look news india
Keeping in mind the importance of economic self-reliance, work participation and health of women in India, ICICI Prudential Life Insurance, one of the country’s leading private life insurance companies, has introduced a special and customized insurance plan for women. It has been seen in the country for a long time that women have lacked adequate insurance cover (Life & Health Cover) as compared to men. According to many researches, the ‘Gender Protection Gap’ among women in India is quite deep, due to which they face financial challenges in times of serious illness or sudden crisis. This new exclusive women insurance product from ICICI Pru has been specially designed keeping in mind the different stages of women’s life – starting of career, marriage, pregnancy/childbirth and retirement. This plan not only provides life cover to women, but also gives them a strong protection shield against women-specific critical illnesses, pregnancy complications and long-term savings.
Key features and benefits of ICICI Pru Women Special Insurance Plan
The company has designed this plan balancing the needs of both modern working women, professionals, self-employed women and homemakers:
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Female-Specific Critical Illness Cover (Female Specific Cancers): The biggest attraction of this plan is the special financial protection against the rapidly increasing cases of cancer in women (such as breast cancer, cervical cancer, ovarian cancer and uterine cancer). A lump sum financial amount is paid upon diagnosis at an early stage so that treatment can begin immediately without any interruption.
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Exclusive Discount on Premium (Discounted Premium Rates): Recognizing the better life expectancy and health standards of women, the company has offered a special lifetime discount of 10% to 15% on premium rates to women as compared to men in this plan.
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Life-Stage Protection Upgrade (Life-Stage Benefits): A unique feature of this policy is that the woman gets the facility to increase her insurance cover (Sum Assured) from 25% to 50% at important stages of life (like marriage or birth of a child) without any new medical test.
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Waiver of Premium Benefit: If the woman policyholder becomes a victim of any serious illness, disfigurement or permanent disability during the policy term, all future premiums are completely waived and all the benefits of the policy continue as before.
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Maternity and Newborn Protection Rider: The plan has the option to add optional riders that protect against serious pregnancy complications and congenital anomalies in the newborn.
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Dual benefit of wealth creation with security: This policy not only provides financial security to the family in case of an unexpected crisis, but also gets the savings amount back with a guaranteed return on maturity or an attractive fund value if the policyholder remains healthy throughout the term.
Why is special insurance necessary for women? Know the math of cancer coverage and life-stage benefits
Statistics related to women’s health in India show that due to lifestyle changes, stress and hormonal imbalance, the risk of serious diseases is increasing rapidly in women between the age of 30 to 50 years. According to the Indian Council of Medical Research (ICMR), breast and cervical cancer account for more than 50 percent of the total cancer cases among women in India. Treatment of these diseases is not only physically painful, but the cost of therapy, surgery and medicines in private hospitals ranges from ₹10 lakh to ₹25 lakh.
Traditional insurance policies often did not cover problems specific to women or required excessive documentation. ICICI Prudential has removed all these practical obstacles through its new plan. This plan acts as a financial cushion, so that in case of illness the woman does not have to sell her savings or family assets.
The scope of protection became easier for homemakers also
Till now, it was a big problem in the Indian insurance market that if a woman was not working (i.e. she did not have proof of her independent income), it was very difficult for her to get adequate insurance cover. By simplifying its rules, ICICI Pru has paved the way for housewives to avail high-value protection cover independently or based on husband’s income. A housewife’s contribution to the family is invaluable, and this is a major and historic step to safeguard the family from the financial impact of their absence or illness.
Double benefit of tax exemption: Savings under 80C and 10(10D)
This women exclusive insurance scheme is also very beneficial in terms of tax saving:
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Discount on premium: There is a tax deduction of up to ₹1.5 lakh on the annual premium paid for the policy under Section 80C of the Income Tax Act.
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Discount on Health and Critical Illness Riders: If a health or critical illness rider is added to the policy, an additional tax deduction of up to ₹25,000 can be availed under Section 80D.
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Tax-free maturity and claims: As per the provisions of Section 10(10D), the entire amount received on maturity of the policy and the death claim amount is completely tax-free.
Eligibility, age limit and simple process to get the policy
ICICI Pru has made this plan completely digital and paperless:
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Entry Age: Any Indian woman between 18 years to 65 years can apply for this plan.
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Policy Period: Minimum 10 years to maximum 40 years or 85 years of age (with whole life option).
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Premium Payment Options: Monthly, quarterly, half yearly, annual or limited premium payments (for 5, 7 or 10 years).
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Digital Purchasing Facility: Women can buy this policy directly online without any agent by entering their basic information through the company’s official website or mobile app, where they are also being provided with additional online discounts.
This exclusive plan for women brought by ICICI Prudential Life Insurance provides the country’s women power with not just an insurance policy but a reliable means of self-reliance, respect and complete health protection.