Women insurance policy

Chapter: 1
Introduction
There are customized insurance policies for women, whether they
are working, working from or at home or are housewives. Over the ages,
traditionally, women have been home makers in India. The scenario has
changed drastically in recent times. The Indian woman's transition from
home maker to bread winner has been phenomenal. Moreover, they have
taken a march over their male counterparts by juggling with style
multidimensional roles - professional, home-maker, mother, and financial
planner...
With this in mind, women's life insurance came up.
In this country, in the early years of the insurance industry, the
trend was to insure only male lives. The logic was that the female of the
species was home-bound anyway, wasn't exposed to any risk, and
consequently didn't need any sort of insurance. The bread winner was the
male and it was against his lost income that cover was required. A major
additional disincentive was the extra risk to female lives that was an
inevitable part of the childbirth process.
All that has changed with women rivaling men at the workplace
(and frequently doing a better job than them). In addition, better
education for the female child, increased economic contribution by
women, better medical facilities for safer childbirth and post-natal care
have all contributed to more and more insurance products that are
women-specific.

Women insurance Policy

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Chapter: 2
VARIOUS STAGES IN LIFE OF WOMEN AND NEED OF
INSURANCE

This is the time to enjoy life full size and pursue dreams with no
worries, no huge financial liability. You are thinking clearly about your
future, marriage, kids etc.
Financial planning holds the utmost importance whether you are
working or not. Life insurance will provide you the required financial
protection with provision for your loved ones in case of sudden untoward
event.
Need Analysis:
• Financial security
• Savings for that first car on holding trip.
• Health protection.
• Comfortable post retirement life.
• Securing your loving parents


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You may a choose combination of below mentioned plans depending on
your priorities.
Long term endowment/Investment plan with additional cover
through riders- for your saving & financial security. Money back
available to take care of planned expenses.
Terms plans for covering your personal / home loan- financial
security not to let your loved ones feel the burden of loan in case of
any event.
Retirement plan – comfortable post Retirement life. Planning at
early age helps in getting a best deal.
Health plan to take care of unfortunate medical emergencies. Who
also have additional riders like Critical illness and Hospital Cash,
which can be taken along with regular life insurance policy.
Market linked endowment plan for your parent’s future- little
gesture to your parent for all their contribution in progress in life.
You may decide to take a plan for your parents for a peaceful
retired life.


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2.1 Just Married

The excitement of weddings is over, time to settle down. You’ll be
sharing your hopes and dreams, a home and, just as important, your
finances. Sharing the financial responsibilities can be tricky with
differences in financial outlook between you and your spouse.
Life insurance will provide you the adequate financial fulfillment you
need with it the protection to your loved ones in case of sudden untoward
event.
Need Analysis:
Health protection
Savings for that first car on holding trip
Financial security
Comfortable post retirement life.
Securing your loving parents.
Suitable life insurance plans:


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Terms plans for covering your personal / home loan- financial
security not to let your loved ones feel the burden of loan in case of
any event
Long term endowment/Investment plan with additional cover
through riders- for your saving & financial security. Money back
available to take care of planned expenses.
Retirement plan – comfortable post Retirement life. Planning at
early age helps in getting a best deal.

2.2 Married with Kid

You are a proud mother. you have planned everything for your
child from diapers to schooling in the city, career path, etc. you want to
protect them and provide them with best possible opportunities for them
to grow any untoward risks that could affect you and your family.
Life insurance will provide you and your kids the adequate
financial resources you need with it the protection to your ones in case of
sudden untoward event.
Need analysis:
Savings


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Secure financial Net for the child to pursue her career dreams be it
higher education
Health protection for you and your child.
You may a choose combination of below mentioned plans depending on
your priorities.
Career Launcher plans will be ideal in ensuring complete financial
security to your
Kids and providing risk cover to both you and your loved ones.

2.3 Retired and dare to dream

The golden years are here. All the departed years you have worked
for your family. Now is the time to pamper yourself. You are looking
forward to enjoying a peaceful and comfortable retirement. You have
successfully negotiated with all the problems, responsibilities life has to
offer. Financial security still holds the prime importance and key to enjoy
the retirement years. Life insurance with retirement benefits enables you
to realize all your post retirement dreams and provide stable financial net.

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Need Analysis:
Guaranteed Stable Source of income to enjoy the golden years.
You may choose combination of below mentioned plans depending
on your priorities.

Suitable Life Insurance plans:
Immediate annuity plans with wide range of annuity options.
Deferred annuity plans with or without life cover.

2.4 Women need term life insurance some time more that
men’s

Term life insurance serves beneficiaries in countless ways. It
protects families in the event the breadwinner dies. It used to fund college
education expenses, to pay off mortgages, to pay for the burial of the
deceased, to pay probate and attorney's fees. It provides sufficient income
so that a family can maintain their same standard of living. Term life does
all this but the big question is why most of it bought by men is?


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Women need life insurance too. In today's world women are
making as much a contribution to the family expenses as men. In fact in
many a case their contribution is significantly more. Will the above
financial responsibilities still have to be met if the wife dies or will they
go away with her? When a woman's income is no longer there will the
surviving husband’s income be sufficient to maintain the family on the
same level or will they have to change their lifestyle somewhat? What
about that emergency fund that both husband and wife thought
necessary...will it still be there?
What about the myriad of things the wife takes care of in the home
even though she has a job outside of the home? The value of her
contribution is beyond comprehension. What about a full time home
maker...can her value be measured? It used to be that a man decided on
his life insurance to protect his family and he would add a small policy on
the wife to his portfolio. That was such a thoughtless and misguided
approach.
The women have now taken over the responsibility of researching
and purchasing their own life insurance policies and...In some cases the
portfolio of the entire family. Their choice of policy in many a case is
term life insurance.
Women have become more aware that upon their death it may be
difficult for the husband by himself to maintain the same standard of
living for the family. They want to be assured that the children can live in
the same house and go to the same school. They want to make certain that
the fund for college is secure and available when the children are ready
for higher education. A 20 year term insurance policy is a very popular


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choice to cover these needs. In some cases a 25 year or a 30 year term
insurance policy is used.
In many a case women are heads of households. The life of a single
parent can be a very difficult one. All the responsibilities of the family
fall upon her shoulders. Single parents buy term life insurance because
they do not want to leave their children destitute when they die. Even if a
goodhearted relative will take care of the children it will cost money. Life
insurance can certainly provide this money either in a lump sum or in
income form.
People at times live under a misinformed illusion that single
women without children need no life insurance. Nothing could be further
from the truth. Single women are buying their own homes today and in
some cases may even have elderly parents live with them. The need for
life insurance is still there. You will buy insurance because you want a
loved one to have a house free and clear when you die. A good
decreasing term policy could take care of that.
If elderly parents live with you it may be necessary to provide
some sort of income for them. Of course there are the inevitable costs of
dying...the funeral costs, attorney’s fees and probate fees. What about
future needs for life insurance? Is it not better to buy the policy while you
are young and the premiums are very low than wait until later and pay a
much higher premium...if you can qualify for it. Women do need term life
insurance because of their immeasurable human life value. In many a
case they need more than men.


