About LIC Policy For Women

Women cover 48.3% of the total Indian population. They play an important part in the progress of the country. With so many prejudices that has happened to women of India in the past, they are now been given a prominent position in the society. The life insurance sector today has become really vast and very competitive. With so many new insurance policies coming into picture, there are policies to suit every individual needs. The same is the case with women.

LIC provides an effective policy to the women population of the country. One such policy is the Jeevan Bharti policy for women suffering from some kind of illness. Jeevan Bharti- 1 is an exclusive money back policy for women with a fixed term of 15 to 20 years. This policy is dissimilar to the normal money-back policies due to the special benefits that it provides. It has two fixed provisos, which means you do not have to wage any extra premium for them.

The Jeevan Bharti, just like any other insurance policies is qualified for tax refund under Section 88 and under Section 10 (10d). Jeevan Bharti is meant for women between the age group of 18 to 50 years and the amount guaranteed is amongst Rs 50,000 and Rs 25 lakh. The policy also covers a free insurance cover of three years. The special benefits are covered during this period.

15-year policy: In a 15-year policy plan, the woman gets the 20% amount guaranteed at the end of every fifth and tenth year and the remaining 60% will be given at maturity. This 60% amount will be given in consort with the assured additions and any accumulated bonus.

20-year policy: In a 20-year policy plan, the woman gets the 20% amount guaranteed at the end of every fifth, tenth and fifteenth year and the remaining 40% will be given at maturity i.e. the twentieth year. This 60% amount will be given in consort with the assured additions and any accumulated bonus.

Case 1: If a female is detected suffering from any illness including breast cancer, cervical cancer and vulval cancer, then she will be given the benefit sum assured i.e. maximum of Rs. 2 lakh instantly. For e.g. if someone develops an illness in the sixth year then she will be receiving Rs. 1 lakh immediately and will continue to get the rest of the money as per scheduled. If she dies during the phase then her nominees will only get the guaranteed additions.

Case 2: If a female gives birth to child during the course and suffers from diseases like Down's syndrome and Spina Bifida, then in that case she will receive a benefit equal to 50% of the amount guaranteed i.e. maximum of Rs. 1 lakh. This benefit will only be given till two children and will not be given to woman above the age of 40.

Case 3: If by any chance the policy holder dies a year before the policy matures (i.e. the 19th year in the 20-year plan and 14th year in the 15-year plan), then her nominees will obtain the whole amount assured i.e. Rs. 1 lakh in consort with the definite additions and accrued bonuses, if any.

Case 4: If a woman is to pay Rs. 7,360 for Rs 1 lakh lic policy for 20-year Jeevan Bharti policy, then she is paying Rs 6,287 for the normal money-back policy. This means that the Jeevan Bharti policy is higher than a regular money-back policy. But a woman gets special benefits and also the definite additions of Rs 50 per Rs 1,000 of amount assured for the first five years.