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Specially Tailored Financial Products for Women

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Unlock financial empowerment for women with tailored products – from insurance to loans, discover the tools shaping a secure financial future.

In the ever-changing financial industry, the narrative is changing for Indian women who are increasingly embracing financial independence. Over the past two decades, their involvement in family financial decision-making has witnessed a significant uptick. In this era of increasing consumerism, the market is responding with a lot of financial products specifically tailored for women.

The Significance of Women-Centric Products

"Educate a woman, and her whole family is educated," goes the saying. Likewise, empowering women to manage their finances contributes substantially to their family's financial well-being. Aspirations such as homeownership, land/property investment, or funding children's higher education become attainable with financial assistance. Furthermore, financial planning is pivotal for women to realize their professional and personal goals independently, without relying on external support. A foundational understanding of personal finance also equips women to sidestep costly mistakes, ensuring judicious use of financial tools like credit cards.

Products Designed Especially for Women

1. Insurance (Life, Health, and Others)

Insurance providers have introduced plans addressing women-specific concerns such as complications during pregnancy, critical illnesses like cervical and breast cancer, and more. These products often encompass benefits like maternity covers, anti-natal care, and coverage for hospitalization expenses.

2. Loans (Personal, Home, and More)

Financial institutions recognize the role of women in financial decisions and, as a result, offer lower interest rates for women applying for various loans. Whether it's a car loan or a housing loan, being a co-applicant can result in a reduced interest rate. Joint home loans with a female spouse can lead to tax benefits, with advantages on both the principal (Sec 80C) and interest (Sec 24). There are also exclusive loan schemes, such as those tailored for education, marriage, or land purchase.

3. Savings Accounts

Banks are encouraging women to save for financial stability and cater to other needs like shopping and traveling. Customized savings accounts offer cashback, rewards, lower minimum account balances, and additional benefits like health and life insurance.

4. Debit and Credit Cards

Depending on income, there are specialized debit and credit cards for working women, along with add-on cards for non-earning women. These cards provide benefits like unlimited cash withdrawals, additional discounts, and rewards. For instance, some cards offer cashback in the form of points, higher cash withdrawal limits, and enable contactless payments.

Financial products designed explicitly for women offer a level of convenience and comfort that, when used prudently, can empower women to take control of their financial future. Making informed choices in financial matters can be a significant step toward financial independence.