best life insurance plans for women india

Best Life Insurance Plans For Women In India

Life Insurance

Gone are the days when women were entirely dependent on men to take care of all their needs. In recent times women from all facets of society have made an unprecedented breakthrough in every sphere of life, be it professional or personal so nowadays Life Insurance Plans For Women In India is helpful for women.

With women managing every facet of life with Elan, they need a solid protective cover for themselves as well. That is why some life insurance plans are specifically designed to tend to the needs of women.

With more and more women taking up the role of the breadwinner of a household, the responsibility of ensuring their family’s financial security has also befallen them.

Also read: Why Term Insurance Is Important For Women

Why Life Insurance Plan is Important?

Previously, it was the sole responsibility of the male member of the household to provide for the family. Thus the job of securing the future of the household in their absence was also the responsibility of the man of the house.

But with changing times, women have taken up equal stride on becoming an earning member of the household. Many families depend entirely on women to provide for them. Thus getting life insurance to secure the future of the family has also become the responsibility of the women.

Importance of Life Insurance Plan

The following reasons provide a comprehensive idea of why it is important to get a life insurance plan:

  • The first and most obvious reason for getting the best life insurance plan is to secure your family’s future in your absence. Having good life insurance makes sure your child’s future is taken care of and your family has the means to replace the lost income from your absence.
  • Life insurance helps to take care of the loans and debts that you might leave in your wake. You ensure that your family does not have to face any financial liabilities during a crisis.
  • Life insurance helps you to realize your long-term goals like buying a house or planning for your retirement. However, make sure to read the fine print of your life insurance plan before choosing to invest in it because many policies pay dividends based on how the investment works in the market.
  • Life insurance helps to take care of your retirement plans. With some life insurance schemes like an annuity, you ensure that you have a steady monthly income after your retirement.

Therefore, investing in the best life insurance plans, by proxy, takes care of several financial aspects of your life. You not only secure the financial future of your family, but you also make sure that you are in a comfortable place even after your regular source of income depletes.

Benefits of a Life Insurance Plan

The reason for buying a life insurance cover is manifold, making it an important component of your financial planning. Some of the key benefits are:

1. Risk Cover

The most important benefit of the policy pertains to the cover for life financially protecting your family.

2. Death Benefit

Payment of an assured sum as a death benefit to your nominee in the event of your death.

3. Investment Returns

While extending life cover, LIC plans also give reasonable returns on your investment that help you to grow your funds, depending on the plan chosen by you.

4. Tax Exemptions

All your premium payments are allowed tax exemption for a maximum of Rs.1.5 lakhs under Section 80C of the IT Act, 1961.

5. Loan Facility

Your policy allows you the facility of loans to meet unforeseen financial crunch.

6. Life Stage Planning

You have the opportunity to plan for different milestones in your life like your child’s education and marriage, purchase of a house, car, etc.

7. Riders

With the help of riders, you can enhance the specific covers to match your preferences.

Also read: Top Family Health Insurance Plans

Best Life Insurance Plans for Women

Now that we have learned about the importance of getting life insurance let us take a look at four of the best life insurance plans for women that are specific towards fulfilling women’s requirements financially.

1. LIC Jeevan Bharathi-I Plan

One of the best life insurance plans to tend to the needs of women in 2019, the plan can be summarised through the following features:

  • It is a non-linked plan that allows the policyholder a combination of both savings and protection.
  • The payout amount of the plan can be used later to purchase an annuity after the policy matures.
  • The plan requires the premium to be paid for 15-20 years, with 20% of the sum assured is paid every five years as survival benefits.
  • After the policy expires, you get a maturity benefit with an accrued bonus.
  • There is a large sum assured rebate.
  • You can add three additional riders for this plan.

2. SBI Life Smart Women Advantage Plan

Considered one of the best life insurance plans for women, this plan by SBI Life is an endowment assurance plan, participating in nature. Like the plan mentioned above, this plan also comes with the dual benefit of savings and protection for women. Some of its features include:

  • Providing benefits like life cover, critical illness, and savings comes under traditional endowment policies.
  • The plan comes with a critical illness rider.
  • The policyholder can avail of either Platinum or Gold standards of the policy, which come with their advantages.
  • The insured person has the advantage of choosing a revised sum assured which may be multiple of the sum assured you originally set in the event of death or critical illness.

Also read: HDFC Life Click 2 Protect 3D Plus

3. HDFC Life Smart Women ULIP

This is one of the best life insurance plans for women in India. The biggest advantage of this plan is that it provides cover for women against pregnancy-related complications, diseases specific to females, etc. Some of the features of this plan include:

  • This plan combines insurance with investment.
  • The policyholder can get a staggering 40% more than the basic sum assured.
  • The plan extends to cover a child born with any congenital disorder.
  • The insurance is valid in the case of the spouse’s death.

4. LIC Jeevan Lakshay

One of the best life insurance plans for women in India in 2019; this plan provides a combination of protection and savings for women. Some of the features of Jeevan Lakshay Plan include:

  • It is a non-unit-linked plan.
  • The plan comes with a flexible premium payment option- one can choose to pay it monthly, quarterly, semi-annually, or annually.
  • The policy amount after maturity is free of tax under section 10D of the Income Tax Act. The amount payable is also exempt from taxation under section 80C.
  • The plan offers an annual income to the family after the death of the policyholder, securing the financial future of the family members.

The above are the four best life insurance plans for women in India in 2019. Most of these plans offer security and protection at the same time, making them extremely convenient for women who are responsible for the finances of their families. With these life insurance plans, women can safely secure the future of their family and even secure their future.


Life insurance for women has become one of the basic needs due to sudden medical emergencies occurring to women and the high cost of treatment. Women are more prone to getting sick and hospitalization due to various reasons. In such a scenario, health insurance can help the women to get the best treatment without becoming a burden on someone else pocket. There are various women’s health insurance available that you can buy. Make sure to compare multiple options before buying one.

Best Life Insurance Plans For Women In India – FAQs

What is the need to buy the health insurance plan for women?

Ans. Women’s health insurance is essential to provide the best treatment during the time of medical emergency without putting pressure on the finances of their dependents.

Can a housewife buy the health insurance for women?

Ans. Yes, a housewife can buy health insurance for a woman using the salary slip of her husband as income proof. The process is very simple and can be done online.

What is the ideal age to buy health insurance for women?

Ans. The maximum age to buy health insurance for women is 65 years. However, different insurance providers offer different age limits.


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