It is high time that the stereotype is broken that financial planning should only be done by men. No, it is no more limited to men. Financial planning is equally important for women as well.
You and I, well clearly everyone. We are living in the world of uncertainties. And anyone of us can fall into financial crises. Money is important and it has always been. Most important, financial planning is of utmost importance to lead a comfortable and stress-free retired life. Therefore, the early, the better.
Remember, a man is not a financial plan. Any woman who has immediate financial dependents or has certain responsibilities, planning the finances has to be taken care of.
Thinking about the modes of investment or the investment options available in 2021 that are suited for women?
Well, the Life Insurance Corporation of India is the answer. Wondering, how?
One of the oldest and trusted life insurance company the LIC has introduced insurance policies for women. To put it in simple words, the company offers ideal LIC plans for women.
The LIC policy for women is designed such that caters to the interest of a woman even if she is not a market-savvy pro. The woman should not worry about it.
In this article, let us take you through some of the ideal LIC plans for women in India 2021:
The LIC of India offers this scheme exclusively for women that are known as the ‘Aadhar Shila’. It is a combination of savings and protection, which provides financial help to the family in case of an unfortunate demise of the policyholder at any point in time before maturity. Besides, a lump sum amount is also provided at maturity to the policyholder for surviving. The LIC Aadhar Shila plan also takes care of the liquidity needs via its auto cover and the facility of loan as well.
This LIC policy for women can be easily bought online right from the convenience of almost everywhere. The LIC e-Term Plan is the term plan that proves financial safety net to the family when the policyholder passes away. Any woman who has dependents should consider securing the financial future. In case, the woman is a non-smoker, the plan can be availed double the sum assured. However, as it is a term plan, it does not offer any maturity benefit. The mode of premium for this LIC plan for women is yearly and the premium amount is cost-effective. At a nominal rate, the financial safety of the family will always be taken care of.
The LIC New Jeevan Anand is another best-suited plan for women. Talking about the Jeevan series of LIC, this plan combines both savings and protection and makes it a preferred choice. The plan offers financial protection against demise and offers a lump sum payment option at maturity. The returns are good and the coverage will continue even after maturity. It means that during maturity, the policyholder will get the lump sum benefit and the insurance coverage will continue; however, the premiums need to be paid. The plan can be enhanced by selecting a suitable rider benefit option.
The LIC Jeevan Lakshay Plan offers savings and protection. This LIC plan is a conventional one with the restricted option of premium payment. Moreover, the plan provides yearly income and in case of any adversity, the plan is surely a blessing in disguise. Apart from the death benefit, it also provides a lump sum while maturity as the survival benefit. The premium can be easily paid monthly, quarterly, half-yearly or yearly. Enhance the protection of the plan by choosing the additional riders.
Choose the LIC plan for women wisely. Buy a plan that suits the interest and fulfils the need. Sound financial planning is important and now that we are into 2021, it is time that we break that financial planning should only be done by the male. This conventional gender role should be broken.
Undoubtedly, the times have changed, Today, women are actively stepping into the workforce and have even become the breadwinners. Therefore, protecting the income is equally prudent. With the changing trends, women are moving forward towards financial freedom and explore various insurance and financial instruments as this is a savings mechanism to augment the habit and notion of long-term savings.
Even if the women are not working and are a single mother or a homemaker, financial planning is even then important to ensure financial protection for the coming times.
Remember, prevention is better than cure. Choose the best LIC policy for women and remain tension-free at every stage of life.