HDFC Life launches ULIP plan for working women

Min annual premium Rs 24,000 going upto Rs 1 lakh and offers life cover upto 40 times the annual premium

Private insurance player HDFC Life today launched an unit-linked plan, Smart Woman, especially for working women in urban areas and expects it to add up to 30% of the overall premium.

"Smart Woman plan gives women a unique platform to meet their financial goals apart from offering them with specific benefits in their critical life stage. It aims to tide over such exigencies in a planned way," HDFC Life Executive Vice President and Head, Marketing and Direct Channels, Sanjay Tripathy told reporters here.

"We hope 25-30% additional contribution to the overall premium from this product, which is targeted at working women from 18-45 years," he said.

The minimum annual premium is Rs 24,000 that goes up to Rs 1 lakh. The plan offers life cover up to 40 times the annual premium and convenient policy term of 10 and 15 years.

Smart Woman offers benefits at the critical life stage of life that includes pregnancy complications of birth of child with congenital disorder, diagnosis of malignant cancer of female organs and death of the spouse.

It is a pioneering product that takes the company's segment-based strategy further, Tripathy said adding the company will soon launch another such unique product targeted at youth aged between 20-35 years.

HDFC Life is a joint venture between leading housing finance institution Housing Development Finance Corporation Limited (HDFC) and Standard Life plc, the leading provider of financial services in the United Kingdom.