LIC Policy for Women 2023

What Are LIC Policy for Women?

LIC policies for women are the plans that allow the women to invest and secure their future life. Earlier, policies for women were not considered necessary. However, with changing times and growing awareness, policies for women are being deemed necessary. 

These plans offered by the Life Insurance Corporation of India are designed to cater to the investment needs of the women. For women, the LIC policies offer a safety net against unforeseen emergencies.

Let us understand why all women should buy LIC policies for themselves:

i) Financial Independence for Women

LIC plans for women are a great tool to prepare one for future expenses. Be it fulfilling your future goals, or providing for your children's education or preparing for your retirement.

ii) Savings for your future goals

It is important for you to plan for your future goals before and after retirement. Apart from your husband’s income, it is also important for you to equally contribute towards the welfare of your household.

iii) Leaving behind the legacy for your future generations

Apart from the protection of your families, buying LIC plans for women can also help a woman to leave something behind for their children and grandchildren as a legacy.

Best LIC Plans for Women 2023

LIC is known and trusted for developing policies that suit the changing requirements of society. Hence, below mentioned are some of the best LIC plans for women 2023 that are specially customized to meet the prerequisites of women:

1. LIC Aadhaar Shila:

   LIC Aadhar Shila is especially designed 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.

   Eligibility Criteria

   Entry Age	8-55 years
   Maximum Maturity Age	70 years
   Sum Assured	75 Thousands to 3 Lakhs

2. LIC New Jeevan Anand Plan:

   LIC new Jeevan Anand is an endowment plan 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. 

   Eligibility Criteria

   Entry Age	18-50 years
   Maximum Maturity Age	75 years
   Sum Assured	1 Lakh to No Limit

3. LIC Jeevan Lakshya:

   LIC Jeevan Lakshya 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 are paid the sum assured on death along with other bonuses that may have been acquired throughout the policy years. 
   • Maturity benefits: If the policyholder survives till the end of the policy tenure then the plan will offer maturity benefits to them. This amount includes the sum assured on maturity and all the other bonuses.
   • Enhanced Protection: The plan comes with four additional riders which secure the policyholder and their family against the unforeseen events. The four available riders are: LIC’s New Critical Illness Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider and LIC’s Accidental Death and Disability Benefit Rider.

   Eligibility Criteria

   Entry Age	18-50 years
   Maximum Maturity Age	65 years
   Sum Assured	1 Lakh to No Limit

4. LIC Jeevan Pragati Plan:

   LIC Jeevan Pragati is withdrawn by LIC during the financial year 2019-20. The plan 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.

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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