Women have nowadays become progressively dominant performers in our country. Some females are the solitary main source of income for the family and that is why they are now looking for economic security, which is the best life insurance policy for a woman can provide them. Here in this article below, we are going to list down some of the best life insurance policies for a woman.
No matter if a lady is a stay-at-home mother or holds an exclusive position, the best life insurance policy for a woman is definitely significant security to have.
What is Life Insurance Policy for a Woman?
Table of Contents
Life insurance policy for a woman plan provides different monetary requirements for ladies. The best life insurance policy for a woman is a set of specially generated & hand-picked products that suit the requirements of females at different phases of their lifespan; such as retirement, health, protection, child’s education as well as long-term investments and savings.
Kinds of Insurance Available In India For Women:
Contingent upon your necessities and objectives, there are countless extra security items and contributions accessible for you to choose from. In view of your dangerous hunger, you can select conventional or market-connected insurance items. Here is a portion of the alternatives you can choose the most suitable one from:
Term Insurance Plan
A term insurance plan offers an enormous cover at moderate expenses which will get your family’s financial future and strength, in the event of your nonattendance
The endowment plan is actually similar to a normal reserve funds plan yet with the extra advantage of giving a day to day existence cover
Health Insurance Plans
Health care coverage Plans are tweaked to provide food explicitly to women’s wellbeing prerequisites and they cover a wide scope of basic ailments. Women can likewise decide on close-to-home mishaps and travel-related danger covers.
Unit-Linked Insurance Plans
A unit-linked life insurance policy or well-known as ULIP is an arrangement that goes about as an efficient venture apparatus to assist with building your abundance by offering development and returns relying upon the market circumstance.
An annuity plan and a retirement plan can go about as a wellspring of ordinary pay for your post-retirement life
Child Insurance Plans
Child Insurance Plans are outstanding amongst other approaches to get your child’s future. Purchasing these plans ensure consistent income at significant phases of a child’s life – advanced education, marriage, and so forth
Regardless of whether it’s for the financial security of the family or to assemble a corpus for future objectives, disaster protection is an unquestionable requirement have. A little venture by you today can help you in guaranteeing a safe future for you and your family members.
What Is The Need For Best Life Insurance Policy For A Woman?
Over and over again, women have demonstrated their selves to be equivalent to their masculine counterparts. These days, a lot of ladies have merged the workforce as well as have become liberated. Consequently, even in the case of the life insurance policy, women are realizing the significance of possessing protection for their lives.
There is a lot of life insurance companies available in the Indian market nowadays, which provide some of the best life insurance plans for a woman.
So, all the ladies out there who are looking for the best life insurance plans for a woman, here we have listed down some of the greatest insurance policies provided by various insurance companies for your requirements:
Is it Necessary to Have Special Life Insurance Plans For Women?
Moreover, insurance organizations are attempting to meet the unique wellbeing needs of this sub-classification. Women’s health care coverage is an item giving security against monetary and clinical vulnerability. This can assist with securing the fate of wards’.
Most women’s insurance strategies cover three sorts of protection: women’s profit and wellbeing, pregnancy, kids’ schooling, long haul reserve funds, and speculations, and retirement. Females get boss gatherings health care coverage and individual inclusion.
They need them for clinical costs too. It is significant that when purchasing a lady-driven strategy, one additionally looks for a complete cover, including different pregnancy sicknesses as well.
Benefits of Women Life Insurance Product
As per the Census of India, about 48% of the Indian populace is female. However, women bought just 36% of the disaster protection strategies given in the country, in 2019.
While there is as yet a divergence in numbers between the male and female disaster protection policyholders, with an increment in the openness and consciousness of extra security among women, there is a sluggish yet huge change in this circle.
In this manner, it is fundamental to comprehend the significance of protecting yourself and leading a stress-free life. Buying life insurance will provide you a secure future, hassle-free manner of life, unit-linked funds, the minimum sum assured at the end, better financial planning, tax benefits, and so many more.
Purchasing a life insurance plan is critical for you to secure the financial future of your friends and family and to put something aside for your life objectives deliberately. In addition, science has demonstrated that women have a more extended future than men. This implies that you should remain financially ready for a more expanded period from the selling insurance policies.
So, here are the detailed benefits of life insurance policies for women in India from most insurance companies out there…
Lower Premium Paid Amounts
According to the National Health Profile, the expectancy of a female’s life in India is around 70.2 years even though males’ expectancy is around 67.4 years.
