LIC Policy for Women 2022

Life Insurance Corporation (abbreviated as LIC) of India is one of the oldest and most trusted insurance corporations since 1956. It is owned and managed by the government of India under the Ministry of Finance. It is known for providing insurance policies to families with extensive benefits. The LIC policies bring income and life security under one roof.

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Life is uncertain, and so for over many decades now, LIC has remained the top choice for people looking to invest in insurance policies. Everyone wants to keep his or her families safe and monetary security is the primary concern for every person alive. Therefore, keeping the uncertainty of life in mind, every bread-earning person looks for the best plans that could provide the topmost security to their families even after their death. LIC aims at just these factors.  

Earlier, policies for women were not considered necessary. However, with changing times and growing awareness, policies for women are being deemed necessary. 

What is the Need and Importance of Policies for Women?

For a long time, women were identified only as homemakers. A negligible number of women stepped out of their homes to earn money. Hence, they did not qualify to be insurance holders because it was a long-standing belief that there was more threat to the earning individuals. 

Now, scenarios and mental conceptions have changed. A large number of women are working, and some are the only earning members of their families. In addition, even if they are homemakers, their health is not neglected anymore. 

Women suffer more complicated health issues than men. They need more life security. If they are widows or single mothers, are working, and have a family or children to look after, then the importance of insurance policies for women becomes more urgent. Now with increasing health problems, more and more women are becoming aware of their health, and hence concern for the family is arising. Hence, arises the need and importance of policies for women. 

LIC Plans for Women

LIC of India's new plan recognizes the challenges women face when it comes to their health issues. Women are constantly shuffling between work and home, striving to maintain the perfect balance. They have become more vulnerable to various health issues ranging from heart diseases to depression. 

LIC is known and trusted for developing policies that suit the changing requirements of society. Hence, the following LIC policies are specially customized to meet the prerequisites of women:

  1. LIC’s Aadhaar Shila:

    Plan 944 of LIC of India's new plan is especially for women and is the best available insurance policy in the market for women. It ensures savings in the long term and protection of the family in case of any eventuality. In addition, it has a wide range of benefits such as - 

    • Death benefit: In case of the policyholder's demise within the first five years of the policy, then the nominee would receive the assured sum. In addition, if the death happens after the first five years, then the sum assured is paid along with the loyalty additions to the beneficiary. This ensures some financial security of the family of the insurance holder in case of any unwanted circumstances.
    • Maturity benefit: If the primary insurance holder fails to survive the period of the policy, then the assured amount is paid as a whole to the beneficiary of the policy. In addition, if the policyholder survives, then she receives the whole amount upon reaching maturity.
    • Loyalty additions: The Company gives loyalties to its loyal customers. Hence, if the policyholder has been regular at paying the LIC premiums, loyalties may be awarded, added to the assured sum.
    • Surrender benefits: The policy can be surrendered after two years of its completion. The guaranteed surrender sum will be paid according to the terms and conditions.
    • Loan and tax benefits: When the policy achieves the surrender value, the policyholder can take loans against that amount and can get some tax benefits based on the terms and conditions and tax laws.

    Aadhaar Shila is a perfect choice for any working person who wants to secure her family's future. The eligibility criteria are simple. The minimum age required is 18, and the maximum age that is allowed is 55. The sum assured ranges from Rs. 75,000 to Rs. 3,00,000, and the policy can span over 10-20 years. The premium-paying period is the same as the tenure of the policy, and the maturity age of the policy is 70 years.

  2. LIC New Jeevan Anand Plan:

    This is plan 915 of LIC of India's new plan and is an endowment plan. The speciality of this plan is that the policy continues even after it reaches maturity until the death of the insured. This means life-long coverage along with an assured payment on maturity. The benefits of this plan are:

    • Bonuses: The plan keeps adding the yearly bonuses, and it is paid to the insured along with the maturity sum or to the nominee after the death of the insured along with the death benefit.
    • Maturity benefit: If the policyholder survives the total tenure of the policy and if all the LIC premiums are paid, then he/she is paid the assured sum on maturity along with the bonuses acquired.
    • Death benefit: If the policyholder passes away before the policy's maturity, then the nominee receives a sum that was assured on death along with the bonuses, and the policy continues until its maturity. 

    Anyone between 15-50 years of age is eligible for this plan, and the maturity age for the plan is 75 years. The policy can span over 15-35 years. Premium has to be paid equal to the number of years the policy runs, and there is no maximum limit of the sum assured.

  3. LIC’s Jeevan Lakshya:

    This is plan 933 of LIC of India's new planand ensures the whole family's security, primarily focusing on children. This is again an endowment plan and assures to pay the minors a lump sum amount in case of the demise of the policyholder. The benefits of this plan are:

    • Death benefits: In case the policyholder does not survive the tenure of the policy term, then the family or the children especially are paid the sum assured on death along with other bonuses that may have been acquired throughout the policy years. 
    • Maturity benefits: This plan assures payment of an amount on maturity irrespective of the survival of the policyholder. If the policyholder does not survive, then the family receives the amount. Otherwise, the policyholder does. This amount includes the sum assured on maturity and all the other bonuses.
    • Participation benefits: If the policyholder chooses to participate in the profits of LIC, then bonuses are acquired over the years. This adds a substantial amount to the sum assured on death or maturity. However,this can only be done if the LIC premiums are paid on time. If the policyholder fails to pay any premium, then the policy ceases to participate in profits.
    • Premium payment: Unlike other policies, where the premium needs to be paid for an equal number of years that the policy runs, for this plan, the premium needs to be paid for three fewer years. This means, if 18 years is chosen as the term length, then the premium needs to be paid for 15 years.

    This is an ideal policy for working single mothers, as this ensures some financial security for their children in case of any unwanted circumstances. Anyone between 18 years of age and 50 years of age can buy this policy, provided they provide all the required documents. This policy assures a minimum of 1,00,000 and has no upper limit. The policy term can span anywhere between 13-25 years, and the maturity age required is 65 years. 

  4. LIC’s Jeevan Pragati Plan:

    This is plan 838 inLIC of India's new plan and is an endowment plan. This is ideal for people who are looking for financial security and savings in the retirement period. The benefits of this plan are:

    • Death benefits: If the policyholder expires before the plan reaches its maturity, then the nominee receives the assured sum on death along with the additional bonuses. 
    • Maturity benefits: Under this policy, the assured sum on maturity is only provided if the policyholder survives the term and has paid all the LIC premiums. This sum also includes the participation bonuses and other additional bonuses.
    • Sum assured increases after every 5 years: This is an exceptional feature of this policy. When the policy is in force, and all the premiums are being paid on time, then the sum assured on death or maturity increases after every 5 years.

    Anyone with a regular source of income under the age of 45 can buy this policy. The minimum term can be 12 years, while the maximum can be 20 years. The maturity age required is 65 years, and it assures a minimum of 1,50,000 with no upper limit. 

The Final Verdict

All the plans mentioned above are suitable for women who desire to provide basic financial security to their families. The policies can be bought easily from the nearest LIC branch or by visiting the official website if the required documents are provided – identity proof, address proof, income proof, etc. The LIC premiums are quite affordable and can be paid monthly, quarterly, half-yearly, or yearly. A grace period of 15 days for the monthly pattern and 30 days for the other patterns are provided to make it much more suitable for the policyholders. 

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws. Standard T&C apply.

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