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One state insurer and fourteen life insurance companies- result- a tough competition. In such a condition the layman gets benefited, as each one of it offers end number of policies to the extent that it is no less than a Herculean task to choose an appropriate one that ranges from endowment, term, whole to ULIP plans. Though these policies are available for men and women both, there are very few policies that exclusively centers on women. Lets find out how many products are actually available for women. To begin with, prior to nationalization (1956), many private insurance companies would offer insurance to women with a payment of some extra premium or on some restrictive terms. But after nationalization, the female life insurance cover came to be reviewed from time to time.

Comparing the ratio, in urban areas, the number of women insured is far less to the ones employed. It may be believed that women are influencers than buyers of insurance. But now, this entire scenario is changing with the growing awareness of insurance and now it can be said that they are both influencers and buyers.

The insurance options available in the market are equally appealing to both men and women; however there are not many women who opt for insurance. Many give up their career after marriage due to uncertainty of jobs; other reasons being, upbringing children and other household bliss. The regular flow of income is unsure which is one main reason that prevents them from opting for insurance.

However, despite these conditions it is important for women to take a fresh look at their investment options with insurance as one of the prime options. 'Jeevan Bharati' is one such policy that Life Insurance Corporation of India offers. It is a Money Back plan for women. It offers free insurance cover for three years if the premium has been paid regularly for the first two years. It also offers the options wherein the policyholder can en-cash the survival benefits besides having the benefit of a premium rebate of 4 % per annum. The minimum and maximum age of entry is 18 and 50 years respectively. The policy term is available for a period of 15-20 years. The minimum sum assured is Rs 50,000 and maximum is Rs 25,00,000.

For instance, Mrs. Joshi has bought LIC's 'Jeevan Bharti' policy for a term of 15 years. She is 25 years old. Being a money back policy, she will receive 20% of Rs 2,00,000 which is the sum assured. So at the end of 5 years she would get Rs 40,000. This amount would be clubbed with guaranteed additions for the first 5 years and bonus thereafter. The maturity benefit would be 60% of the sum assured which would be 1,20,000. The bonus rates will also be added, besides the principal amount at the annual premium of Rs 17855.

Among private insurers, Bajaj Allianz offers 'Mahilagain Rider' that can be attached to its other products like InvestGain, UnitGain.

You have to make up your mind to pick a plan that suits your perfectly. It is a must for every woman to have 'insurance' in her investment portfolio. One never knows when the need of insurance would arise. The future is uncertain and no one knows what it holds. Now is the time to show some of that dedication to your own self that you have done being a perfect wife, mother, daughter-in-law, etc.

To make choices simpler, there are other savings-oriented insurance plans such as endowment plans, money-back or ULIP, which can be considered if you already have a term plan.