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Chapter: 3
Categories of insurance policies
There are various types of insurance policies. Some of them
concentrate on human life and health while some focus of the personal
belongings of a person. The terms and conditions of insurance plans are
different from each other. Some of the common insurance policies and
their details are mentioned below:
1. Life insurance policy details: Life insurance covers the life of the
policyholder. There are two types of life insurance plans:

2. Term life insurance policy: If the life insurance cover provides
coverage for a certain period of time, then it is called term
insurance. There are three factors to consider before taking up a
term life insurance: monthly premium, duration of the cover, and
face amount.

3. Permanent life insurance policy: This policy covers the
policyholder unless he fails to pay off the monthly insurance. There
are four types of permanent live cover, such as universal, whole
life, endowment, and limited pay.

4. Health insurance policy details: Health insurance covers a person
for any accident or medical condition. If the person is insured
under a health insurance, the insurance company pays his medical
chares including hospitalization and specialist fees.

Health

insurance can be for individual as well as family. An individual


Page 10

health insurance policy cover only one person while a family plan
cover the entire family under one cover.

3.1 Life insurance for women

In life insurance terms, women are broadly divided into three categories:
 Working women
 Women with income by way of interest, dividend, rent, etc., that
are taxable
 Housewives/home-makers who (in purely technical terms) do not
have an income
The first two categories are no different from their male
counterparts i.e. they are treated on par with them for insurance purposes.
A housewife, on the other hand, has her insurability tied to adequate life
insurance cover for her husband as well as his income. For instance, a
housewife's life insurance cover cannot exceed her husband's.
Apart from this caveat, all basic covers such as life, personal
accident, mediclaim, critical illness etc. form a part of women's life
insurance policies too.
There are also some special covers afforded in women's life insurance
policies that include:
 Cover for certain female critical illnesses
 Occurrence of certain congenital disabilities in new-borns

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 Cradle care - covers the newly born child's defects, deformity,
malformation, congenital abnormality of any kind at time of
delivery
Now move towards the exclusions to the above-mentioned special covers:








Post delivery complications
Still-born child
Death of the mother during childbirth
Miscarriage, infanticide
Any defect that is not congenital
Malfunctioning of any organ (as opposed to malformation)
Any defect, which manifests itself after 200 days of the delivery

Most of these policies are benefit-only policies i.e., they come to
effect on the specified event happening. Another important point - most
pre-natal and birth-related policies have to be taken not later than the 20th
week of pregnancy.
Womankind carries the future of the race, literally. They can never
be thanked enough for the commitment, pain, and dedication they bring
to their various avatars as home-maker, mother, wife, and professional.
Having said that, these insurance policies can go a fair bit in reducing the
monetary impact of the loss of the woman in a home

3.2 Term Life Insurance for Women
In today's world, both men and women may contribute
substantially to the family's income. While it has become common
practice for men to obtain life insurance to financially secure their
dependents in the case of an untimely death, many women have yet to
make the purchase of life insurance for themselves.
Why Should Women Purchase Insurance?
1. Women can contribute an essential part of the family income,
which would disappear in case of death, resulting in decreased
family income.


Page 12

2. Single mothers may have financially dependent children. Insurance
could help provide financial security and debt coverage in the case
of untimely death.
3. In-home caregivers (of children or elderly parents) contribute
economically to the family. Life insurance coverage may be
necessary to help ensure that children continue to receive quality
childcare and that elderly parents continue to receive competent
care in the case of an untimely death of this care-giver.
Term life insurance for women offers a way for women to help
protect their loved ones. We can give you the information you need and
find affordable life insurance that fits your needs. Our licensed life
insurance agents listen to you, and then recommend appropriate life
insurance coverage options for you, whatever it is. Wherever life's
journey takes you, we'll be there to help.

3.3 Health Insurance for Women

Women are equally vulnerable to illness and accidents as men.
They have to take care of their families, children, and career
simultaneously. Health insurance is a basic need for today's women.
Compared to earlier days, when they are covered under their husband's
policy, now they can have their own insurance policy.


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Fee-for-service health insurance:
The fee-for-service health insurance for women is feasible option for
those women, who consult their doctor very frequently. Every time they
visit a doctor, the insurance company pays off the fees, followed by an
official claim. However, the policyholder needs to pay the deductible
amount before any payments from the insurance company's end.
Managed care health insurance:
Managed care health insurance for women gives the policyholder the
opportunity to access a particular set of hospitals, doctors, and other
medical professionals. There are three kinds of managed care health
insurance:
Health Maintenance Organizations (HMOs):
These organizations offer health benefits in exchange of monthly
premium. These fees have to be paid every month, no matter if you do not
use the services.
Preferred Provider Organizations (PPOs):
These organizations offer more services, compared to the Health
Maintenance Organizations.

Affordable Women Health Insurance Plan
Women are paying more for health insurance than men even
though the coverage is identical. Not only do women have to be
concerned that their average pay is only 77% of their male counterparts,
they also have to be concerned about why the difference in health
insurance costs is not so small. The size and prevalence of these


Page 14

disparities are extremely surprise because women are paying hundreds
times more than men a year, as much as 49% more.
The reason state legislation allows insurance companies to set
different rates for men and women are a practice known as “gender
rating.” Gender rating is illegal in 10 states and restricted in 2. The other
remaining states allow gender rating to occur because there is no federal
guideline governing specific amounts health insurance companies can
charge in the individual market. The basis for this “gender rating” is that
women are more expensive to care for than men. Women are more likely
to visit their doctors for their annual screenings and checkups and when
they are feeling ill than men and are more likely to suffer from certain
chronic diseases. Some other factors that force health insurance
companies to charge women more than men is maternity care and
increased incidence of chronic conditions among women. Some women
even hold off on having children because their insurance policies do not
cover maternity care. “Representative Xavier Becerra, Democrat of
California, said that “if men could have kids, such disparities would
probably not exist,” which confirms some of the opinions held with
disparage between female and male health insurance costs.
Healthcare is a top concern for women business owners. You want
to make sure that you have affordable health care coverage and benefits.
With today’s economy and the rising cost of health insurance, it is hard to
find affordable health insurance plans, especially for women. Health
policies in India are very complex, and you need to research and
understand them well before investing in one. It would be a good idea to
visit the sites of the various health insurance companies online to
understand what they offer. You could take this one step further by
meeting up with the agents of the various insurance companies, who
would then advise you on what health policy is available with them and
how that can be matched to your requirements.

