LIC Plans for working women 

Empowering Working Women with Comprehensive Financial Security

Life Insurance Corporation of India (LIC) offers a plethora of insurance products tailored to meet the diverse needs of its vast clientele, including working women. Today, more women are part of the workforce than ever before, juggling multiple roles as professionals, mothers, and primary caregivers to their parents. Understanding the unique financial needs of working women, LIC has developed specific plans that cater to family support, child education, parental care, and retirement planning. Here’s an in-depth look at how LIC plans can be a cornerstone for financial planning for working women.

LIC Plans for 2024

1. Family Support

For many working women, the primary concern is securing their family’s financial future. LIC’s life insurance plans, such as the ‘LIC Jeevan Labh’ and ‘LIC New Jeevan Anand’, provide comprehensive life coverage that ensures financial security for the family in the unfortunate event of the policyholder’s untimely demise. These plans not only offer a death benefit but also provide maturity benefits that include the sum assured along with accrued bonuses, thereby serving dual purposes of protection and savings.

• LIC Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which provides a financial support for the family of the deceased policyholder any time before maturity and a lump sum amount at the maturity for the surviving policyholders.
• LIC New Jeevan Anand offers a combination of protection and savings wherein the policyholder is covered for life even after the maturity of the plan, ensuring that the family remains financially secure throughout.

2. LIC plans for working women to support Child Education 

LIC recognizes the importance of child education and has tailored plans like ‘LIC New Children’s Money Back Plan’ to address these needs. This plan is designed to meet the educational, marriage, and other needs of growing children through its survival benefits that are paid periodically. It acts as a financial backbone for expenses related to education, ensuring children have access to the necessary resources without financial strain.

• LIC New Children’s Money Back Plan provides for the risk cover on the life of child during the policy term and number of survival benefits on surviving to the end of the specified durations.

3. Parental Support

Working women often support their aging parents, who may have healthcare or other financial needs. Plans like ‘LIC Jeevan Umang’ provide a solution by offering a combination of income and protection to ensure that parents are taken care of. This plan offers a lifetime income benefit that can help manage the healthcare costs and other living expenses of elderly parents, ensuring they have a comfortable and financially secure retirement.

• LIC Jeevan Umang offers a whole life cover up to 100 years of age and provides annual survival benefits from the end of the premium paying term until maturity and a lump sum payment at the time of maturity or on the death of the policyholder during the policy term.

4. LIC plans for working women on retirement Planning

Planning for retirement is crucial, especially for working women who need to ensure they can maintain their lifestyle even when they stop earning. LIC’s pension plans like ‘LIC Jeevan Shanti’ provide a stable income stream post-retirement through annuities.

• LIC Jeevan Shanti is a single premium plan wherein the policyholder has the option to choose between a single life and a joint life deferred annuity. The plan offers options for immediate or deferred annuity payments, which ensures that the retiree can plan for a consistent income flow, tailored to when they need it most.

5. Customizable Options and Riders

LIC understands the need for customizable options and thus provides several riders that can be attached to the base plans for enhanced coverage. These include the Critical Illness Rider, Accidental Death and Disability Benefit Rider, and the Term Assurance Rider. Each of these can be pivotal in increasing coverage based on individual needs and life stages.

LIC’s range of products for working women ensures that all aspects of financial planning are covered—from protecting one’s family with life insurance, securing children’s education, caring for elderly parents, to planning a financially stable retirement. These comprehensive plans not only offer financial protection but also peace of mind, allowing working women to focus on their careers and personal growth without worrying about their family’s financial well-being. With the backing of LIC, working women in India can confidently build a secure future for themselves and their loved ones.