As the fees of life insurance products are on the basis of the risky work profiles of the policyholder as well as the death risk of females is way lower than men.
And thus, females most likely, have to pay reduced premiums for their life insurance plans than men.
Protecting Your Loved Ones
The characteristic nurturing tendencies in a female make the safety of their loved ones their main fear.
By capitalizing on life insurance, a female can make sure the financial safety of their family members if any unfortunate event takes place.
It’s beneficial for fetching peace of mind, making sure good health and thus increasing your efficiency.
By nature, females meticulously plan funds in order to meet future financial requirements, and thus, a life insurance plan will be a great investment tool.
They do not just help in making your wealth as well as savings, but they also help you in making better returns, whereas providing you a life cover.
Using Cash Value Paybacks
Numerous life insurance products obtain a cash value where you can take loans. This will definitely help you with liquidity for possibilities.
Protection You Against Some Critical Diseases
On top of the critical medical conditions such as kidney impairment, heart failure, etc., which affect a huge number of individuals, females are exclusively at the risk of some forms of cancer such as cervical cancer, or breast cancer, amongst other women.
Treatment for such sicknesses isn’t just extensive and horrible yet can likewise prompt a huge monetary weight for you and your family. A disaster protection plan with basic sickness cover assists you with remaining intellectually and monetarily ready to battle these basic ailments.
Regular Pay After Retirement
Aside from satisfying your fantasies or guaranteeing monetary wellbeing and backing to your friends and family if there should be an occurrence of an awful occasion, a disaster protection plan can likewise assist you with arranging your retirement well.
Making abundance through plans like ULIPS and gift plans will assist you with amassing riches and have a customary progression of pay even after retirement.
Obtaining Tax Benefits
Notwithstanding different benefits, a life coverage plan additionally helps you in saving taxes through different arrangements accessible according to tax pieces and laws.
Best Life Insurance Policy For A Woman
There are many such insurance policies available for women in the market, which have been designed by insurance companies keeping in mind their special needs.
While many policies cover various diseases of women like pregnancy complications, breast cancer, uterine cancer, etc.
This type of insurance product is equally useful for working women as well as housewives. Let us know for which companies which policy has been launched for women and what is its specialty.
Today, in this article below I am providing a list of some of the best life insurance policies for a woman. Check out these life insurance plans and their features:
Life Insurance Corporation (LIC) Jeevan Bharathi-I Policy
The Life Insurance Corporation (LIC) Jeevan Bharathi-I Policy is a life insurance plan specially intended for ladies. Life Insurance Corporation (LIC) Jeevan Bharathi-I Policy is basically a money-back policy.
Life Insurance Corporation of India (LIC), the country’s largest life insurance company, offers Accident Benefit and Congenital Disability Benefit as optional riders under Jeevan Bharti-1, a special benefit policy focused on the needs of women.
Women in the age group of 18 to 55 years can take this policy. But the Congenital Disability benefit is available for women in the age group of 18-35 years that too with only two children. Other salient features of this scheme are as follows:
The most significant benefit of the policy is that you can use the paid sum to buy a pension on your policy’s maturity. Here are the key features of the Life Insurance Corporation (LIC) Jeevan Bharti-I Policy:
Key Features OF Life Insurance Plan:
20% of the total Sum Assured (SA) is rewarded as the survival benefits after every 5 years
This insurance policy delivers money back profits together with the reversionary profit that you can convert to your annuity
The insurance policy provides add-on profits as 3 added riders
- Congenital Incapacities benefit rider
- Critical Ailment rider
- Accident Profit rider
Regardless of the fact that how much the survival profits has been rewarded, the complete Sum Assured (SA) is allocated as the death benefit together with the accrued bonus
At the completion of the policy term, a maturity profit is rewarded as the remaining sum guaranteed together with the accrued bonus
This insurance policy is specially designed for women
Encashment of Survival Benefit As Per Requirement
See the survival benefits of the plan below…
Facility to Pay a Premium in Advance:
There is a provision to pay the premium annually under this policy but if women want, they can pay a premium for three years in installments in a year. They also get some discount on advance premium payment.
Option to Take Maturity Amount As An Annuity:
This is a good option for this policy. On maturity, women can either take the entire amount in a lump sum or buy an annuity from them and keep getting a fixed amount per month.
Auto Cover for Financial Future:
Under this facility, if women are unable to pay the premium after two years, then they will continue to get full life insurance cover for the next three years from the date of the first unpaid premium.