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Below is a list of some of the important points to consider before taking
the insurance
Hospitals and physicians that are in the network of the plan you
choose
Co-insurance
Doctor visit co-pays
Annual deductible
Monthly premiums
Prescription benefits and co-pays
Maximum Coverage
Out of pocket annual maximum
Health Savings Account Qualified Plans
The gap between men and women’s insurance rates may not
decrease as rapidly as we’d like but there are some steps we, as women
can take to make a more affordable health insurance plan:
Increase your deductible: The higher the deductible, the lower the
monthly premium. If you are a healthy woman and only go to the
doctor for preventative care, having a high deductible plan can save
you a lot of money.
Invest in a Health Savings Account (HSA). An HSA combines
high deductible health insurance plans with a tax-favored savings
account. Money in the savings account helps pay the deductible
and money left in the account earns interest and rolls over from
year to year.


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Save money on prescription drugs by asking your pharmacist for
the generic alternative. Generic prescription drugs are a lot cheaper
and contain the same active ingredients as the original formulation.
Don’t make unnecessary trips to the emergency room as that is
charted on your Medical records, which is used when your policy
is being underwritten.
Do your regular physical checkups.
If you smoke, this is definitely rated higher when policies are
underwritten. If you say you don’t smoke and have smoke related
problems, you will be ineligible. Quit smoking as soon as possible.
There are free resources online that can help with cessation.
If you are considering having a child, make sure you have
insurance coverage for at least a year or two BEFORE you actually
have children. By doing so you can make sure you are covered for
pregnancy.
Always, be sure to review all policies and compare plans.
Last but not least, stay healthy. By eating healthier and exercising,
you reduce the risk of developing diseases and becoming ill. By
staying healthy you can cut health care costs and save money.

Important issues for Women with consideration of
Health Insurance
Women-Specific Issues
Maternity and Birth Control are two very important issues to
women when choosing a health insurance plan. You should make sure,
when choosing a plan, that the plan offers maternity care and prescription
drug coverage.

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Maternity Coverage
It is advised that every woman chooses a health insurance plan that
includes maternity coverage. A plan’s cost does increase when maternity
coverage is added but the costs in the long run are minimal. Without
maternity coverage, if you were to become pregnant, you would not be
able to add maternity coverage or switch plans. Pregnancy is considered a
pre-existing condition and you would become uninsurable.
Birth Control
Birth control of any kind, i.e. oral contraceptive pills, the birth
control patch, or the Nuvaring is usually available as a prescription drug
with co-pay. Prescription drugs come in a wide range of prices and
choosing a health insurance plan that divides prescription drugs into tiers
is very affordable. The tiered option makes it easier for you and your
doctor to choose the lower-cost option for the prescription drug, such as
birth control, you may need Health Savings Account (HSA) Health
Savings Accounts, or HSAs, are a combination of a high deductible
health insurance plan and a tax-favored savings plan that allows a tax
deduction for the individual it is owned by. HSAs were formed to
empower individuals to have greater control over their health care
decisions. They are available for individuals who are enrolled in a high
deductible health plan, are not enrolled in Medicare, are not covered by
another health plan and are not claimed as dependents on someone else’s
federal tax return. HSAs are perfect for women who rarely go to the
doctor except for annual exams and screenings.
ADVANTAGES
 Give you the flexibility to pay on a pretax basis for qualified
medical expenses not available in some traditional health plans.

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Qualified medical expenses can include dental, orthodontics,
visions, and non-prescription medications.
 Deposits are not tied to expenses in a particular year and can be
rolled over for future

expenses.

 In catastrophic situations, the maximum out-of-pocket expense
liability can be less than that of a traditional health plan.
 Premiums are generally lower than traditional health insurance
plans.
 When you file for taxes each year, any deposits made during that
year into your HSA will be tax-deductible.
 You can keep an HSA even if you change jobs or insurance
companies.
DISADVANTAGES
 HSAs have been rejected by some because of opinions that they
only benefit healthy, younger people.
 Critics believe that low-income individuals and family do not earn
enough to benefit from the tax-breaks offered by HSAs.
 There are limits to the amount that can be contributed to your HSA.
If you contribute in excess of the maximum contribution amount,
the excess amount is not tax-deductible.
HEALTH INSURANCE CLAIM PROCEDURE


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Health insurance claim procedure is very specific, depending upon
the company's rules and regulations. It is differs from one company to
another. Nowadays, due to increasing competition, every company in
health insurance sector tries to inculcate simple health insurance claim
procedure, as it is the demand of customer. Everyone today wants to opt
for the policy with easy and speedy claim procedure.. You can claim the
money by filling the health insurance claim form, which can be collected
either from company's office, from agents or online.
The following information should be correct to claim for the
reimbursement of medical expenses.
1. Name of the policy holder
2. Contact details
3. Policy number
4. Date and time of problem
5. Location of problem
6. Nature of problem

You can register your request for the claims or you can even speak to
representative on phone number mentioned on the site or can even mail
on the mail address provided.


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Chapter: 4
Insurance Policy for Women
Society is finally realizing the importance of women. Women have
finally managed to break the shackles of the four walls and stepped out to
keep pace with their male counterparts. The last few decades has
witnessed a sea change in the outlook of society towards women. The
image of the traditional Indian housewife has undergone a drastic
metamorphosis over the last few decades. Women in India today are
walking shoulder to shoulder with their male counter parts. Today women
are occupying important positions in top notch corporate houses along
with being an excellent home maker.
Since women are on the run continuously sometimes for their
homes and sometimes for their outdoor work it is very essential that the
health of a woman remains in good shape. Taking this into consideration
most of the popular insurance companies in India today are coming with
insurance policies tailored specially for women. Most of the insurance
companies in India today have both life and health insurance policies for
women.
Some of the important Insurance policies for women are:
4.1 Easy Health Individual Plan
Easy Health Individual Plan provided by Apollo Munich is a
comprehensive health insurance plan that can be purchased by men or
women. The plan if chosen by women includes in it all the health benefits
offered by other plans and also certain maternity benefits suitable for
pregnant women.


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4.2 Jeevan Bharati-I (plan No. 192)
Launched on July 30 2008 by LIC India this plan is an exclusive
insurance policy for women. Especially designed for working women the
JEEVAN BHARATI-I (PLAN No. 192 is a money back policy. The
benefits offered to the ensured under this plan include optional Accident
Benefit, Critical Illness Benefit and Congenital Disability Benefit. The
maximum and minimum amount that the insured will receive would be
Rs 50,000 and Rs 2, 50,000 respectively.

4.3 Vijaya Raji Janani kalyan Yojana
Vijaya Raji Janani Kalyan Yojana by United India Insurance Company is
designed keeping in mind the development and welfare of women of the
state of Madhya Pradesh.

4.4 Swayam Shakti Suraksha
Swayam Shakti Suraksha is currently among the best insurance policies
for women in India. A joint venture between one of the biggest
microfinance companies in the country SKS Finance's Bajaj Allianz
Swayam Shakti Suraksha supports around 1 million women across the
country. The policy supports around 3.6 million women in rural India
across 18 states. Known as one of the cheapest polices the tenure of this
plan extends to 5 years. The policy can be started with just depositing an
amount of Rs 500.


