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5 Best Life Insurance Plans for Women in India 2016-17
- DetailsWritten by PolicyBazaar -
- Hits : 30414 -
Modified 08 February 2017
Financial planning is important for everyone who shoulders responsibilities for his/her family. If you are a self-empowered woman, financial planning is very crucial for you. Having a life insurance plan can help you secure your ways against financial uncertainties and systematically plan for the important goals of your life.
The insurance market is changing drastically and to meet the need of their customers, the insurance companies are also coming up with a wide range of products. Keeping the requirements of women in mind, the following 5 insurance plans are introduced by the respective companies. Here, let’s briefly discuss the various features and benefits of the plans.
SBI Life Smart Women Advantage Plan
In order to cater to the insurance needs of women, SBI Life has launched Smart Women Advantage Plan, which is a traditional participating endowment assurance plan. The plan provides the dual benefits of saving sand protection to a woman. The buyer can choose according to their own convenience between Gold and Platinum plan. The plan is most beneficial for those who want a threefold financial coverage including life cover, long-term savings, and critical illness benefits. The key features of the policy are highlighted below-
- This is a traditional endowment policy which provides a benefit of life cover, saving and critical illness.
- The insured is provided with two variants of the plan- Gold and Platinum.
- An inbuilt waiver of premium rider is provided under the plan which waives future premiums in the event of any critical illness.
- The insurance holder can choose the level of the sum assured, on death and/or on the diagnosis of certain critical illnesses, which would be a multiple of the basic sum assured.
HDFC Life Smart Women ULIP
This plan is a unit linked insurance plan specially designed for women. This is an investment plan that provides coverage to a woman against pregnancy complications, female specific cancer and so on. As this is a ULIP product, the policyholder has to bear the risk associated with the investment. The plan offers the sum assured equal to 40 times the annualized premium. The benefits offered HDFC Life Smart Women ULIP are highlighted below-
- This is a ninsurance-cum-investment plan designed especially for women.
- The insurer can increase the sum assured up to 40 times the annualized premium.
- The insurance seekers can buy the plan online according to their own suitability.
- The plan can be availed in three variants - Classic, Premier, and Elite.
- The policy provides coverage to the insured in case of pregnancy complication or the birth of a child with a congenital disorder.
- Sum assured is offered in the case of diagnosis of malignant cancer of female organ.
- Sum assured is offered on the death of the spouse.
Shriram New ShriVivah Plan
This is a traditional participating saving plan which is designed especially for women. The plan focuses mainly on covering the huge expenses of marriage. Shriram New ShriVivah Plan pays out a lump sum amount in case of the unfortunate demise of the insured person helping the family to reduce their debt. One of the major benefits of this plan is that along with the maturity benefit, it offers double life insurance cover as well as regular income. The key features of the policy are as follows-
- It is a participating plan with on option of limited and regular premium payment.
- By enhancing the benefit structure, the plan provides a dual benefit of lump-sum and monthly income.
- On maturity of the policy, the total sum assured amount along with bonus is payable to the insured person.
- The minimum to maximum entry age of the policy ranges from 18 years to 50 years.
- The maximum maturity age of the policy is 70 years.
- On the demise of the insured person, the nominee of the policy receives the sum assured on death along with vested reversionary bonus and terminal bonus, if any.
- The death benefit payable is subject to a minimum of 105% of all the premiums paid.
LIC JeevanBharathi-I Plan
This is a life insurance policy specially designed for women. LIC Jeevan Bharathi-I is a money back plan. An advantage of this plan is that the payout amount can be used to purchase an annuity on the policy maturity. Under this plan, the premium needs to be paid for the entire policy tenure of 15 to 20 years and the survival benefit of 20% of the sum assured are paid every 5 policy years. On maturity of the policy, the remaining sum assured amount, accrued reversionary bonus and the final additional bonus is paid to the insured. For your knowledge, here we have highlighted the key features of the policy:-
- This plan is designed especially for women.
- This plan has a very special feature i.e. the plan provides money back benefits along with reversionary benefit that can be converted to an annuity.
- Irrespective of how much survival benefits has been paid, the entire sum assured is payable as death benefit along with accrued bonus.
- At every 5 years, 20 % of the sum assured is paid as survival benefits.
- At the end of policy tenure, a maturity benefit is paid as remaining sum assured along with accrued bonus.
- High sum assured rebate is provided in this plan.
- The plan provides add-on benefits as 3 additional riders.
You may also like to read: Best LIC Policies in 2017
TATA AIG Wellsurance Women Plan
This policy has been specially designed to secure women. The policy provides protection against specific illness and other benefits. Moreover, the plan also provides benefits by covering hospitalization expenses and children’s education benefits in case of accidental death. The benefit amount is paid to the insured if the woman insured is diagnosed with any of 11 special critical illnesses. Besides, the life coverage is extended to all the members of the family.
To help you know more about the plan, here we have mentioned some of the key features of the policy.
- On diagnosis of 11 specified critical illnesses, the policy pays the benefit amount.
- For ICU and ICCU admissions higher hospital cash is given.
- Provides daily hospital cash benefit.
- The plan provides post hospitalization benefits i.e. benefits given for the period of recovery.
- In the first 90 days of the policy issued date, immediate cash is given for the accident related hospitalization.
In today’s time,it is important for both men and women to have a life insurance policy. With the help of the above discussions, you can compare the plans as per their features and benefits. It is always best to do a thorough research and choose the best-suited plan for you as per your affordability.
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