(You Can Also Read: LIC policy for ladies/LIC policy for women)
HDFC Women Life Smart ULIP Plan
The HDFC Women Life Smart ULIP Plan is basically a Unit-Linked Insurance Plan (ULIP) particularly designed for females. This plan is an investment strategy that offers cover to a lady against feminine-specific cancer, pregnancy complications and so many more.
As this plan is a Unit-Linked Insurance Plan (ULIP), the life insured has to accept the risk related to the investment. The key features, as well as the benefits of the HDFC Women Life Smart ULIP plan, are given below:
The entire Sum assured (SA) is provided on the demise of the partner
You can avail of this insurance policy in 3 variants
This is an insurance-cum-investment policy specially designed for women
The Sum Assured (SA) is given in event of the diagnosis of malicious cancer of the female organ
The sum assured can be increased up to 40 times the annualized payment by the insurer
The policy offers coverage to its policyholder in event of the birth of a child with some congenital disorder or pregnancy complication
You can buy this plan online as per your needs
HDFC Smart Women Plan
HDFC Life Insurance Company has a unique insurance cum investment plan specially designed for women. It has a comprehensive coverage policy under which pregnancy complications and congenital conditions or cancer occurring in women are covered.
HDFC Life Smart Woman Plan, a life insurance strategy for ladies that offers wings to their desires. The arrangement guarantees your reserve funds develop leaving you allowed to seek after your profession and keep having an effect on everyone around you.
In these critical situations, the insurance company also gives you peace of mind by waiving premiums and providing funding for up to three years so that you can recover from illness, make your life happy and your investments continue to grow.
Apart from this, partial withdrawal can also be done from this HDFC life smart woman policy in case of an emergency. Its minimum premium is Rs 24,000 and the maximum is Rs 1 lakh per annum. The term of the policy can be 10 or 15 years and the sum assured can be up to 40 times the annual premium.
Key Features Of HDFC Life Smart Woman:
You generally needed to have an effect on the existence of your friends and family. This is the thing that gives genuine joy. In your own particular manner, you took the necessary steps to keep them content with their fulfillment continually being a need for you.
Since you are free and have a total charge of your funds, some measure of preparation can go far in satisfying dreams for yourselves and your friends and family.
Introducing, HDFC Life Smart Woman Plan, a life insurance strategy for ladies that offer wings to your goals. The arrangement guarantees your investment funds develop leaving you allowed to seek after your vocation and keep having an effect on everyone around you. It likewise gave alternatives that oblige explicit life occasions of ladies regarding their wellbeing, profession, and marriage.
Choices to look over 4 assets to suit your danger craving:
Higher likely returns because of higher term and credit openness
value openness to upgrade the profits while the obligation designation lessens the instability
Investments in enormous cap values
Investments in mid-cap values
You can choose any of the 3 Benefit Options, each made to address explicit issues, for example,
- Pregnancy complexities or birth of youngster with inborn confusion
- Finding of threatening malignancy of female organs
- The demise of a life partner (Only with Elite choice)
Under this alternative, you can profit from the premium waiver advantage with the financing of the next 3 years’ expenses.
Under this choice, you can profit from premium waiver advantage with the financing of the next 3 years’ expenses and intermittent money payouts of 100% of the next 3 years’ charges.
Under this choice, you can profit from premium waiver advantage with subsidizing of next 3 years’ charges and intermittent money payouts of 100% of next 3 years’ expenses alongside inclusion for the death of a mate.
Adaptability to pick the aggregate guaranteed
Comfort to pick strategy residency of 10/15 years
Beginning expenses for this arrangement are Rs. 24000 every year and the arrangement is accessible just on a yearly mode. Subject to arrangements, according to Income Tax Act 1961. Tax breaks are liable to changes in charge laws.
SBI Life – Smart Women Advantage Policy
To meet the life insurance requirements of ladies, the SBI Life insurance limited has launched the Smart Women Advantage Policy. This plan is actually a customary participating endowment insurance plan.
This SBI life smart women advantage is most beneficial for persons who need a threefold economic coverage with life insurance cover, critical illness profits, and long-term savings. The key features and the benefits of this policy are given below-
This plan comes with multiple basic sums assured plans so that the policyholder can pick the level of sum assured
This is basically a traditional endowment insurance policy that offers a profit of life insurance coverage, critical illness, and saving
This plan comes with an inherent disclaimer of the premium rider, which is delivered under the policy which waives your future premiums in case of your critical illness
There are 2 variants of this plan i.e. Platinum and Gold.