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4.5 Insurance Policy for Pregnant Women

Health insurance during pregnancy: There are health insurance plans for
pregnant women. A woman can buy a health insurance plan before or
after conceiving. However, the ideal and comparatively profitable option
would be a health insurance plan before getting pregnant. The simple
reason for this is health insurance during pregnancy would be costlier.
Furthermore, it offers mental peace and wave out all the worries
regarding the complications during and after childbirth. Some of the
insurance companies such as Star Health, Apollo DKV, United India
Insurance, ICICI Lombard, and Cholamandalam General offer women
health insurance.
Mediclaim policies in India such as maternity insurance are offered
by insurance firms as a component of group insurance policies to
corporate houses. None of the general insurance firms provide complete
Insurance Policy for Pregnant Women as the coverage shields only
unanticipated risk cover and maternity is not categorized under this.
Moreover, there are no particular parameters or consistency among the
various pregnant women insurance benefits, either in its inclusions or in
its omissions. However, there are few firms offering maternity insurance
policies but they rarely cover maternity expenses that take place within
the nine months of buying the scheme.

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COMPANIES

OFFERING

INSURANCE

POLICIES

FOR

PREGNANT WOMEN
It is vital for maternity insurance to incorporate all expenditures
incurred during pregnancy, right from the delivery to post-natal care in
Indian hospitals. The companies which offer Insurance Policy for
Pregnant Women are: Apollo DKV, ICICI Lombard, United India
Insurance, Cholamandalam General Insurance and Star Health. Some of
them are described briefly as under:
ICICI Lombard's Health Advantage Plus provides health insurance
along with OPD (outpatient department) cover that incorporates
pre-natal examinations and medical costs
United India Insurance offers maternity insurance under its group
policy. It offers coverage for maternity expenditures on
imbursement of an additional premium and also covers
expenditures incurred during hospitalization. The patients admitted
in nursing homes are also entitled to an amount of Rs 50,000 or the
sum assured, whichever is less.
Apollo DKV provides maternity benefits such as day care
coverage, expenses met before and after hospitalization, etc.
Apollo DKV's Easy Health provides portability of advantages
where the ensued advantages allocated under the existing insurance
schemes with other insurer can be brought down to Easy health
insurance policy.


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INCLUSIONS UNDER INSURANCE POLICY FOR PREGNANT
WOMEN
A number of group insurance policies offered by insurance firms
for working women envelop maternity advantages and insurance. The
inclusions under Insurance Policy for Pregnant Women are:
All pregnancy associated hospitalization costs,
Before and after hospitalization costs for pre-determined number of
days,
Surgeries and pregnancy related complications and
Expenditures incurred pre- and post-natal durations

EXCLUSIONS UNDER INSURANCE POLICY FOR PREGNANT
WOMEN
Many insurance policies neither incorporate expenses met during
monthly medical checkups after pregnancy nor does it envelops costs
incurred towards medications consumed during pregnancy. Insurance
Policy for Pregnant Women in India also does not constitute:
Unanticipated events resulting in the termination of pregnancy for
the initial few weeks,
Medical costs for pregnancies taking place during nine months of
purchasing the maternity insurance policy the insurance firms offer
these benefits under their group policies for corporate firm that is
subject to the condition of inclusion of minimum number of
individuals working in the organization.


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FACTORS INFLUENCING THE PREMIUM OF INSURANCE
POLICY FOR PREGNANT WOMEN
The premiums forfeited under group insurance policies offered by
Insurance firms that incorporates maternity insurance are influenced by
various aspects.
First and foremost, the premium allocated under Insurance Policy
for Pregnant Women depends on the company's profile which is
being insured. Besides its profile, the sector under which it is
functioning and its related risk factors are also taken into
consideration. In the FY 2007-08 around 3/4th of firms working in
the sector of Information technology, pharmaceuticals and
manufacturing picked group insurance scheme with maternity
benefits.
Other aspects that influences the premium of maternity insurance is
the employee profile, her age group, designation, etc and earlier
health insurance assertion ratios applicable to the firm.
The last factor affecting premium is the frequency of utilization of
maternity insurance and other health policies by the firm's
employees.


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Chapter: 5
Women’s Policies offered by various Insurance Companies
5.1 Apollo Munich’s Easy Health insurance Plan
Easy Health Individual Plan provided by Apollo Munich is a
comprehensive health insurance plan that can be purchased by men or
women. The plan if chosen by women includes in it all the health benefits
offered by other plans and also certain maternity benefits suitable for
pregnant women.
Exclusive Health Insurance for Women’s
Sum Insured per

3.00, 4.00, 5.00

7.50

Insured Person per
Policy Year (in
Lakhs)

In-patient Treatment

Covered

Pre - hospitalisation

Covered

Post - hospitalisation

Covered

Day Care Procedure

Covered

Domiciliary Treatment

Covered

Daily Cash for choosing Rs. 500 per day,

Rs. 800 per day,

Shared Accommodation

Maximum Rs. 4,800

Expenses

for

Maximum Rs. 3,000

Organ Covered

Donor of Transplant


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Emergency Ambulance
Daily

Cash

accompanying

Upto Rs. 2,000

for Rs. 300 per day,

Rs. 500 per day,

an Maximum Rs.9,000

Maximum Rs.15,000

insured child.

Newborn baby

Optional
Normal Delivery

Normal Delivery Rs.

Rs.15,000*

25,000*

with Waiting Period

Caesarean Delivery

Caesarean Delivery

of 6 Year

Rs.25,000*

Rs.40,000*

(* including Pre/Post

(* including Pre/Post

Natal Limit of

Natal Limit of

Rs.1,500 and New

Rs.2,500 and New

Born limit of Rs.

Born limit of Rs.

2,000)

3,500)

Maternity Expenses

Out-patient Dental

Not Covered

Treatment with
Waiting Period of 3
years

Spectacles, Contact

Not Covered

Lenses, Hearing Aid
Every Third Year
E-opinion in respect

Not Covered

of a Critical Illness

Additional Cover for

Optional 50% or 100% of basic Sum Insured
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Critical Illness
Health Checkup

Upto 1% of Sum Insured subject to a
Maximum of Rs. 5,000 per Insured Person,
only once at the end of a block of every
Continuous three claim free years.

