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Which is the best saving plan for women?
As women empowerment progresses rapidly across the country bringing in a large number of women into the workforce, financial services providers like insurance companies are coming up with specially designed plans for women that offer both savings and protection. Here are some optimum plans offered by well-known insurance companies although it would be difficult to point out anyone as the 'Best'.
HDFC Life Smart Women ULIP (Unit Linked Insurance Plan)
This is an optimum unit-linked investment plan tailored specifically to meet the needs of women and it covers them for pregnancy complications, female-specific cancers and other conditions that are known to affect women. The policyholder has the option to increase the sum assured equal to 40 times the annualized premium. However, there's a certain level of risk involved with the policy as it is a ULIP product. The track record of the insurance company is vital here and HDFC is known to enjoy a good reputation in the market.
Smart Women Advantage Plan from SBI Life
This plan from SBI Life has been specially designed to cover three essential requirements of women viz. life insurance coverage, long-term savings, and benefits for those who become critically ill. It is a traditional participating endowment assurance plan which waives the premium for those policyholders who become critically ill. The policy is available in two variants - Gold and Platinum whereby the policyholder can select the sum assured in the event of a claim.
LIC Jeevan Bharathi-I Plan
This is a money back plan designed specifically for women and offers customers the option to purchase an annuity on the maturity of the policy. It's a kind of long-term investment plan where the premium should be paid for the entire policy tenure which ranges from 15 to 20 years while 20% of the sum assured, which is the survival benefit, is paid every 5 years.
There are many other insurance companies offering a number of policies that are specifically tailored for women and all of these strive to secure the contingency financial planning of working women.
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