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cover just as a tax saving tool, one must be aware of its implications.Life insurance offers tax benefits under two heads deduction and exemptions. Deductions are based on the amount invested and are cut from the gross amount. Exemptions can be availed on maturity. Thus, deduction up to Rs 1 lakh is allowed under Section 80C of the I T Act on premiums up to 20% of the total sum assured.For a health insurance policy deduction up to Rs 15,000 (Rs 20,000 in case of senior citizens) is allowed under section 80D of the I T Act. These measures can be used by women as effective tax saving methods.Women today have a bunch of insurance products to choose from. The country's premier insurer LIC offers Jeevan Bharti which is a money back policy for women. Besides, the life cover and periodic payments during the policy term, the plan covers women against critical illnesses and congenital disabilities in the newborn. These benefits are in built and come at an extra cost.Bajaj Allianz Life Insurance offers two different policies for women Bajaj Allianz House Wives and Bajaj Allianz Working Women. Both these policies are designed specially for women and cover critical illness benefit, reconstructive surgery benefit for breast cancer, congenital disability benefit and complications of pregnancy benefit.However, there is a cap on the amount of cover. In case of reconstructive surgery benefits due to breast cancer, a patient gets only 30% of sum assured (maximum Rs 30,000) for one breast and 40% of sum assured (maximum Rs 40,000) for two. The rider also covers the newborn for congenital diseases. The company