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Today, women have unprecedented access to a variety of financial tools. Recognizing the importance of women’s financial empowerment, governments and private institutions have introduced tailored schemes and benefits. For instance, SEBI mandates companies to have at least one independent woman director on their boards. Here are some key benefits women can avail –
1. INSURANCE DISCOUNTS
Various insurers offer woman-specific plans for life and health insurance with discounted premium rates. Examples include HDFC Life Smart Woman Plan, Tata AIG’s Wellsurance Woman Policy, and Bajaj Allianz’s Woman-specific Critical Illness plan. Some health plans also offer discounts for girl children, such as the New India Asha Kiran health plan and Reliance Health Gain Policy.
2. SAVINGS BANK ACCOUNTS
Banks provide specially designed savings accounts for women with additional features and benefits. For instance, Axis Bank’s Women’s Savings Account offers low opening deposits, free cheque books, low monthly balances, and personal accident insurance covers. Similarly, ICICI Bank’s Advantage Woman Savings Account includes offers on skill-building courses and various discounts.
3. SUKANYA SAMRIDHI YOJANA
This government-backed small savings scheme is designed for saving for a girl child below 10 years of age, with rates declared by the government every quarter.
4. STAMP DUTY SAVINGS
Various states offer concessional stamp duty to women registering a property in their name, encouraging women to own property. This concession can result in significant savings on property registration.
5. LOWER LOAN RATES
Women borrowers often receive preferential interest rates on loans from banks or NBFCs, typically 0.05-0.5 basis points lower than normal rates, reducing EMIs or loan tenures significantly.
6. GOVERNMENT SCHEMES FOR WOMAN ENTREPRENEURS
Women borrowers taking loans from Banks or NBFCs often get preferential interest rates, typically 0.05-0.5 basis points lower than the normal rate. This reduction can lead to lower EMIs or a shorter loan tenure.
These initiatives not only provide financial benefits but also empower women, encouraging them to take charge of their financial well-being.