LIC Plans for Women: Best LIC Policy for Women in India 2024

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Updated on Jan 10, 2024

There was a time when financial planning was majorly catered to men only. But not anymore! In this post, we are talking about the best LIC policies for women in India. Let’s take a look at the 4 best LIC plans for women.

Investment planning is no more limited to a particular gender or any particular category of people. Finally the stereotypes in Indian society about investment plans and financial planning are fading slowly. With this, a number of good and cost-effective policies have been introduced by different insurers which cater to the needs of women.

Well, who would mind if given an opportunity to earn more and save more for the future. No one, right? Moreover, with life being unpredictable and women being vulnerable to numerous ups and downs, must have some kind of security in the form of a best LIC policy for women to secure their future. Thus, Life Insurance Company (LIC) of India, 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 planned to cater to Indian women and their particular needs.

What Are LIC Policies and Plans for Women?

There was a time when life insurance policies especially catering to the needs of women were not regarded as necessary in Indian society. That notion restricted policymakers from designing life coverage for women to make them financially secure.  However, with time society is undergoing changes and women are gaining prominence in the financial and economic sectors. Hence, many private and public sector insurers are coming up with plans to suit the investment needs of women.

LIC policies and plans for women are some such insurance plans that are crafted by looking at the varied needs of females and securing their future financially.  Life Insurance Corporation (LIC) being the largest public-sector insurer, is a prominent name for offering the best term life insurance policies. The insurer has designed some excellent plans for women to invest a crucial part of their lives.  These plans work like a safety net for the ladies and protect them from several unpredictable emergencies. They ensure a sense of security among the women in India and support them in fulfilling their dreams.

Why are LIC plans important for Women?

As already stated above, life insurance policies cater to the investment needs of females and support them to deal with adversity or to live life confidently. Below are some key benefits of purchasing life insurance plans from LIC for women:

  • Special Premium Rates and Discounts – LIC offers lower premium rates to women proposers and non-smokers for some policies offered by the insurer. Moreover, female purchasers buying policies online can also avail of certain discounts.
  • Supports Women to Become Financially Independent – LIC plans designed especially for women serve as an excellent financial tool to prepare them for their future goals and expenses. They can even use the money obtained to provide security for their family or to secure higher education for their children. Besides, they can also use this amount to plan their retirement.
  • Savings to Fulfill Future Dreams – Retirement is the time when the steady flow of money coming from your job stops. Hence, it is important to plan for retirement. Even for women, it is necessary to plan for their life after retirement. Though your spouse may have invested in a good pension plan, it is better if the woman plans individually to add to that income.
  • To keep behind an inheritance for your children – Purchasing an LIC plan is also important for a woman if she wants to leave a legacy for their children or grandchildren.

Best LIC Policy for Women in India 2024

Let’s take a look at some such policies one by one to know about their details and benefits:

1. LIC’s Aadhaar Shila For Women

Aadhaar Shila is the new offering from LIC of India that caters especially to the women in the country. It is regarded as one of the best savings plans available for women that allow them to save for a long duration and protect their family in the event of unforeseen situations.

Benefits and Features of LIC’s Aadhaar Shila For Women

The plan is available with numerous benefits, such as:

  • Loan and Tax benefits
  • Death Benefits
  • Maturity Benefits
  • Loyalty Additions
  • Surrender benefits

So, under the Aadhaar Shila LIC policy for women, the insurer can secure the nominee or the entire family with an assured sum as death benefit in case of her sudden demise. The nominee is also entitled to a loyalty addition in case the insured dies 5 years after the completion of the plan.

Further, in case the insured woman survives the policy term and reaches maturity, she is entitled to receive the entire sum assured at maturity. Also, loyalty bonus is given to those customers who pay their premium regularly. Tax benefits are also available with this plan.

Eligibility for LIC’s Aadhaar  Shila:

Entry Age Min – 18 years

Max – 55 years

Maturity Age 70 years
Policy Span Min – 10 years

Max – 20 years

Sum Assured Min – INR 75,000

Max – INR 3 lakh

Also Read: How to surrender LIC policy

2. LIC Jeevan Lakshya Plan For Women

This is another women-specific plan from LIC of India that secures the family of the insured woman and gives special focus on the children. This is an endowment plan which pays the minor children a hefty sum in case of demise of the insured.

Benefits and Features of LIC Jeevan Lakshya Plan For Women

Here are the benefits:

  • Death Benefits
  • Maturity Benefits
  • Participation benefits
  • Premium Payment

Here the nominee, especially the children are paid death benefit along with bonuses in case of demise of the policyholder. However, an assured amount of maturity benefit is given under this plan to the insured (if she survives the term) or to her family members (if she is no more) including sum assured and bonuses. If the insured agrees to participate in different LIC profit schemes, they can earn participation benefits at maturity. Another plus point of this plan is that the insured has to pay premiums for three less years than the term of the policy.

Eligibility for LIC Jeevan Lakshya Plan:

Entry Age Min – 18 years

Max – 50 years

Maturity Age 65 years
Policy Span Min – 13 years

Max – 25 years

Sum Assured Min – INR 1 lakh

Max – No Limit

Also Read: LIC premium without tax

3. LIC New Jeevan Anand Plan For Women

Jeevan Anand is an endowment plan and a new LIC policy for women. This is a special plan because it allows the insured to enjoy continued coverage even after the plan matures till the death of the insured. Thus, the insured receives life-long protection under this plan together with assured maturity payment.

Benefits and Features of LIC New Jeevan Anand Plan For Women

Benefits received include:

  • Death Benefit
  • Maturity benefit
  • Bonuses

So, like in other plans here too the nominee of the insured receives death benefit if the insured dies before the policy gets matured. Conversely, if the insured survives the policy period she is entitled to receive the sum assured at maturity along with bonuses. Under this plan, the acquired bonuses are collected and paid either at maturity to the insured or to the nominee after the death of the insured.

Eligibility for LIC New Jeevan Anand Plan:

Entry Age Min – 18 years

Max – 50 years

Maturity Age 75 years
Policy Span Min – 15 years

Max – 35 years

Sum Assured Min – INR 1 lakh

Max – No Limit

Also Read: LIC senior citizen scheme

4. LIC Jeevan Pragati 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 monetary 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 gets death benefit if the insured dies before the maturity of the plan along with the bonus amount. However, if the policyholder survives until maturity and all her premiums were paid, she is entitled to the entire sum assured and the bonuses.

Another outstanding feature of this plan is that if the insured pays all the premiums on time, the sum assured of the plan gets increased by a certain percentage after every 5 years.

Eligibility for LIC Jeevan Pragati Plan:

Entry Age Up to 45 years
Maturity Age 65 years
Policy Span Min – 12 years

Max – 20 years

Sum Assured Min – INR 1.5 lakh

Max – No Limit

Also Read: LIC plan – 5 years double money

Popular General Insurance Companies India, 2024

To Conclude

The above plans are some of the best LIC new policies for women that suit them perfectly. These plans are best in terms of offering women the required financial security. These are policies that a woman can easily afford and easily buy from a LIC branch office. All you need is your ID and address proof along with your proof of income. The premiums of such policies can be paid as per your convenience on monthly, quarterly, bi-annual and annual basis.

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FAQs: Best LIC Policies for Women in India 2024

Is LIC completely safe?

Yes, LIC is 100% safe because it is backed by the Indian government's sovereign guarantee, making its offerings a safe and reliable investment.

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Aug 22, 2022
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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