5.2 LIC’s Jeevan Bharathi

Introduction
LIC’s Jeevan Bharati-I – is a plan exclusively for women. It is a
with profit plan having special features considering the needs of women.
The plan also provides for Accident Benefit, Critical Illness Benefit and
Congenital Disability Benefit as optional Riders Insurance giant Life
Insurance Co-operation Ltd (LIC) has launched an exclusive policy only
for women called Jeevan Bharati. Essentially is a money-back policy with
a term of 15 or 20 years.
1. SPECIAL FEATURES
Encashment of Survival Benefit as and when needed:


Page 29

The policyholder at her option may avail the survival benefit any time on
or after its due date .If opted to avail later, increased survival benefit at
the rate decided by the corporation from time to time will be payable.
Flexibility to pay premiums in advance:
The mode of premium payment is only yearly under this plan. However,
policyholder may pay the next yearly premium in advance in installments
(maximum up to 3 installments) during the year. If premiums are paid in
advance a premium rebate may be allowed as may be decided by the
Corporation from time to time
Option to receive maturity proceeds in the form of an annuity:
The policyholder shall have the option to receive the maturity proceeds in
the form of annuity. The rate of annuity will be based on the annuity rates
prevalent at the time of stipulated Date of Maturity.
Auto Cover:
After two years premiums have been paid, whenever premium payment is
discontinued, the life cover for full sum assured will continue for 3 years
from the due date of first unpaid premium. If death occurs during the
Auto Cover period, then death benefit after deducting unpaid premiums,
with interest is payable along with the vested bonus, if any. The auto
cover shall not be available for rider benefits.
2. OPTIONAL RIDERS:
The following riders are available under this plan:


Page 30

A. CRITICAL ILLNESS (CI) RIDER :
An amount equal to the Critical Illness Rider Sum Assured will be
payable in case of diagnosis of defined categories of critical illnesses. A
person is eligible for this benefit up to a maximum age of 60 years but
subject to a maximum of the policy term. This benefit can be availed for a
minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum
assured under the basic plan subject to the maximum of Rs 5 lakh overall
limit taking all critical illness riders under all existing policies of the Life
Assured.
B. ACCIDENT BENEFIT RIDER:
An additional amount equal to the Accident Benefit Rider Sum Assured
is payable upon death or total and permanent disability due to accident
during the policy term. This benefit can be availed for a minimum sum of
Rs 50000 and for a maximum sum equal to the Sum Assured under the
Basic Plan subject to the of Rs.50 lakhs.
C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:
This rider can be opted for by a female between the ages of 18yrs and 35
years .An amount equal to 50% of the CDB Sum Assured is payable if
the Life Assured gives birth to a child with specified congenital
disabilities. This benefit is available for a maximum of two such children
and this benefit ceases at the age of 40 years. This benefit can be availed
for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.
3. ELIGIBILITY CONDITIONS (For Basic Plan):
Minimum age at entry:

18 years (completed)

Maximum age at entry:

55 years (nearest birthday)


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Maximum age at maturity:

70 years (nearest birthday)

Policy term:

15 and 20 years

Minimum Sum Assured :

Rs. 50,000/-

Maximum Sum Assured:

Rs. 25,00,000/-

(Sum Assured shall be in multiples of Rs.5,000/-)
4. SAMPLE PREMIUM RATES FOR BASIC PLAN :
Tabular Annual Premium per 1000 SA
AGE/TERM

15

20

20

79.35

63.90

25

79.45

64.10

30

79.70

64.55

35

80.25

65.45

36

80.45

65.70

37

80.60

66.00

40

81.35

67.00

45

83.15

69.50

50

86.05

73.50

5. HIGH SUM ASSURED REBATES:
Sum Assured (in Rs)

Rebate

per

thousand

Sum

Assured
1,00,000 to 4, 99,999

Rs 2.00

5, 00,000 and above

Rs 4.00


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6. LOAN:
Loan is available under the plan after the policy acquires paid-up value.
7. GRACE PERIOD:
A grace period of one-month but not less than 30 days will be allowed for
payment of premium.
8. REVIVAL:
A. REVIVAL DURING THE AUTO COVERS PERIOD:
(i) If Critical Illness Rider is not opted for:
During the Auto Cover Period, the Life Assured can pay one or
more installments of premiums with interest without submission of any
evidence of health. On payment of part or full arrears of premiums with
interest, the Auto Cover Period of 3 years from the due date of new FUP
shall again be available during the term of the Policy. If any survival
benefit falls due during the above 3-year auto cover period the same will
be paid after deduction of unpaid premiums with interest until the due
date of the survival benefit, provided it is more than the unpaid premiums
with interest. If the survival benefit is insufficient to cover the arrears of
premiums with interest up to the due date of such survival benefit, then
the survival benefit will be payable only on payment of such arrears of
premiums with interest , during the period of the aforesaid 3 years or on
revival of the policy.
(ii) If Critical Illness Rideris opted for:
During the auto cover period, the policy can be revived by payment
of full arrears of premium together with interest and subject to

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submission of proof of continued insurability of the Life Assured to the
satisfaction of the Corporation. The Corporation reserves the right to
accept at original terms, accept at revised terms or decline the revival of
the policy. The revival of the policy shall take effect only after the same
is approved by the Corporation and is specifically communicated to the
Life Assured. If any survival benefit falls due during the above 3-year
auto cover period the same will be paid only after revival of the policy as
stated above.

B. REVIVAL OTHER THAN DURING AUTO COVERS PERIOD:
If the Policy has lapsed, and the policy is not under the period of
auto cover, the policy can be revived within a period of 5 years from the
date of first unpaid premium and before the date of maturity by payment
of full arrears of premium together with interest and subject to
submission of proof of continued insurability of the Life Assured to the
satisfaction of the Corporation. The Corporation reserves the right to
accept at original terms, accept at revised terms or decline the revival of a
discontinued policy. The revival of discontinued policy shall take effect
only after the same is approved by the Corporation and is specifically
communicated to the Life Assured. The Rider/s shall be revived along
with the Basic plan and not in isolation

9. PAID UP VALUE:
If after at least three full years’ premiums have been paid and any
subsequent premium not paid, this policy shall not be wholly void after
the expiry of three years Auto Cover Period, but shall continue as a paid

Page 34

up policy. The Sum Assured of the policy shall be reduced in the same
proportion as the number of premiums actually paid bears to the total
number of premiums stipulated for in the policy, less any survival benefit
paid. This reduced Sum is called the paid up value.
The policy thereafter shall be free from all liabilities for payment
of the premiums, but shall not be entitled to the future bonuses. The
existing vested reversionary bonuses, if any, will remain attached to the
reduced paid-up Policy. This paid up value shall be payable on the date of
maturity or at Life Assureds prior death. No survival benefit shall be
payable under paid up policies.
10. SURRENDER VALUE:
The Guaranteed Surrender value will be available after the expiry
of 3 policy years provided the premiums have been paid for at least three
years. The Guaranteed Surrender Value is equal to 30% of the total
amount of premiums paid excluding the premiums paid for the first year,
any premiums paid towards riders, all extra premiums that may have been
paid less the amount of survival benefits paid earlier. The cash value of
any existing bonuses, if any will also be paid.
Corporation may, however, pay special surrender value as the
discounted value of Paid up sum assured and vested bonus, if any, as
applicable on date of surrender, provided the same is higher than
guaranteed surrender value.
11.EXCLUSIONS:
This policy shall be void if the Life Assured commits suicide
(whether sane or insane at that time) at any time on or after the date on
which the risk under the policy has commenced but before the expiry of
one year from the date of commencement of risk under the policy and the

Page 35

Corporation will not entertain any claim by virtue of this policy except to
the extent of a third party’s bonafide beneficial interest acquired in the
policy for valuable consideration of which notice has been given in
writing to the branch where the Policy is being presently serviced (where
the policy records are kept), at least one calendar month prior to death.

