New Delhi: Indian private sector life insurer HDFC Life has rolled out a new insurance-cum-investment plan titled as 'Smart Woman' designed specifically for women working in urban areas.
The insurance plan covers pregnancy related complications, malignant cancer of the female organs including breast, cervix and uterus, and death of the spouse, it said in a statement.
Women between the age of 18 years and 45 years can avail of this plan, which has a minimum premium of Rs 24,000 and a maximum premium of Rs 100,000 for a term of 10-15 years, it said.
The premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
The plan also provides for waiver and funding of premiums in case of specific instances, it said.
"We have provided a waiver benefit for the period of three years because generally it takes about 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 of HDFC Life, said at a conference.
HDFC Life is a joint venture between India's major housing finance institution Housing Development Finance Corp Ltd (HDFC) and the United Kingdom-based financial services provider Standard Life Plc.
HDFC holds 72.37% and Standard Life (Mauritius Holding) Ltd holds 26% of equity in the joint venture, while the rest is held by others.
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