In today’s world, women are equally independent as men. Women are well educated and are working on par with men. This equality is also reflected in more women understanding the need for having an appropriate life cover for themselves. Hence, life insurance plans that are targeted for women are becoming popular today. LIC, the biggest life insurance provider, offers many attractive insurance plans for women. Here are the top 5 picks of the best LIC policies for women.
1) LIC Aadhaar Shila
This is an endowment plan and women having an Aadhar Card can buy this policy.
- Loyalty Additions get added after completing the first five years of the policy.
- Death benefit of a minimum 110% of the sum assured.
- Accident Benefit Rider can be added to this policy and it provides an additional sum assured amount in case of accidental death of the insured during the policy term.
- Discounts on premium are offered for sum assured of Rs.2 lakhs and above.
2) LIC Cancer Cover Plan
As the name suggests this policy provides cancer cover and with high occurrence of cancer, it is one of the most recommended policies for women.
- Two different coverage choices are available; the level sum insured and the increasing sum insured.
- There will be a 10% increase in the sum insured either in the first five years of the policy or till the time of the first cancer diagnosis.
- Both early and advanced-stage cancers are covered.
- In case of early-stage cancer, 25% of the sum insured is paid and future premiums are waived, but the plan remains intact.
- In case of advanced-stage cancer, 100% of the sum insured is paid and all future premiums are waived. Irrespective of whether the policyholder is alive or dead, 1% of the sum insured is, thereafter, paid every month for the next 10 years.
3) LIC e-term plan
This is a term insurance policy that can be bought form LIC’s website.
- It’s a regular term policy where the death benefit is paid in case of death of the insured during the plan tenancy.
- Maximum sum assured is Rs.50 lakhs.
- Coverage up to 75 years is available.
4) LIC New Children’s Monck Plan
This is a money-back plan and will help women to build a fund for their children that will pay regular returns.
- Money-back amounts are paid when your child reaches 18 years, 20 years and 22 years.
- The money-back amount is 20% of the sum assured.
- Both simple reversionary bonus and another final additional bonus are paid.
- Two optional benefits are available. Under the first benefit, when the survival benefit is postponed, then a higher survival benefit amount is paid. Under the second benefit, is a rider option where in case of death of the parent, future premiums are waived off but the policy remains intact.
5) LIC New Endowment Plus
This is a market-linked investment plan suitable for women who are ready to take some risks. This unit-linked plan offers the option to enjoy market-linked returns apart from insurance protection.
- Death benefit of the higher value of sum assured or the fund value is paid.
- Optional accidental death benefit rider is available.
- The minimum annual premium is Rs.20, 000.
- Four different funds are offered for investment.
- Maturity benefit can be obtained in installments over 5 years
- Options to switch funds, partial withdrawals, etc. are available.
These are the 5 best LIC plans that are suitable for women of all ages. You can choose one or more plans based on your needs. You can get in touch with your LIC agent to know more details about these plans.