Investment planning is no longer restricted to a particular gender or a particular class of people. Finally stereotypes about investment planning and financial planning are slowly fading in Indian society. Along with this, several good and affordable policies have been launched by various insurers that cater to the needs of women.
Well, who would object if given the opportunity to earn more and save more for the future. No one, right? Moreover, with life being unpredictable and women vulnerable to numerous ups and downs, some form of security in the form of an optimal LIC policy is a must for women to secure their future. Thus, Life Insurance Company of India (LIC), the most trusted and oldest name in the Indian investment sector, has come up with some of the best LIC policies meant especially for women in India. These policies are designed to cater to Indian women and their special needs
Why is LIC plan important for women?
As already mentioned above, life insurance policies cater to the investment needs of women and help them cope with adversity or live with confidence. Below are some key benefits of buying a life insurance plan from LIC for women:
- Special Premium Rates and Discounts – LIC offers lower premium rates for women promoters and non-smokers for certain policies offered by the insurer. Moreover, women buyers who purchase the policy online can also avail some discounts.
- Helping Women Become Financially Independent – LIC plans specially designed for women serve as an excellent financial tool to prepare for their future goals and expenses. They can even use the money received to provide security for their family or for their children’s higher education. Also, they can use this amount to plan their retirement.
- Saving for Future Dreams – Retirement is the time when the steady flow of money from your job stops. Therefore, planning for retirement is important. Even for women, planning for life after retirement is essential. Although your spouse may have invested in a good pension plan, it is better if the woman plans to add to that income personally.
- To leave behind a legacy for your children – Buying an LIC plan is also important for a woman if she wants to leave a legacy for her children or grandchildren.
Best LIC Policy 2024 for Women in India
Let’s take a look at some of these policies one by one to know their details and benefits:
- LIC’s Aadhaar Rock for Women
Aadhaar Shila is the new offering from LIC of India that caters specifically to women in the country It is considered as one of the best savings plans available for women which allows them to save for a long period of time and protect their family in case of unforeseen circumstances.
Benefits and Features of LIC’s Aadhar Shila for Women
The plan is available with many benefits, such as:
- Credit and tax benefits
- death benefit
- maturity benefit
- Addition of loyalty
- Surrender facility
So, under the Aadhaar Shila LIC policy for women, the insurer can protect the nominee or the entire family as a death benefit with sum assured in case of his/her sudden death. If the insured dies after 5 years of completion of the plan the nominee is entitled to add a loyalty.
Further, if the woman insured survives the policy term and reaches maturity, she is entitled to the full sum assured on maturity. Also, customers who pay their premiums regularly are given a loyalty bonus. Tax benefits are also available in this plan.
Eligibility for LIC Aadhaar Shila:
- LIC Jeevan Lakshya Plan for Women
This is another women-specific plan of LIC of India that protects the family of the woman insured and has a special focus on children. It is an endowment plan that pays a lump sum to minor children on the death of the insured
Benefits and Features of LIC Jeevan Lakshya Plan for Women
Here are the benefits:
- death benefit
- maturity benefit
- Benefits of participation
- Premium payment
Here a death benefit with bonus is given to the nominee, especially children, on the death of the policyholder. However, under this plan the insured (if he survives the term) or his family members (if he no longer lives) is given a sum assured maturity benefit along with bonus. If the insured person agrees to participate in various LIC benefit schemes, they can avail the participation benefit on maturity. Another plus point of this plan is that the insured has to pay the premium for less than three years of the policy term.
Eligibility for LIC Life Goal Plan:
- LIC New Jeevan Anand Plan for Women
Jeevan Anand is an endowment plan and a new LIC policy for women It is a special plan as it allows the insured to enjoy continued coverage even after the maturity of the plan till the death of the insured. Thus, the policyholder gets lifetime protection under this plan with guaranteed maturity payout.
Benefits and Features of LIC New Jeevan Anand Plan for Women
Benefits received include:
- Death benefit
- maturity benefit
- bonus
So, like other plans here too the nominee of the insured gets the death benefit if the insured dies before the maturity of the policy. Conversely, if the insured survives the policy term, he is entitled to receive the sum assured on maturity along with the bonus. Under this plan, the earned bonuses are accumulated and paid on maturity or to the nominee after the death of the insured.
Eligibility for LIC New Jeevan Anand Plan:
- LIC Life Progress Plan for Women
Another new endowment plan from LIC, Jeevan Pragati is one of the best LIC policy plans for women who are looking for financial security and savings for their retirement.
Benefits and Features of LIC Jeevan Pragati Plan for Women
Benefits include:
- Death benefit
- maturity benefit
- Sum assured increases after 5 years
So, under this plan the nominee will get the death benefit if the insured dies before the maturity of the plan along with the bonus amount. However, if the policyholder survives till maturity and all his premiums are paid, he is entitled to the full sum assured and bonus.
Another outstanding feature of this plan is that if the insured pays all the premiums on time, the sum assured of the plan increases by a fixed percentage every 5 years.
Eligibility for LIC Life Progress Plan:
Conclusion
The above plans are some of the best LIC new policies for women that are suitable for them. These plans are the best in providing women with the financial security they need These are policies that a woman can easily afford and can easily purchase from an LIC branch office You need your ID and address proof along with your income proof. The premium for such policies can be paid on monthly, quarterly, bi-annual and annual basis as per your convenience.