12.COOLING OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the
policy, you may return the policy to us within 15 days.

BENEFITS
A. Survival Benefits:
Survival the following benefits are payable:
For 15 Years Term
20% of the Sum Assured payable at the end of 5 years.
60% of the Sum Assured payable together with vested bonus, and
Final Additional Bonus, if any, at the end of 15 years.
For 20 Years Term


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40% of the Sum Assured payable together with vested bonus and
Final Additional Bonus, if any at the end of 20 years.

B. Death Benefit:
In case of death of the life assured during the policy term, the full sum
assured is payable irrespective of the survival benefits paid earlier. The
vested bonuses and Final Additional Bonus, if any are also payable.

5.3 Bajaj Allianz’s Mahila Gain
Bajaj Allianz life insurance policy offers you flexible insurance
plans according to requirements. Bajaj Allianz deals in Endowment plans,
Money back Plans, Ulips, single premium, and pension and children plan.
All plans are enough flexible to be customized.
Housewives need to safeguard their financial independence. Our
additional benefits like Mahila Gain have special features for women
which offer:
 Critical Illness Benefits
 Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer
 Congenital Disability Benefits
 Complications of Pregnancy Benefits
Women Insurance Plan - Currently available products to purchase
1.Housewives:

Housewives

need

to

safeguard

their

financial

independence. There are additional benefits like the Mahila Gain feature
which offers benefits like.

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 Critical Illness Benefits.
 Reconstructive Surgery Benefits for Breast(s) due to Breast
Cancer.
 Congenital Disability Benefits.
 Complications of Pregnancy Benefits.

2. Working Women: This plan helps the working women to protect
themselves, their family and plan for their future. The insurance,
investment, pension and health products have been specially customized
to suite to every specific need of a woman.
5.4 Tata Aig

Wellsurance Woman
Today’s Indian woman is extremely focused - she’s a real achiever.
As she makes her mark, she balances multiple roles perfectly. Be it a
supportive wife, a caring mother or a successful career person, there are
very few things that she doesn’t have the time for - her health,
unfortunately can from those things.
That’s why we created Tata AIG Wellsurance Woman, that looks
beyond her health insurance needs and ensures her well being.
Who should buy Tata AIG Wellsurance Woman

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 Female between the age of 18 yrs and 65 years.
 Renewable for life. Contact them for renewal premium for ages
above 66
Key Features
 Benefit amount on diagnosis of any of 11 Critical Illnesses. Higher
benefit in case of Cancer
 Cashless hospitalization at over 3000+ network hospitals across
India
 Daily Hospital Cash benefit
 Higher Hospital Cash for ICU/ICCU admissions
 Convalescence benefit, for post hospitalization treatment
 Cosmetic Reconstruction Surgery benefit for accidental injuries
 Income Tax benefit under Sec 80D
Note
For all sickness hospitalization, waiting period of 90 days is
applicable.
No waiting period for Accident related hospitalization.
Hospital Cash: 1 day deductible for Hospital Cash benefit. Not
applicable for hospitalization due to any accident.
Critical Illness: The benefit for each critical illness will be paid
once during the entire life time of the policyholder. On Renewal
this benefit will be available for all Illnesses except for the one
paid in the previous term.
If an insured suffers a Critical Illness/Sickness/Disease or has to
undergo a surgery for which benefits are payable under more than
one such similar policy issued by us, the maximum amount payable


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under all policies combined will not exceed the amount payable
under the policy which pays the largest benefit
This policy covers hospitalization in India only.
Ambulance benefit is a lump sum amount paid on usage of
ambulance during the incidence of hospitalization.
ADVANTAGE OF WELLSURANCE
 Free Health Helpline - Reach our expert physicians to avail help on
health & wellness related information.
 Tata AIG Wellsurance Website - Explore a host of benefits like a
personalized health tracker that helps you monitor your health &
fitness levels. Get access to exclusive articles on health & wellness.
Check and compare cost of various medical services provided by
different hospitals. Post a health query to our expert physicians.
Visit our website at: www.tataaigwellsurance.com
 Health and Wellness Offers - Get discounts at select Gyms, Spas,
Skin care & Weight Management Centers.
 Wellsurance Health Perks - As our privileged customer get
discounts on selected health check up packages at our wide range
of network hospitals
 Tax Benefits - Get tax benefits for premium paid on policies as per
section 80D of the Income Tax Act. Tax benefits are subject to
income tax laws.
How can we buy this Tata AIG Wellsurance Woman?
You can give us your details in the “Have us call you” form and
they will get in touch with you shortly.
You can calculate premium by online.


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What is not covered under Tata AIG Wellsurance Woman?
Any Pre-existing Condition, any complication arising from it.
Intentionally self-inflicted Injury or illness, or sexually transmitted
conditions, mental or nervous disorder, anxiety, stress or
depression, Acquired Immune Deficiency Syndrome (AIDS),
Human Immune-deficiency Virus (HIV) infection; suicide, or
War, civil war, invasion, insurrection, revolution, act of foreign
enemy, hostilities (whether War be declared or not), rebellion,
mutiny, use of military power or usurpation of government or
military power; or
serving in any branch of the Military or Armed Forces of any
country, whether in peace or War, and in such an event We, upon
written notification by You, shall return the pro rata premium for
any such period of service or
Ionizing radiation or contamination by radioactivity from any
nuclear fuel or from any nuclear waste from burning nuclear fuel or
The radioactive, toxic, explosive or other dangerous properties of
any explosive nuclear equipment or any part of that equipment; or
Congenital anomalies or any complications or conditions arising
there from; or
Professional Sports, Hazardous Activities; or
Cosmetic or plastic surgery or any elective surgery or cosmetic
procedure, circumcision, (except as a result of an Injury caused by
a Covered Accident while Our Policy is in force ) that improve
physical appearance, surgical and non-surgical treatment of obesity
(including morbid obesity) and weight control programs, or
treatment of an optional nature; Routine health checks or
convalescence, Custodial Care, general debility, lethargy, rest cure;

Page 41

expenses on vitamins, tonics and any other health supplement;
vaccination, inoculation of any kind.
Any investigation(s) or treatments not directly related to a Covered
Illness or Covered Injury or the conditions or diagnosis
necessitating hospital admission; or Any surgery done on the
organ(s), if they are not infected or affected;
services, supplies, or treatment, including any period of Hospital
confinement, which were not recommended, approved, and
certified as Medically Necessary by a Physician; or
organ transplants that are considered experimental in nature;
expenses incurred for hospitalization or surgery for donation of
organs ; or
pregnancy and all related conditions, including services and
supplies related to the diagnosis or treatment of infertility or other
problems related to inability to conceive a child; birth control,
including surgical procedures and devices; This however does not
include ectopic pregnancy proved by diagnostic means and is
certified to be life threatening by the Physician; or
Medical expenses incurred as the result of alcohol and/or drug
abuse, addiction or overdose.
Any surgery for donation of organs.
Treatment of Spondylosis/ Spondylitis.
Cost of Spectacles and contact lens, hearing aids, walkers,
crutches, wheel chairs and such other aids
Any Ayurvedic, Homeopath or naturopathy treatments. Please refer
to policy wordings for detailed benefits and exclusions.


