5 min read
Updated on Jan 16, 2023
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 good 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.
Also Read: Is LIC maturity amount taxable?
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Let’s take a look at some such policies one by one to know about their details and benefits:
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. The plan is available with numerous benefits, such as:
So, under the Aadhaar Shila LIC policy, the women 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 – 18 to 55 years
Maturity age – 70 years
Policy Span – 10 – 20 years
Sum assured – ranges between INR 75,000 – INR 3,00,000
Also Read: How to surrender LIC policy
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. Here are the benefits:
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 – 18 to 50 years
Maturity age – 65 years
Policy Span – 13 – 25 years
Sum assured – ranges between INR 100000 to No upper limit
Also Read: LIC premium without tax
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 received include:
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 – 15 to 50 years
Maturity age – 75 years
Policy Span – 15 – 35 years
Sum assured – No limit to sum assured
Also Read: LIC senior citizen scheme
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 include:
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 – 12 – 20 years
Sum assured – INR 1, 50, 000 – No upper limit
Also Read: LIC plan – 5 years double money
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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