TomorrowMakers

Did you know that there are financial products designed specifically to give women an advantage? Here’s what you need to know about them.

5 Women-specific financial products you must take advantage of today

Every woman knows that her financial needs vary significantly from a man’s. A slight edge on that front is always welcome, wouldn’t you agree? Well, banks and financial institutions have probably realised this need, and have introduced products that appeal to financially savvy women.

Whether you are a working woman, a homemaker, single or married- taking advantage of these women-specific financial products today is a good idea.

 

Saving Bank accounts 

Many banks in India have come up with saving bank accounts that specifically cater to women’s needs, like buying groceries, paying for shopping and parlours, beauty products, travel etc.

Benefits:

  • Lower minimum balance in the account
  • Life and health insurance benefits on opening an account

Providers: ICICI Bank, IDBI Bank, Yes Bank, HDFC Bank

Debit and credit cards

There are also special debit and credit cards for women, such as working women-specific cards (issued on the basis of income), and add-on cards for non-earning women (earning spouse is the primary holder).

Benefits:

  • Unlimited cash withdrawals
  • Additional rewards and discounts

Providers: Citibank, HDFC, ICICI

Loans

As a way to encourage women empowerment, many government and private banks offer education, marriage, car, home and gold loans exclusively for women.

Benefits:

  1. Lower interest rates on all loans
  2. Cheaper schemes
  3. Exclusive loans for women entrepreneurs

Providers:

  1. Education loan- State Bank of India (SBI) and Bank of Baroda, Allahabad Bank, Central Bank of India, Indian Overseas Bank, Corporation Bank
  2. Home loan- Axis bank, Fedral Bank, HDFC, ICICI, SBI
  3. Car loan- SBI, HDFC, Andhra Bank, Bharatiya Mahila Bank, Punjab National Bank
  4. Gold loan- Corporation Bank’s Corp Mahila Gold plan, Bank of India’s Star Mahila Gold loan scheme
  5. Entrepreneur loan- Dena Bank’s Dena Shakti Financing scheme, Central Bank of India’s Cent Kalyani scheme

Life insurance

Did you know that a woman’s average lifespan is more than that of a man? Hence, it is crucial that you get your own life insurance plan. [1]

Benefits:

  • Enjoy discounts up until the age of 40
  • Pay lower premiums than men
  • Up to 10% discounts on premium
  • Some companies reduce age by 2 or 3 years while calculating premium

Providers: HDFC Life Smart Woman Plan, SBI Smart Women Advantage, LIC’s Jeevan Bharti Plan

Recognising the economic value of homemakers, there are also specific life insurance plans for them. The ceiling limit on these plans can go up to Rs. 1 Crore, depending on the insurer, and can cover various situations such as spousal death, critical illness, disability etc.

Providers: Aegon Life, HDFC Life Smart Woman Ulip, Birla Sun Life 

Health insurance

A woman’s health issues are different from those of a man’s. Hence, some health insurance products are specifically offered to women.

Benefits:

  • Cover women-specific ailments and critical illnesses such as cervical cancer, breast cancer, etc.
  • Cover maternity- related costs such as sonograms, hospital cost, post-delivery care cost etc.

Providers: Tata AIG Wellsurance Women Policy, Bajaj Allianz Women Specific Critical Illness

Knowing what kind of products are available to you and how they can benefit your life is important to make better decisions. So, the next time you need a loan or are looking to buy insurance, ensure you opt for products and services that can give you just a little more.

 

Disclaimer: This article is intended for general information purposes only and should not be construed as investment or insurance or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.

 

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