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Jun 22, 2012, 05.48 PM IST
Insurance firm HDFC Life today launched 'Smart Women' a unit linked life insurance product for women. The product targets financially independent women mainly in the age group of 20 to 30 years. However, the minimum age limit to buy this policy is 18 years.
Commenting on the launch Sanjay Tripathy, Executive Vice President and Head, Marketing and Direct Channels, HDFC Life said, "Our Smart Woman plan is designed for financially independent women. It gives women a unique platform to save to meet her financial goals apart from offering specific benefits to take care of her critical life stage needs - motherhood, diseases that women are prone to certain ages (like cancer) or loss of spouse."
Based on investment needs, it provides three benefit options Classic, Premier and Elite. The key features of the policy include life cover up to 40 times the annual premium. It is available in policy terms of 10 and 15 years. It also provides waiver and funding of premiums in case of specific instances. ( Click here to know the details )
"We have provided a waiver benefit for the period of three years because generally it takes about a two-three years time to deal with unfortunate situations/events. This waiver benefit will help the insured to focus on her problem without worrying about the policy and her financial goals," Sanjay Tiwari Vice President- Strategy and Product, HDFC Life said in a press conference.
Further, the plan provides insurance cover only for diagnosis of malignant cancer of female organs. "If all the organs were covered then there would have been a health rider attached to this policy, this is not a health product, its main focus is investment and insurance," Tiwari elaborated.
Meanwhile, the premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act,1961 subject to the provisions contained therein. The benefits received from this policy are exempt from tax under Section 10 (10D), subject to the provisions contained therein. However, it should be noted that no policy loans are available under this product.
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