Financial planning is the backbone of any economy or business and most important and critical part for anything that is been conducted. It is important for everyone particularly for those who are having responsibilities on their shoulder for his/her family.
If we talk about women then we see if you are a self-empowered woman then financial planning is very crucial and critical for you. Also learn about a few best child insurance plan in India
Why it is important for women to have life insurance
In this stage having Life Insurance Plan is very important as that help you secure your ways against financial uncertainties and drawing systematically plan for the important goals and dreams of your life. In a modern city like Gurgaon women are a earning member of the family and they contribute a lot in the financial health of the family.
The market of insurance is changing in drastic manner and undergoing changes at a very fast pace to meet the emerging needs of the customers and clients. Indian life insurance are now coming up the wide range of new products. Keeping the requirements and needs of the women in mind the following insurance plans are introduced by the various companies and their benefits too. Here’s brief discussion on some of them.
Are there any women life insurance plans?
Before that the plans are being disclosed as follows:
- SBI Life Smart Women Advantage Plan
- HDFC Life Smart Women ULIP
- Shriram New Shri Vivah Plan
- LIC JeevanBharathi-I plan
- TATA AIG Wellsurance Woman Plan
- Max Life Online Saving Plan
- Max Life Cancer Insurance Plan
- Max Life Online Term Plan Plus
- Max Life Super Term Plan
- Max Life Premium Return Protection Plan
- Max Life Child Insurance Plan
- HDFC cancer care
- Bajaj Allianz Life Goal Assure.
Women Insurance plan helps to cater different financial needs of the women. Women’s plan are a set or combination of specially created and hand-picked products that are being created keeping in mind of the need and wants of their satisfaction at different stages of their life; such as protection, health, retirement, child’s education and long term savings and investment.
Women needs the insurance plan for her family, for children, for her personal fulfilment and wealth creation. If they are having their children Life Insurance policy is a obvious must-have. Whereas some people think like if they don’t have the dependents they don’t need the Insurance plans but this is not the thing as they also need so. Life Insurance Plan is much of providing protection and security with benefits.
Can a illiterate women have life insurance?
Yes a illiterate women can be given a life insurance if she qualifies all other criteria.
Women life insurance plans (explained)
In order to cater to the insurance needs of the women, SBI Life insurance has developed the plan that is SBI life smart women advantage plan, this plan provides dual benefits of providing saving and protection to the women.
There are two plan one is platinum and other is gold. The buyer can choose according to their benefits. However, the plan is most beneficial for those who want a threefold benefit along with their financial coverage that includes Life cover, long term savings, and critical illness benefits.
“The most important features of this policy are traditional endowment policy providing three-fold benefit, two variants of the plan in the form of gold and platinum, future premium in the event of any critical illness, holder can choose the level of sum assured on death or illness that would be in the multiples of the basic sum assured.”
The policy generated by the HDFC for women is a plan that is specially designed for women and this plan is an investment provides a relief and coverage to the woman who is against pregnant complications, female specific cancer and many more.
This is a ULIP product and as general the policyholder has to bear the all risk associated with the investment of the plan. This plan offers sum assured always equal to the 40 times of annualized premium.
Its benefits are investment plan, insurer can increase its sum assured to be 40 times the annualized premium, it can also be buy online, it can be availed in three variants i.e. classic, premier, and elite. The policy gives relief in case of pregnancy complications and child disorder. Along with this sum assured in case of cancer of female organ and on the death of the spouse also.
The Shriram new shriVivah plan is a traditional saving plan designed especially for women, this plan focuses on covering the huge expenses of marriage. This plan pays lump sum amount in case any unfortunate of the insured person helps the family to reduce their debt. But the major benefits of this plan are with the maturity, as it offers double life insurance cover and regular income too.
This plan provides benefit of lump sum and monthly income, on maturity it gives sum assured along with the bonus and sum assured. The age of this policy is 18 years to 50 years, and maximum maturity time is 70 years. The benefit payable at death are 105% of all the premium paid.
The LIC JeevanBharathi-I Plan is also specially designed for women, but it is money back plan. The payout amount can be used to purchase an annuity on the policy maturity. The premium need to be paid for the period of 15 to 20 years and 20% benefit will be provided every 5 policy years. On the maturity of the plan the remaining sum assured and bonus with additional amount is paid to the insured.
At every 5 years 20% of sum assured is paid as a survival benefit and assured rebate is provided in this plan.
The TATA AIG Wellsurance Women Plan is also designed and framed specially for women, it provides protection against illness and other benefits. The benefit would be provided only if the woman insured is diagnosed with any of 11 special critical illness. Provides daily hospital cash benefit and post hospital benefits. In today’s time, it is very important for both men and women to have a life insurance policy.
Buy life insurance today, women!
Conclusion: with the help of the above discussions and brief, one can compare the plans as per their benefits. It is always best to know and then choose the best-suited plan for you as per your affordability. It can be concluded that one of the best way to build up a sufficient path for savings and protection is plan whether that can be by following any of the policy or scheme that benefits you the most.
Women life insurance plans are specially designed for women. The plan just requires the women to be in healthy state, and not pregnant.
No. In fact the premiums for a women life insurance plans are marginally lesser than the plans for men.
A housewife can get the life insurance pan as much as her husband. The women is eligible to get sum assured equal to er husband.
Yes, the women life insurance plans are available for all women irrespective of her marital status.