Financial Independence for Women in the 2020s
In a constantly fluctuating economy, one’s ability to satisfy their financial aspirations is directly proportional to their understanding of investment and savings.
With an increase in job opportunities and the earning capacity of both men and women there is an even increased necessity to make smart investment choices. A dream car, a big house, a perfect retirement plan, can only be taken care of, if one begins to save early.
When it comes to women, their relationship with money is quite a complicated one, the reason can certainly be attributed to a variety of impediments that a woman has to encounter some of them being - a huge gender pay gap, familial responsibilities, often resulting in a career break ,marital hurdles etc.
Even with more women becoming financially independant , reports suggest that the gender pay gap in India stands at 19%, i.e. men earn Rs. 46.19 more than women. Keeping this data in mind, it becomes extremely important for women to become financially literate and consciously make smart investments, therefore financial planning and budgeting become imperative.
Financial information is easily available on several platforms. Many banks cater especially, to the woman investor, with schemes crafted to ease the process of investment.
As far as traditional investment plans are concerned, life insurance is a tried and tested option. It mostly caters to investors with a low risk appetite, providing multiple benefits like risk cover, fixed income return, safety and tax benefit.
Along with a Financial plan, however, it is very important for women to also invest in a good Health Insurance policy
What are the benefits of a Health Insurance plan?
Dedicated maternity oriented Health Insurance plans help cover the expenses of childbirth especially in case of complications when often the overall cost becomes exorbitantly high.
Cost of treatment of certain illnesses which are specific to women, especially over the age of 40, like, breast cancer, cancer of the reproductive system etc. are also borne by these women health insurances.
Women can claim a tax benefit on the premiums paid. Section 80D of the income Tax Act,1961, allows women to avail a deduction of up to INR 25000 on the Premium paid. This helps reduce taxable income and tax liability.
Some of the Health Insurance Policies available fort Indian Women
HDFC Life Smart Woman Plan (both an insurance and investment plan)
10 years or 15 years
18-45 years fir Female life assured(maturity age :28-60 years)
For spouse 21-50 years(risk cessation)
Revival within 2 years of discontinuance of premium payment
Tata AIG’s Wellsurance Woman Policy
Lifetime sum insured enhancement option
Religare Joy Maternity Health Insurance Policy
Reliance HealthGain Policy
1 year or 2 years
5-65 years (For children aged 91 days to 4 years, atleast one member should be over 21 years)
Apart from this, women can also avail of several other options to if they want to go beyond traditional saving and investment options. Small scale businesses owned by women can now be taken to greater heights, with something as simple as a Business Loan. With the ease of this funding, they can protect their savings, while having the financial independence to grow their business.
HDFC Bank’s Business Growth Loan is one such option. With a simple click of a button, you can check your eligibility and apply for a Business Loan in no time. Click here to get started with your Business Growth Loan application.
Read more on how to apply for an MSME Loan here.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.