With the increasing number of women professionals in the country, different financial giants have started concentrating their financial planning on women only plans. One of the most explored areas of women oriented plans is life insurance. There are many financial giants who have introduced life insurance for women.
Some of the best women life insurance policies in India are:
- Jeevan Bharathi – I: This policy is known for its special profit plan, which takes care of the needs of a woman.
Some facts that you should know before buying the plan are that, the age of life of assured should not exceed 35 years, sum assured would be maximum of Rs 1,00,000, the term of the insurance plan should be maximum of 20 years and the annual premium should not cross Rs 6,345.
It is better to take the opinion of an insurance expert before taking this life insurance for women.
- HDFC Life Smart Woman Plan: This policy ensures that the savings of a woman grow as the term year passes by.
Some of the main eligibility criteria for this type of life insurance policies in India are that the minimum entry age of proposed should be 18 and maximum is none, minimum and maximum is 18-45 years for female life to be assured, Min-Max entry ages 21-50 yrs of spouse for elite option. Min-Max maturity age 31-60 years for female life to be assured,
| Min-Max proposed entry age | 18-none years |
| Min-Max entry ages for female life to be assured | 18-45 years |
| Min-Max entry ages of spouse for elite option | 21-50 years |
| Min-Max maturity age for female life to be assured | 28-60 years |
| Min-Max age of risk cessation for spouse in elite option | 31-60 years |
| Min-Max annual Premium | Rs.24,000-Rs.1,00,000 |
| Min-Max sum assured to
(age less than 45 years) |
10x – 40x annualized premium |
| Min-Max sum assured to
(age equal to 45 years) |
7x – 40x annualized premium |
| Min-Max Policy Term | 10 or 15 years |
Some of the advantages of this life insurance for women are:
| Savings with waiver and funding for next 3 years in case of | Complications in pregnancy
Birth of child with congenital disorder Diagnosis of female organs malignant cancer |
| Additional periodic cash payouts | Premier and Elite options |
| Meeting contingencies | Flexibility to make partial withdrawals |
| Premium payment option | Hassle free annual payment |
| Tax benefits | Under sections 80C and 10(10D) of the Income Tax Act 1961 |
| Modes of payment | Credit card
Internet banking Cheque Auto debit facility |
- HDFC Life Click2Protect: Known for its services and products, HDFC has also launched this life insurance for women. This helps a woman safeguard her family members from any financial burden. A woman can easily ensure parents, children and spouse.
The main eligibility criteria for this type of life insurance policies in India are:
| Min-Max entry age | 18-55 years |
| Min-Max maturity age | 28-65 years |
| Min-Max sum assured | Rs.10,00,000 – Rs.10,00,00,000 |
| Minimum annual premium | Rs.2,000 |
| Policy Term years | 10/15/20/25/30 |
| Premium Paying Terms | same as policy term |
| Premium Paying Frequencies | Annual mode only |
The main advantages of this life insurance for women are:
| Purchase | Available online with a click of a button |
| Premium | Low specially for women and non-tobacco users |
| Flexible | Choose any sum assured and policy term |
| Tax benefits | Under sections 80C and 10(10D) of the Income Tax Act 1961 |
| Modes of payment | Credit card
Internet banking Cheque Auto debit facility |
Among the many life insurance policies in India, these are the few that are quite beneficial for working women professional. However, even if you are not working, a life insurance policy is highly essential for you.
Life Insurance Policy Information In India 