LIC Policy for Women: How to Choose the Best Policy?

LIC Policy for Women: An Overview

Indian women want to make more money and want to save it for their future as well in order to become financially independent even in their old age. But the truth is life is quite unpredictable, and women are also vulnerable to all the ups and downs that come in life. As a result, one of the most trusted and oldest policy brands in India, LIC, has come up with the best LIC policies that are specifically meant for women of India. 

These policies are designed in such a way that they fully cater to the needs of Indian women and secure their future during times of need. Today, with the help of this article, we are going to show you how the LIC policy for women works, and what you can do to find out the best LIC policy for yourself or for a woman in your family. 

What is LIC Policy For Women?

The LIC's full form is the Life Insurance Corporation of India. This corporation is a government-backed insurance company and it was founded in the year 1956; since then, the corporation has been providing robust life insurance services to its customers. The LIC is one of the biggest names in the life insurance market of India that comes with a wide range of insurance plans such as term insurance, whole life, endowment, money Back, and more. 

The best thing about LIC is that it anticipates the needs of its customers and then creates a plan that explicitly fulfils all your needs and financial requirements over the years. 

How to Choose the Best LIC Policy?

With each life insurance policy, you are getting a definite return to fulfil your financial goals and safeguard your retirement. But how can you find the perfect LIC policy for yourself? Well, don't worry. Given below are some of the things you need to keep in mind when choosing a LIC policy for women in your life or for yourself. 

Find Out Which LIC Policy For Women Suits You The Best

First, chalk out all your requirements; the thing is, your life insurance purchase will change depending on where you are at the stage of life, meaning are you married, do you have kids, are you working or not, and many more. Make the list of your requirements and then see which of the policies satisfy your requirements. 

Check Claim Settlement Ratio

Once you have narrowed down the list of insurance policies that you believe fits your requirement, the next filter to apply is the claim settlement ratio of your insurer. A CSR refers to the percentage of insurance claims settled by the company compared to the number of claims it has received in that specific time period. 

An insurance company with a higher CSR will do your job of claiming the insurance much easier and faster. On the other hand, do check if the insurer settles up the claims in a timely manner before you lock up the policy. 

Don't Be Hesitant In Asking Questions 

We know there could be lots of policy jargons when you are purchasing a LIC policy plan for women. As a result, you should not be stepping away from answering questions about the statements, jargon, and common words that you are not able to comprehend. It is better to get your doubts clear before signing up for the LIC policy. 

How Does LIC Policy For Women Work?

The LIC Policy can be purchased by any woman from the age group of 8 to 59 years. We are taking the example of LIC's Jeevan Labh Policy to explain the working of LIC policies. The minimum sum which is assured for this specific policy is two lacs. Keep in mind there is no upper limit. You can go as high as you want. In addition to this, there is no maximum limit for the quantum of sum assured as per the guidelines provided by the official website.

There are three different forms of Jeevan Labh LIC policy. They differ in the years of the policy term and premium-paying terms. Check the table below for more information.

Now, if you have opted for the Type - 2 Jeevan Labh LIC policy plan for women, your age should be less than 54 years. Apart from that, you will be paying the premium for 15 years. At the same time, if you opt for the Type - 3 Jeevan Labh LIC policy, the term is of 25 years, and the maximum age limit for Type - 3 is 50. That means the maximum maturity age of the policy is 75 years. 

You can pay the premium of your LIC policy for women on monthly, quarterly, half-yearly, or annual basics. In addition to this, LIC India also allows a grace period of one month, but it does not exceed more than 30 days of time. For monthly payments, this grace period is reduced to 15 days. 

What Happens When A Woman Dies Before The Maturity Of Her LIC Policy?

In case a woman who has opted for the LIC policy dies before the maturity of the policy. The nominee of the policy will get the "sum assured on death," which is defined to be ten times higher than the annualised premium or the absolute amount which the company has to pay on the death of the policyholder. Keep in mind the benefits will not be less than 105 percent of all the premiums paid till the time of death by the owner.

Apart from this, when the policy matures, the women who hold the policy get the assured sum on maturity. Besides this, she also gets a simple reversionary bonus and one final additional bonus in a lump sum amount at the end of the policy term. 

Feature Alert: Avail a Term Insurance Plan in a few simple steps here.

Protect yourself and your family with the help of Goal Based Planning from INDmoney. Seldom do we keep track of the extent of insurance protection available for our families. Do all this and a lot more with INDmoney. Check if your life insurance plan matches your life goals here.

Wrapping Up

So this is what LIC policy for women is all about, be sure to compare different policies with one another before you go out and purchase one for yourself. Getting life insurance is a great way to secure money for your future or for your retired life. This way, in old age, you will still have financial freedom and can enjoy life to the fullest.