Women have, time and again, proven to be equal to their male counterparts. Today, more and more women have joined the work force and have become independent. Even in case of life insurance, women are realising the importance of having a cover on their lives. Whether it is purely for protection needs or investment needs, life insurance policies for women are becoming popular. The Life Insurance Corporation of India (LIC), one of the pioneering insurance companies in the market, offers attractive insurance solutions for women as well. So, for all you women out there looking for insurance, here are some of the best plans offered by LIC for your needs –
LIC’s Aadhaar Shila
This is an endowment plan designed and offered specifically for women. Females having an Aadhar Card can buy the plan. The features of the plan are as follows –
- Loyalty Additions are added after the completion of the first five policy years
- At least 110% of the sum assured is paid in case of death
- Optional Accident Benefit Rider is available with the plan. The rider pays an additional sum assured in case of accidental death during the policy tenure
- Premium discounts are available if the chosen sum assured is Rs.2 lakhs and above.
Read more about Types of life insurance plans
LIC’s Cancer Cover Plan
Given the high incidence of cancer, women are advised to invest in a cancer insurance plan. LIC’s cancer insurance plan offers the following benefits –
- Two coverage levels are available – level sum insured and increasing sum insured
- The sum insured increases by 10% of the basic sum insured in the first five years of the policy or till the first diagnosis of cancer
- Both early stage and advanced stage cancers are covered
- In early stage cancer, 25% of sum insured is paid. Future premiums are then waived while the plan continues
- In major stage cancer, the full sum insured is paid. All future premiums are waived. 1% of the sum insured is, thereafter, paid every month for 10 years whether the insured is alive or not
LIC’s e-term plan
This is a pure term insurance plan which you can buy directly from the company’s website. The features include –
- It’s a pure term plan where a death benefit is paid in case of death during the plan tenure.
- Sum assured up to Rs.50 lakhs can be availed under the plan.
- Coverage is available for up to 75 years.
Read more about Why should women buy term life insurance?
LIC’s New Children’s Monck Plan
If you want to create a fund for your children which pays regular returns, this money back plan is suitable for you. You can buy the plan for your child. The plan features are as follows –
- Money back benefits are paid when the child attains 18 years, 20 years and 22 years.
- 20% of the sum assured is paid as money back benefit
- The plan attracts bonus additions. Simple reversionary bonus and a final additional bonus are paid under the plan
- Two optional benefits are available. Under the first benefit, the survival benefits can be postponed. Upon postponement, a higher survival benefit is paid. Another optional benefit is the premium waiver rider. Under this rider, if the parent dies, future premiums are waived off but the plan continues
Read more about Term life or money back plan which one to buy?
LIC’s New Endowment Plus
For investment savvy women looking for market-linked plans, this plan is the best. It is a unit linked plan which gives you the facility of enjoying market-linked returns along with insurance protection. Notable features include the following –
- Higher of the sum assured or the fund value is paid as death benefit
- Accidental death benefit rider is available as an optional cover
- You can buy the plan with as little as Rs.20, 000 annual premium
- Four funds are available for investment
- Maturity benefit can be taken in instalments over 5 years
- Flexible benefits like switching, partial withdrawals, etc. are allowed
These are some of the best LIC plans for women in 2018. You can choose any plan you need based on your requirements. Go for a cancer care plan or an investment oriented one, but do insure your life. You are, after all, valuable!
Read more about 5 tips to buy life insurance
Find the best life insurance plan on turtlemint.com