Best Life Insurance Plans For Women In India
When you think about life insurance, the first thought will be for taking an insurance for the man of the house or a child plan. But in today’s era, a woman’s contribution to the household income is very important to maintain the lifestyle and for the children’s better future. So, life insurance plans for women become crucial, if not non-negotiable, for the family’s welfare.
But unfortunately, many families underestimate this value and ignore the financial protection required for it through a life insurance. So, here are some of the best life insurance plans for women in India.
1: LIC New Jeevan Anand Plan
LIC’s New Jeevan Anand Plan is a participating non-linked plan, which offers an attractive combination of protection and savings. The plan offers 125% of Basic Sum Assured or 10 times of annualized premium as death benefit. The protection and savings component of the plan make it ideal for women. The plan continues its insurance coverage on premium payment even post maturity for the surviving policyholder.
2: HDFC Life Smart Women ULIP
HDFC Life Smart Women is a unit linked plan made exclusively for women. The policy offers sum assured up to 40 times the annualized premium. It also offers protection to women for any pregnancy complication or the birth of a child with a congenital disorder. The policy offers the Sum Assured in case of diagnosis of cancer.
3: Shriram New ShriVivah Plan
Shriram New ShriVivah Plan is another plan that features among our list of best life insurance plans for women, It is a traditional life insurance plan providing policyholders a dual benefit of lump-sum and monthly income. The plan is focused to offer cover for catering to the heavy marriage related expenses.
4: SBI Life Smart Women Advantage Plan
SBI Life Smart Women Advantage Plan offers the best of savings and investment with its traditional participating endowment assurance. The plan comes in two variants -Gold and Platinum, both offerings inbuilt waiver of premium rider in the event of any critical illness.
5: LIC Jeevan Bharathi – I Plan
LIC’s Jeevan Bharati-I is a plan made exclusively for women offering encashment of survival benefit as and when needed and option to receive maturity proceeds in the form of an annuity. The maximum sum assured offered under the plan is Rs. 25 Lakhs.
Life insurance plans for women at a glance
|Life Insurance Plan||Min/Max age at entry||Policy Term||Sum Assured
|LIC New Jeevan Anand Plan
|18 years/50 years||15-35 years||Rs. 1 Lakhs/No upper limit||· Assured benefits payable at the end of Policy Term
· Continues coverage on premium payment post maturity for the surviving policyholder
· Participation in Profits
· LIC’s Accidental Death and Disability Benefit Rider
|HDFC Life Smart Women ULIP||18-45 years||10 or 15 years||10x – 40x annualized premium||Waiver and funding of premiums for next 3 years on pregnancy complications or birth of child with congenital disorder, Diagnosis of malignant cancer of female organs and Death of spouse|
|Shriram New ShriVivah Plan||18-50 years||10,15 and 20 years||Rs. 1 Lakhs/No upper limit||· Sum assured at maturity along with bonuses.
· Double life insurance cover plus a stream of monthly income on death to offset monetary losses
|SBI Life Smart Women Advantage Plan||10 years and 15 years||Rs. 2 Lakhs to Rs. 10 Lakhs||· Life insurance coverage
· Inbuilt Premium Waiver benefit in the event of Major Stage CI for in-force policies
· Regular bonuses
|LIC Jeevan Bharathi – I Plan||18 years/55 Years||15 and 20 years||Rs. 50,000 to Rs. 25 Lakhs||· Encashment of Survival Benefit as and when needed
· Flexibility to pay premiums in advance
· Option to receive maturity proceeds in the form of an annuity
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