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5.5 Birla Sun Life Insurance
Lady Guard
Lady Guard is designed for women who require financial independence
and face various health risks. The product targets women in the age group
of 20-35 years. It is a unit linked plan offering a safety net in the form of
a 3 percent guarantee on the premiums net of policy fees and charges.
The plan offers triple benefits.
 Money Back Plan.
 Critical Illness (CI) and Accidental death.
 Dismemberment (ADD) cover.
Benefits of plan:
With liquidity being given paramount importance, the plan offers
you 20 percent of the face amount as periodic payments every 5
years, which you have the option of withdrawing or retaining in the
fund and allowing it to grow.
The plan also allows you to make cash withdrawals anytime after 3
policy years. You can make two withdrawals in a policy year
absolutely free of cost.
Every additional withdrawal is subject to a charge of Rs.100. You
can also avail of a loan against your policy in case you do not wish
to touch the policy fund.
The plan gives you the option of choosing from 3 investment funds
(Protector, Builder and Enhancer) depending on your risk profile.
You can switch between these options anytime after the first policy
year. One such switch is allowed free of cost.


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In the event of death of the policyholder, the face amount of the
life insurance cover, along with the policy fund will be paid to the
nominee. On survival till maturity the policy fund will be paid to
the policyholder.
If the policyholder is diagnosed to be suffering from one of the
illnesses/conditions covered under the Critical Illness rider, and
survives the condition for a period of at least 30 days from the date
of diagnosis, the full face amount (under the Critical Illness
portion) or a part thereof will be payable to you.
The policy is equipped with the option of making changes
(increase or decrease) in the face amount of the plan during the
policy term. The minimum amount of change permitted is
Rs.50,000.
Furthermore, you can invest any additional savings that you may
have into your policy fund to maximize your savings.
The minimum additional investment (other than the premium
amount) that you can make in a year into the fund is Rs.5, 000 and
the maximum is Rs.50, 000 or the annual premium, whichever is
higher.


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Chapter: 6
Insurance Policy of Issuance
Who does not want insurance for his life or his near and dear ones?
Insurance not only cover the life and health of the policyholder, but it also
provides cover for his valuable belongings such as home, car, legal
documents etc. The important of insurance is endless in our life.
Insurance policy issuance is the first step of availing the services of an
insurance cover. Issuance of insurance policy is the procedure to buy a
plan.
There are a number of insurance companies, which offer insurance
plans. First you need to select the perfect plan for you. After selecting,
you should proceed for insurance policy issuance. There are many ways,
through which a person can seek his preferred insurance policy. These
ways may differ from one insurance company to other, but generally, all
the insurance providers share the same insurance issuance policies. The
four processes are:
Official website: Today in the age of internal and instant services, most
of the insurance companies have their official website. You can browse
through several plans, offered by the provider. If any plan attracts you,
you can link to the company through their 'Contact Us'. This redirects you
to an online form. You have to fill in the form with all your details and
queries. The company will contact you instantly.SMS helpline: You can
SMS your queries regarding a plan to the insurance provider or any of the
representatives of the company. They will contact you as soon as
possible.


Page 45

Buy Online: Buying online is the best possible way of insurance
issuance. Buying an insurance cover online need to go through a couple
of steps, but this is an effortless and hassle free procedure to get your
chosen cover. This service issues the policy without submitting any
document.
Toll-Free Number: There is a toll free number, offered by all service
providers. If you are interested in any plan, you can dial the number and
talk to the representative to know the procedure of insurance policy
issuance. Before the issuance of the insurance policy, you should read the
terms and conditions very carefully. You need to understand all the clause
and associated loopholes. Once you sign up the legal contract with the
insurance provider, your insurance policy activates and provides cover for
you and your possessions


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Chapter: 7

Parameters to Determine the Insurance Policy
Insurance cover the life as well as all the valuables of one's life. It
not only insures our lives but also buys mental peace for us. There are a
number of insurance companies and banks, which offer good insurance
policy. However, all plans may not be suitable for everyone. How can
you choose the best policy for you? What are the parameters to judge
which insurance plan is good and what is not good for you. There are
millions of insurance companies, which offer you different insurance
plans. However, you need to decide which plan would be good for you.
Given below are some parameters to determine the best insurance Policy
for you.
Premium rate:
Before going for any insurance plan, you have to check the
insurance quote. Sometimes, it is noticed that short term insurance
policies cost less but their premiums are higher. In that case, the
policyholder should concentrate on the monthly premium rather than the
insurance quote. Ask your insurance agent about your monthly premium.
If it is higher than your ability, you should understand that this insurance
policy would not suit you. On the contrary, in some cases, premium
payment annually is more profitable than the monthly or quarterly
premium. If the amount of annual premium attracts you, you should not
go for monthly or quarterly premium.
Insurance cover:
As mentioned earlier, there are high end insurance policies, which
cover all possible dangers in your life, but you may not avail all these

Page 47

services during the term of your insurance. For example, single trip travel
insurance is good for those, who travel one or two times in a year while
multi trip travel insurance cover more than three tours in a year. If you
are not a frequent traveler, you should go for single trip travel insurance.
An optimum insurance policy is what covers all the articles; you need to
cover, and not a single extra thing.
Short term or long term:
There are two types of insurance plans, short term and long term.
Short term insurance plans can cover you for a short span from three
months to six months while long term insurance policy covers you for
more than one year. Short term insurance policies are comparatively costeffective compared to the other option. However, they cover you for a
certain time. If you need a few days cover and do not want to spend
much, you should go for short term insurance cover.
Income tax benefits:
Many people take extra insurance cover because they want some
tax benefits. Monthly insurance premium can be included in your taxable
amount. If you want such an insurance plan, study the market and choose
the right one. There are many insurance policies, which can save your
taxes.
Discounts:
Many insurance companies give lucrative discounts on their plans.
Some provide the discounts through incentives while some cater for
children education fund. You should check what kind of incentive your
insurance provider is offering you. If it attracts you, you should know that
it is a good insurance plan for you.

