Insurance providers today are looking at non-earning women and homemakers as a potential source of business, by designing insurance policies that are specific to their needs.
Traditionally, insurance is designed to help a person’s dependants out of a financial crunch, once the earner is rendered incapable of earning. The coverage and the sum assured, etc. are designed to ease the financial burden that a family faces when the sole earner is out of the picture. But there is an intrinsic value to the homemaker’s contribution to the household, even though it isn’t purely financial.
There are quite a few health insurance plans out there that cater to women-specific illnesses and medical conditions, but not all of them can be trusted just on the “women-specific” tag they carry. As with any insurance policy, the terms and conditions, clauses, coverage, benefits, and exceptions must be carefully considered.
Here are a few of the top women-specific insurance products on the market today:
1.Bajaj Allianz Women Specific Critical Illness Insurance
Under this insurance policy by Bajaj Allianz, Critical Illness cover gives 100% sum insured on the diagnosis of any of the following 8 critical illnesses:
- Breast Cancer
- Fallopian Tube Cancer.
- Uterine/Cervical Cancer.
- Ovarian Cancer.
- Vaginal Cancer.
- Permanent paralysis of limbs.
Congenital Disability benefit covers the first two children. It gives 50% of the sum insured if the insured person gives birth to a baby that has any of the following congenital diseases/disorders:
- Down’s syndrome.
- Congenital cyanotic heart disease:
- Tetrology of Fallot.
- Transportation of Great Vessels.
- Total anomalous pulmonary venous drainage.
- Truncus Arteriosus.
- Tricuspid Artesia.
- Hypoplastic Left Heart Syndrome.
There’s also a Children’s Education Bonus, where if the claim has been paid under the policy, Bajal Allianz will also pay Rs. 25,000 totally towards the education of one or both children (maximum of two).
In addition, there’s a clause protecting the insured woman in case she loses her job - If the insured person loses her job within 3 months of being diagnosed, Bajaj Allianz will pay Rs. 25,000 towards “loss of employment”.
The plan has the following exclusions:
- Critical illnesses for which advice was already received by a medical professional and has been claimed under an earlier policy.
- STDs caused by or associated with Human T-Cell Associated Virus type III, Lymphadinopathy Associated Virus, AIDS or any deficiency syndrome similar to it.
- Critical illnesses diagnosed within 90 days of the date the policy commences.
- Treatment traceable to pregnancy, childbirth or postpartum complications. This does not apply to the congenital disabilities benefit provision of the policy.
- Occupational diseases.
- War, natural disasters.
- Intentional self-injury.
- Drug and / or alcohol abuse.
- Radioactive contamination.
- Cleft palate with or without cleft lip – cleft lip alone is excluded.
- Spina bifida occulta is excluded.
2.TATA AIG Insurance Wellsurance Woman Policy
Under this insurance policy, TATA AIG offers to pay out a fixed lump-sum benefit for the following 11 critical illnesses:
Cancer of a specified severity.
First heart attack of a specified severity.
Stroke resulting in permanent symptoms.
Kidney Failure requiring regular dialysis.
Coma of a specified severity.
Open Chest CABG.
Major Bone Marrow transplant or Organ transplant.
Total blindness caused by acute sickness or accident.
Permanent Paralysis of limbs.
Multiple Sclerosis with persisting symptoms.
Major Burns with persisting symptoms.
The policy also pays hospital cash for up to 90 days, the rate of which depends on the plan opted for (Classic, Supreme or Elite, for Rs.2,000, Rs.3,000 and Rs.4,000 respectively).
The policy covers ambulance charges up to Rs.2,000 while admitting and discharging the patient from the hospital.
An ICU benefit of Rs.3,000 (Classic), Rs.4,500 (Elite) and Rs.6,000 (Supreme) per day is also payable for a maximum of 15 days
Cosmetic Reconstructive Surgery benefits of Rs.50,000 (Classic), Rs.1,00,000 (Elite) and Rs.2,00,000 (Supreme) are applicable in case of accidents.
Health and wellness services can be availed from an extensive list of providers (made available on regular intervals) at a discounted rate. This includes gyms, weight management centres, beauty parlours, diagnostic centres, etc.
The policy also has life-long renewal
3.HDFC Life Smart Woman ULIP
This is a Unit-Linked Insurance Policy from HDFC Life. It ensures a high level of savings along with women-specific insurance benefits. The plan offers a choice between 4 funds, depending on the amount of risk you’re willing to expose yourself to:
Income Fund:High risk, high reward. Higher duration, and higher potential for returns.
Balanced Fund: Equity exposure is dynamic, and returns are enhanced with debt allocation reducing volatility.
Blue Chip Fund: Invests in large-cap equities.
Opportunities Fund: Invests in mid-cap equities.
The plan offers 3 Benefit options, designed to meet specific needs:
Pregnancy complications or birth of child with congenital disorders.
Diagnosis of malignant cancer of female organs.
Death of spouse (although this option is only available on opting for the Elite plan option).
There are 3 plan options, with varying benefits and premiums:
Classic: This option includes a premium waiver benefit with the funding of the premiums for the next 3 years.
Premier: This option includes a premium waiver benefit with the funding of the premiums for the next 3 years, and periodic cash payouts of 100% of the premiums for the next 3 years.
Elite: This option includes a premium waiver benefit with the funding of the premiums for the next 3 years, and periodic cash payouts of 100% of the premiums for the next 3 years and also includes coverage for the death of the spouse.
Policy term options are 10 and 15 years.
This plan has many advantages, like:
Additional periodic cash payouts (available with the Premier and Elite options).
Partial withdrawals can be made to meet contingencies.
Annual premium payment can be made.
Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
*Disclaimer: Please chose your policy wisely after careful consideration of all policy documents and literature therein. Diligent examination and scrutiny of terms and conditions, exclusions (if any) and conditions on premium payments is strongly advised. This article is purely informational and is not designed to influence your decision in any way.
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.