 "Exclusive financial products for women")
The modern Indian woman is a financially savvy individual who prefers to make her own independent decisions when it comes to finances. No wonder the market is flooded with women centric financial products to cater to her specific needs. Whether she is a working women or a home maker, there is definitely a product available for her.
Welcome to the World of Financial Products for Women
In this world of consumerism, financial players are luring women in a big way by offering women’s only products. Most of these products are genuine with attractive features and are not just marketing gimmicks. These specialized financial products provide women, financial independence, and an opportunity to save and build a strong financial portfolio.
What to Look Out For
So how good are these products and do they actually bring about some value to wealth? Here is a peak into some of them.
Savings Accounts for Women
Various banks offer exclusive savings accounts for women that require a much lower average minimum balance to be maintained. Add-ons such as free personal accident insurance, discount schemes, and free debit cards may also be included as part of the account. A few of the women’s accounts being offered are as follows.
ICICI Bank
Advantage Woman Savings Account
Minimum balance of Rs 10,000. Daily card spending limit of Rs 50,000
IDBI Bank
Super Shakti Account
One zero balance savings account free for child below the age of eighteen years, Locker services at a concessional rate and investment advisory services.
Axis Bank
Smart Privilege Account
Minimum balance of Rs 10,000, zero-balance minor account, jewellery insurance cover with debit card.
UTI Bank
Smart Privilege Account
Automatic insurance coverage for critical illness related to women. The debit card linked o the account gets discounts on certain products from Lakme Beauty Salon, Dominos, etc
World of Plastic Money
From special bill payment services to discount schemes at big retails, women specific cards, have it all. Added benefits such as cash back facility, accidental insurance cover, and lower maintenance charges, are also commonly offered. Some of the cards for women are:
HDFC Bank
Easy Shop Woman's Advantage Debit card
Rs 1 as cash back on a purchase of Rs 200 for a year, 50% discount on locker fee for one year, special rates on purchase of gold bars and a personal accident insurance cover of Rs 2 lakh.
Citibank
Woman’s Visa Silver Card
Free card for life, free additional card, one reward point for every Rs200 spent and discounts at various merchant establishments.
Standard Chartered
Diva Card
Free health check-up at leading hospitals once a year, bill paying facility, discounts at beauty salons.
Insurance
With changes in the society, women today have a position and their lives are considered as important as their male counterparts. Insurance products for women have been designed to cater specifically to ailments and concerns women commonly face such as complications of pregnancy, on-the-spot assistance for lady drivers and critical illness benefit covering *** and cervical cancer.
LIC
Jeevan Bharati-1
Money back policy offering critical illness cover for pregnancy- and women-related diseases and medical cover for child born with congenital problems
Birla Sun Life
Birla Sun Life Woman First
Cover for pregnancy and women –related diseases plus a guaranteed return of 3%.
Kotak
Kotak Preferred term life
Rs 50 lakh cover for 25 years to a 30-year-old female for an annual premium of Rs 5,984,
HDFC Life
Sampoorna Samridhi
Dual benefit of endowment plus a whole life plan. Option of either receiving an enhanced maturity amount at the end of policy term or a maturity amount with an additional sum assured on death up to the age of 99.
Loans
For women borrowers various lenders offer low interest rate loans for marriage, education or buying a plot. Exclusive gold loan schemes for women are also commonly offered.
Bank of India
Star Mahila Loan
Loan for buying gold at 13% p.a.
Dena Bank
Dena Shakti
Attractive loan scheme for women entrepreneurs
Corporation Bank
Corp Mahila Power
Provides personal loans at a rate of at least 1.5-2.5% point lower than personal loans available with the same bank
Though most of these offers and schemes may seem to be cheaper and attractive, one must have a good understanding of their financial position and basic requirement before opting for one. Choosing a product exclusively tailor made for women is definitely a good option, nevertheless weighing all pros and cons is a must before taking the plunge.
