In line with Supreme Court's 2014 verdict to recognise the third gender...
The country’s largest insurer, LIC has plans to launch four new insurance policies in the market; one of them is most likely to be a policy designed for women.
LIC Managing Director A K Dasgupta said that in view of the favourable conditions, it is the right time for LIC to introduce new products. “There will be at least four products in both the categories and at least one for women, though we have one of the best products for women, Jeevan Bharathi, available in the insurance sector,” he added.
LIC Jeevan Bharathi is a life insurance policy exclusively designed for women only. It is basically a with profit plan with special features like:
. Encashment of Survival Benefit
. Option to receive maturity proceeds in the form of an annuity
. Flexibility to pay premiums in advance
The minimum entry age in Jeevan Bharathi (basic plan) is 18 years and the maximum entry age is restricted to 55 years. The maximum age at maturity is capped at 70 years. The Sum Assured starts from Rs 50,000 to Rs 25 lakhs. There are 3 riders available under this plan – Accidental Benefit Rider, Critical Illness Benefit Rider and Congenital Disabilities Benefit Rider. It is basically a Money Back Plan which can be utilized to purchase an Annuity on maturity of the plan.
There are very few women insurance plans in India and this space is almost an untapped market with good potential.
Commenting further on plans to introduce new products in the market, he said, “It is the right of every investor to enter the market, it is not going down further. The fundamentals of the market are very strong. Market conditions are very favourable for investors if they want to stay for long. They can invest in conventional and non-conventional products, provided they have a proper strategy.”