Bajaj Allianz Women Critical Illness Plan
This is a Women-Specific Critical Illness Plan from Bajaj Allianz Life Insurance Company which covers the risks of various diseases. It provides 100% coverage in critical diseases like fallopian tube cancer, uterine/cervical cancer, ovarian cancer, paralysis, and burns.
Along with this, there is also a provision to pay 50 percent of the sum assured on the birth of a child with spina bifida, and Down’s syndrome. This product is available for women in the age group of 25 to 55 years whose sum assured ranges from Rs 50,000- 2,00,000 lakhs.
Depending on the age and the sum assured, the premium is around Rs 5,500. The lump-sum assured is paid on the survival of the policyholder for 30 days after diagnosis of critical illness.
If the female policyholder becomes unemployed within three months of the diagnosis of critical illness, then an additional Rs 25,000 is provided to her under this policy. The condition is that the company has already paid the sum assured.
Apart from this, if the company has paid the sum assured, then also provides a lump sum of Rs 25,000 for the education of the child.
You would now be able to rest simple realizing that our basic sickness protection cover for ladies has the accompanying components that secure you against major basic diseases:
- Congenital disability benefit
- Critical illness cover
- Loss of job cover
- Flexible & convenient
- Children education benefit
TATA AIG Wellsurance Women Policy
The plan offers protection against some specific illnesses as well as other life insurance benefits to women. Besides, the policy also offers assistance by covering expenses of hospitalization as well as your children’s education profits in the case of the policyholder’s accidental demise. Here are the key features of this best life insurance policy for a woman given below
- This plan has been specially intended to secure ladies
- In the initial 90 days of this plan’s issued period, immediate money is offered to its policyholder for accident-related hospitalization expenses
- On the diagnosis of specified 11 critical illnesses, this policy pays its policyholder the profit amount
- This plan delivers daily hospital money benefit
- For the ICCU & ICU admissions, a higher hospital sum is given by the company
Critical Illness Women Rider of Birla Sun Life Insurance Company
This rider can be taken along with any life insurance plan or an endowment insurance plan of this company which takes care of your needs and lifestyle. While your basic plan offers life insurance cover, this rider is the most valuable option in a life insurance plan.
This rider includes 17 diseases including
- heart attack
- coronary artery surgery
- kidney failure
- major organ transplant
- aorta graft surgery
- heart valve surgery
- benign brain tumor
- motor neuron disease
- multiple sclerosis
- Covers end-stage liver disease
- end-stage lung disease
- and aplastic anemia.
Insurance sector experts say that if women carry three policies –term life insurance policy, health insurance plans, and critical illness policy from the beginning, then they hardly need special policies launched for women.
In today’s era, the trend of diseases like cancer is being seen more in women above 40 years of age. Hence, whether the cover is exclusively for women or general, it becomes necessary to have one.
As a woman in this modern era, do you truly have to put resources into life insurance plans? In the event that you have offspring of your own, a life protection strategy would be an undeniable must-have. Nonetheless, while individuals regularly accept that on the off chance that they don’t have wards, they don’t should be protected, that isn’t the situation.
Life insurance policies have considerably more to bring to the table than the assurance of your youngsters’ future if something untoward happens. Here are the three most significant reasons why you need to put resources into a ladies’ protection plan:
For Your Family members
Q. Why is a life insurance plan important for women?
A. In this day and age, people are doing similarly well with regard to cash. In spite of the fact that, when contrasted with men, women are at higher danger of getting medical conditions as they oversee both work and family.
What’s more, that is the reason women must purchase a disaster protection plan. It won’t simply secure them against monetary liabilities yet will likewise help in arranging the significant objectives of their life.
Q. How and why expenses are lower for women?
A. It has been seen that women live any longer than men. That is the reason charges for women are lower when contrasted with men. Basically, in the event that someone lives for a more extended timeframe, the premium paying span for them will likewise be longer.
Along these lines, thusly, insurance organizations make an allowance in the superior costs for women who buy extra security plans and make expense sums generally less expensive for them. Furthermore, well-being likewise assumes a significant part in choosing the top-notch sum.
Women lead a much sound way of life than men. A few afflictions, for example, respiratory failure are more normal in men at the time of 40s and 50s when contrasted with women, which shows women are less inclined to diseases and passing. Thus, the paces of premium are additionally less for the women.
Q. Why a woman should invest in life insurance?
A. It is possible that you’re single, hitched or a functioning lady, you should put resources into an extra security strategy as it guarantees your family has the pay to endure regardless of whether something happens to you, be it a mishap, long-lasting handicap, or inauspicious demise.
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