Note: Most of the above figures are dynamic and may change anytime depending on discretion of the institution.
Source: InvestmentYogi is one of the leading personal finance websites in India
Welcome to the World of Financial Products for Women
In this world of consumerism, financial players are luring women in a big way by offering women’s only products. Most of these products are genuine with attractive features and are not just marketing gimmicks. These specialized financial products provide women, financial independence, and an opportunity to save and build a strong financial portfolio.
More From This Section
So how good are these products and do they actually bring about some value to wealth? Here is a peak into some of them.
Savings Accounts for Women
Various banks offer exclusive savings accounts for women that require a much lower average minimum balance to be maintained. Add-ons such as free personal accident insurance, discount schemes, and free debit cards may also be included as part of the account. A few of the women’s accounts being offered are as follows.
ICICI Bank
Advantage Woman Savings Account
Minimum balance of Rs 10,000. Daily card spending limit of Rs 50,000
IDBI Bank
Super Shakti Account
One zero balance savings account free for child below the age of eighteen years, Locker services at a concessional rate and investment advisory services.
Axis Bank
Smart Privilege Account
Minimum balance of Rs 10,000, zero-balance minor account, jewellery insurance cover with debit card.
UTI Bank
Smart Privilege Account
Automatic insurance coverage for critical illness related to women. The debit card linked o the account gets discounts on certain products from Lakme Beauty Salon, Dominos, etc
World of Plastic Money
From special bill payment services to discount schemes at big retails, women specific cards, have it all. Added benefits such as cash back facility, accidental insurance cover, and lower maintenance charges, are also commonly offered. Some of the cards for women are:
HDFC Bank
Easy Shop Woman's Advantage Debit card
Rs 1 as cash back on a purchase of Rs 200 for a year, 50% discount on locker fee for one year, special rates on purchase of gold bars and a personal accident insurance cover of Rs 2 lakh.
Citibank
Woman’s Visa Silver Card
Free card for life, free additional card, one reward point for every Rs200 spent and discounts at various merchant establishments.
Standard Chartered
Diva Card
Free health check-up at leading hospitals once a year, bill paying facility, discounts at beauty salons.
Insurance
With changes in the society, women today have a position and their lives are considered as important as their male counterparts. Insurance products for women have been designed to cater specifically to ailments and concerns women commonly face such as complications of pregnancy, on-the-spot assistance for lady drivers and critical illness benefit covering *** and cervical cancer.
LIC
Jeevan Bharati-1
Money back policy offering critical illness cover for pregnancy- and women-related diseases and medical cover for child born with congenital problems
Birla Sun Life
Birla Sun Life Woman First
Cover for pregnancy and women –related diseases plus a guaranteed return of 3%.
Kotak
Kotak Preferred term life
Rs 50 lakh cover for 25 years to a 30-year-old female for an annual premium of Rs 5,984,
HDFC Life
Sampoorna Samridhi
Dual benefit of endowment plus a whole life plan. Option of either receiving an enhanced maturity amount at the end of policy term or a maturity amount with an additional sum assured on death up to the age of 99.
Loans
For women borrowers various lenders offer low interest rate loans for marriage, education or buying a plot. Exclusive gold loan schemes for women are also commonly offered.
Bank of India
Star Mahila Loan
Loan for buying gold at 13% p.a.
Dena Bank
Dena Shakti
Attractive loan scheme for women entrepreneurs
Corporation Bank
Corp Mahila Power
Provides personal loans at a rate of at least 1.5-2.5% point lower than personal loans available with the same bank
Though most of these offers and schemes may seem to be cheaper and attractive, one must have a good understanding of their financial position and basic requirement before opting for one. Choosing a product exclusively tailor made for women is definitely a good option, nevertheless weighing all pros and cons is a must before taking the plunge.
Note: Most of the above figures are dynamic and may change anytime depending on discretion of the institution.
Source: InvestmentYogi is one of the leading personal finance websites in India