Page 48

Chapter: 8

Guidelines for Choosing an Insurance Policy
Choosing the right insurance policy for oneself has become crucial
in the times of turbulent financial markets and various other unexpected
events. It not only determines the concern that we get when our physical
wellbeing takes a wrong turn, but is also very helpful for designing a
well-structured fiscal plan. An insurance cover offers many advantages
ranging from monetary assistance at the time of unanticipated demise of a
major income earner of the family to offering sound monetary future to
the family.
There are many factors to probe into when an investor chose an insurance
company.
The consumers as well as the investors should only focus on the
insurer's financial strength and capability to meet ongoing
responsibilities to its policyholders.
The fundamentals of the insurance company should be strong and
should not indicate a poor investment opportunity as this might
also deter growth.


Page 49

Chapter: 9
TIPS FOR CHOOSING AN INSURANCE POLICY
While selecting the right insurance cover, one should always
consider her present earnings and the estimated competence to
forfeit the insurance premiums at the allotted dates besides the age
factor, future fiscal strategies, medical condition, etc.
Other factors which needs to be taken into consideration while
selecting the right insurance policy are the policy's cost-benefit
ratio and guaranteeing that the insurance envelops all your family
members along with the common health issues. The cost benefit
ratio of the
Insurance policy relies on many factors such as what is insured and
what are the benefits that come along with it.
Hence while purchasing the policy one needs to keep a strict
vigilance on the price of the policy and guaranteeing that the policy
rationalizes the benefits included under it.
Besides keeping a close eye on the advantages, the policyholder
should also ensure that the promises made by various insurance
firms are adhered by


Page 50

Chapter: 10
Conclusion
Women have moved on from being just homemakers to
breadwinners, often playing multi-dimensional roles -- professional,
homemaker, mother and even financial planner. Needless to say,
insurance is as much a necessity for them as it is for men. For a good long
time, insurance companies offered covers only for men. A few did offer
products for women, but with restrictive conditions and higher premiums.
Things started changing with the formation of the Life Insurance
Corporation of India. But today, all women -- married, unmarried,
widowed, dependent and even handicapped -- can be insured and those
who work and earn an income are treated at par with men .With better
education levels, increased awareness about the status and contribution of
women, better medical facilities for safer childbirth and larger number of
women taking up employment or business, medical insurance was
introduced for women, followed by several other exclusive plans.
Insurance companies take into account a woman’s income levels,
education standard and socio-economic background to grant covers .The
perspective of insurance has also undergone a sea change. Earlier, it was
viewed only as compensation received on the death of a key earning
member. But today, insurance has emerged as a tool that provides support
in one’s old age and is also a preferred investment option, over and above
providing protection to one’s kin in the even of his/her death .
Investing a little time and money on a regular basis in an insurance
policy amounts to meeting any health scare or accident more
comfortably. Things changed when women started challenging men at the

Page 51

workplace, often bagging better jobs, and with economic advancement,
started demanding better insurance and health facilities. It would not be
incorrect to say that for women at any life stage and of any demographic
profile, life insurance is important to meet her financial protection and
long-term wealth creation needs. It is never too early to invest in life
insurance and hence the day you start earning, you should start investing
in life insurance. At the same time it is never too late. If you have not
started, the cost of getting financial protection and creating corpus to
meet your financial needs would be higher, but it is never too late to start.
The women of all age groups and of every profile should consider
her needs, consider income and expenses and must allocate a certain
portion of disposable income towards buying appropriate life insurance.
The best option is to consult an expert financial advisor and take
immediate action on the suggested financial plan to live a stress free life.


Page 52

Chapter: 11

Research and Analysis
DATA ANALYSIS
GRAPHS:
Information has been collected by conducting a survey of 50 women’s.
They are analyzed as under:
QUESTIONNAIRE FOR THE WOMENS AGE GROUP:
EXPLANATION
In the above diagrammatic representation it can be seen that, out of 50
women interviewed 20% fall in the age group of 20-34 years, 34% in -3549 years and 46% in 50 and above.
OCCUPATION
EXPLANATION
After conducting the survey it was seen that, out of 50 women’s
interviewed 18%women fall in the business category, 46% fall in service
category, 20% fall in professional category and 16% fall in others.
Have you taken women’s policy
EXPLANATION
After conducting the survey it was seen that, 80% women’s have taken
the policy and 20% women don’t have policy .What is the name of
policy?


Page 53

EXPLANATION
Women have different types of policy. They have the policy like jeevan
bharati which is specifically for women introduced by LIC, Birla
sunlife’s lady guard, Bajaj Allianz house wives, tata aig –well insurance
for women.
What type of policy is it?
EXPLANATION
The above data shows that 47%women have health insurance policy and
45%people life insurance policy, 8%have other policy like health saving
account, mediclaim etc.
Do you opt the policy from private sector or public sector insurance
Company?
EXPLANATION
Through the survey we can conclude that 65% women have policy from
public company and 35% women get insured from private companies.
From Which company you have taken the policy?
EXPLANATION
We can conclude that many women prefer LIC because its goodwill in
the market. About 30% woman’s have Bajaj alliance’s policy as they are
providing plan specially for housewives. 20%Womens have Birla sunlife
insurance and 10%womens have Tata aig insurance and only 3% uses
other type of insurance.
Reason for Taking insurance
EXPLANATION

Page 54

We can conclude that many women insured themselves as reason for
security. According to my survey 52% women’s have insurance as
security against health, life, maternity, 38% women’s have insurance as a
reason for saving, 6% insured themselves according to brand image of the
company and 4% insured for other reason.
On Your Choice, Which Mode of Insurance Distribution Channel
Would You Prefer To Buy a Policy From?
EXPLANATION
After conducting the survey it was seen that as per the women’s point of
view the preference for buying insurance policy goes to an agent. 56%
women prefer to buy policy from agent, 30% prefer to buy policy from
bank and 14% prefer to buy policy from online.
As per you which type of company provide good Quality of service?
EXPLANATION
As per the chart there is equal percentage for private and public company
because both are providing good quality of service. 65% women said that
private company is better and 35% said that public company is better.
Are you satisfied by the services provided by your company
EXPLANATION
95% women said yes, they are satisfied by the services provided by their
company.

No suggestion given by them regarding improvement as

everything is perfect. 5% people women said No as they are not satisfied
with the services of company.


Page 55

Chapter: 12
Bibliography
 www.centerwomenpolicy.org
 mahilaayog.maharashtra.gov.in/new/policy.php

 www.iwpr.org

 www.licindia.in

 www.itnest.in/lifeinsurance.actcon

 insurance.birlasunlife.com

 www.tataaig.com

 www.tataaigwellsurance.com

 www.bajajallianz.com


Page 56

Women insurance policy

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