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Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
Women insurance policy
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Women insurance policy

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  • 1. 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 Page 1
  • 2. 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 Women insurance Policy Page 2
  • 3. 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. Women insurance Policy Page 3
  • 4. 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: 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. Women insurance Policy Page 4
  • 5. 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 Women insurance Policy Page 5
  • 6. 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. 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. 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. Women insurance Policy Page 6
  • 7. 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? Women insurance Policy Page 7
  • 8. 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 Women insurance Policy Page 8
  • 9. 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. Women insurance Policy Page 9
  • 10. 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 Women insurance Policy Page 10
  • 11. 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 Women insurance Policy Page 11
  • 12.  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. Women insurance Policy Page 12
  • 13. 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. Women insurance Policy Page 13
  • 14. 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 Women insurance Policy Page 14
  • 15. 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. Women insurance Policy Page 15
  • 16. 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. Women insurance Policy Page 16
  • 17. 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. Women insurance Policy Page 17
  • 18. 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. Women insurance Policy Page 18
  • 19. 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 Women insurance Policy Page 19
  • 20. 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. Women insurance Policy Page 20
  • 21. 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. Women insurance Policy Page 21
  • 22. 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. Women insurance Policy Page 22
  • 23. 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. Women insurance Policy Page 23
  • 24. 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. Women insurance Policy Page 24
  • 25. 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. Women insurance Policy Page 25
  • 26. 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. Women insurance Policy Page 26
  • 27. 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 Women insurance Policy Page 27
  • 28. 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 Women insurance Policy Optional 50% or 100% of basic Sum Insured Page 28
  • 29. 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: Women insurance Policy Page 29
  • 30. 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: Women insurance Policy Page 30
  • 31. 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) Women insurance Policy Page 31
  • 32. 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 Women insurance Policy Page 32
  • 33. 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 Women insurance Policy Page 33
  • 34. 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 Women insurance Policy Page 34
  • 35. 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 Women insurance Policy Page 35
  • 36. 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. 20% of the Sum Assured payable at the end of 10 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 20% of the Sum Assured payable at the end of 5 years. 20% of the Sum Assured payable at the end of 10 years. 20% of the Sum Assured payable at the end of 15 years. Women insurance Policy Page 36
  • 37. 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. Women insurance Policy Page 37
  • 38.  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 Women insurance Policy Page 38
  • 39.  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 Women insurance Policy Page 39
  • 40. 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. Women insurance Policy Page 40
  • 41. 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; Women insurance Policy Page 41
  • 42. 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. Women insurance Policy Page 42
  • 43. 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. Women insurance Policy Page 43
  • 44. 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. Women insurance Policy Page 44
  • 45. 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. Women insurance Policy Page 45
  • 46. 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 Women insurance Policy Page 46
  • 47. 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 Women insurance Policy Page 47
  • 48. 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. Women insurance Policy Page 48
  • 49. 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. Women insurance Policy Page 49
  • 50. 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 Women insurance Policy Page 50
  • 51. 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 Women insurance Policy Page 51
  • 52. 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. Women insurance Policy Page 52
  • 53. 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? Women insurance Policy Page 53
  • 54. 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 Women insurance Policy Page 54
  • 55. 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. Women insurance Policy Page 55
  • 56. 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 Women insurance Policy Page 56

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