women. It is a flexible plan that allows the policyholder to pay the premiums in advance if need be. The plan has only the yearly premium payment option and the policyholder can pay up to 3 instalments at once. A rebate is rewarded if the premium is paid in advance. Further, the policyholder may choose to avail survival benefit at any point in time during the term of the policy.
Any individual between the of ages 18 years and 55 years can opt for a plan with a policy term equal to 15 years or 20 years. While the minimum sum insured amount is Rs.50,000, the maximum is Rs.25 lakh.
This is a unique life insurance plan, designed for women, that not only provides protection for one’s life’s risk but also acts as a savings tool. The policy can be utilised to grow one’s assets over a period of time and allow the policyholder to withdraw the benefits as and when required. This will help the woman remain independent and cope with any financial need that may arise.
Any woman between the age of 18 years and 45 years can opt for this plan. Under the elite option, the woman can continue to be insured until she turns 50 years old. The sum assured amount of the plan will depend on the premium payable and the age at which the individual purchases the policy. The plan comes in three types – Elite, Premier, and Classic.
Maturity benefit: At the end of the policy term, the insured person can avail the maturity benefit. The maturity benefit will be the fund value at the prevailing price at the time of withdrawal of the benefit. A settlement option is provided under the maturity benefit wherein the benefit can be received in instalments for a period of 5 years.
Surrender benefit: On surrender of the policy during the policy term, a surrender benefit will be provided. The benefit amount payable will depend on whether the policy was surrendered before or after completion of 5 years.
Death benefit: If the insured person expires during the term of the policy, the death benefit is paid to the nominee. The death benefit will be equal to the sum insured minus any withdrawals made within 2 years before the death of the person, or the fund value, or 105% of the total premium amount, whichever is higher.
Premium waiver: In case the insured person has complications during pregnancy, gives birth to a child with a congenital disorder, or is diagnosed with malignant cancer in a female organ, premiums payable for the next three years will be waived. Additionally, in case of the Premier or Elite plans, cash payouts are provided for a period of 3 years.
Death of spouse: In case of death of the spouse, premiums for the next 3 years will be waived and the same will be provided as funds for 3 years.
Waiver of charges on partial withdrawal: Charges for 12 partial withdrawals or switches will be waived up to 12 months from the date of birth of a child to the insured person.
o Enhanced allocation rate: Insured persons, after completion of 11 years, will be provided with an enhanced allocation rate equal to 102.5% per annum.
SBI Life has created a special life insurance policy that caters to the unique needs of a woman. The plan is a participating endowment type of insurance plan that helps women plan their finances with the help of this product. Prospective buyers are given a choice between two types – Gold plan and Platinum plan. Eligibility Individuals between ages 18 years and 50 years are eligible for the base plan under the SBI Life Smart Women Advantage. The maximum maturity age, however, is 60 years. The minimum and maximum sum insured amounts offered under the policy are Rs.2 lakh and Rs.10 lakh.
Maturity benefit: The guaranteed sum insured amount promised to be paid at maturity will be payable on completion of the policy term. If any terminal bonus or simple reversionary bonus is available, those will be added to the amount payable too.
Critical illness benefit: On diagnosis of the minor stage, major stage or critical stage of a critical illness, 25%, 100% or 150% of the critical illness sum insured will be payable respectively.
Death benefit: In case the insured person passes away during the policy period, the nominee will receive the higher of 105% of the premiums paid or the sum insured plus terminal bonus and simple reversionary bonus, if any.
Pregnancy complications and congenital anomalies cover: In case there are any complications during the insured’s pregnancy or if she gives birth to a child with congenital anomalies, she will be provided with a benefit under this optional cover. The cover will be terminated once the benefit is paid out.
Premium waiver: If the insured individual is diagnosed with major stage of a critical illness, all future premiums are waived. The premium waiver benefit includes premiums payable towards the pregnancy complications and congenital anomalies cover too.
Highlights:The policyholder has the freedom to choose if she wants one, two or three times the sum insured amount as the death cover or the critical illness cover.Policyholders who choose a high sum insured will be given a discount on the premium payable.
|LIC Jeevan Bharati-I||HDFC Life Smart Woman Plan||SBI Life Smart Women Advantage|
|Eligibility||Minimum: 18 years Maximum: 55 years||Minimum: 18 years Maximum: 45 years||Minimum: 18 years Maximum: 50 years|
|Sum insured||Minimum: Rs.50,000 Maximum: Rs.25 lakh||Depends on the annualized premium||Minimum: Rs.2 lakh Maximum: Rs.10 lakh|
The above-mentioned life insurance plans are only three of the many plans available in the life insurance market. While choosing a life insurance policy, especially one that promises regular returns, make sure you analyse your needs before zeroing in on one policy. This is advised because the premiums payable for such policies are slightly on the higher end. Also, compare the many different policies available and choose a sufficient sum insured amount so that your dependents are provided with enough financial aid when you are not around. Read the fine print of the policy document carefully before making the final transaction. Once the policy is issued, ensure you pay the premiums on a regular basis as per the premium payment term chosen by you.
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