Women in finance: A look at women centric innovations in finance

As you saw in the previous chapter, gender roles have evolved greatly. Women and finance, two aspects that rarely ever overlapped in the generations before yours, have now come together in an inspiring combination. In recent years, you may have read about many women in finance, who are making a mark in various areas.

Against this backdrop, the financial industry has also kept pace and has introduced various innovative products to cater specifically to women in finance. These women-centric innovations have made financial planning for women much easier.

If you’re wondering what these women-centric innovations are, you know what to do. Simply keep reading to find out how the financial industry has either introduced new products, or made innovative changes to existing products, to make them more beneficial for women.

Special savings accounts for women

When it comes to financial planning for women, opening a savings account is perhaps the best place to begin. To encourage more women to save for their future, many leading banks and financial institutions have come out with special savings accounts exclusively for women. These savings accounts work just like regular accounts, except that they typically come with some added benefits that empower the women account holders.

The exact range of benefits may vary from one bank to another. However, some common beneficial features of these women-centric savings account include:

• Lower minimum balance requirements
• Higher daily spending limit on the attached debit card
• Additional zero balance minor accounts
• Discounts on locker facilities
• Investment advisory services at concessional rates

Home loans for women

Home loans are typically expensive financial products. However, to promote home ownership among the women in the country and to bridge the gap between women and finance, many home loan financing institutions in the country have started to offer exclusive home loans for women. Much like the savings accounts for women we saw above, home loans for women also come with added benefits and features, which encourage women borrowers to avail loans and buy a house in their name.

Some common beneficial features of home loans for women include:

• A marginal discount of around 0.50% in the home loan interest rates
• Discounts in processing fees for women borrowers
• Relaxed home loan eligibility norms
• Concession on stamp duty for women, in some states

To avail these benefits, the loan needs to be availed by a woman as the sole borrower, or as the primary borrower in case there’s more than one borrower.

Debit and credit cards that empower

The banking sector has been relentless in its efforts to empower women with financial products that offer exclusive and functional benefits. Debit and credit cards have also evolved to offer a wide range of women-centric features. There are cards that offer varying kinds of benefits, such as those specific to working women, or those specific to homemakers whose spouse is the earning member of the family.

Some common benefits that women-centric debit and credit cards come with include:

• Cash back facilities
• Lower maintenance charges 
• Add-on accidental insurance
• Discounts on locker facilities
• Free annual health checkups at leading hospitals
• Discounts at leading retail outlets
• Unlimited cash withdrawals
• Redeemable reward points for select transactions

Women-centric life insurance

Women-centric life insurance is another case of beneficial product development for women in finance. Since women tend to live longer than men, on average, they are considered to bear lower risk. Insurers have taken this into consideration and have come out with life insurance products that reflect this natural advantage.

Women-centric life insurance policies come with beneficial features such as:

• Lower premiums than what’s charged for men policyholders
• Exclusive policies that covers women-specific illnesses 
• Cover for pregnancy and related expenses

These benefits are expected to encourage women to obtain a life cover, so they can secure their future and the future of their families. With many women now becoming additional or even the sole breadwinners for their families, it is becoming all the more essential for women to buy life insurance.

Health insurance for women

Certain illnesses like diabetes and heart disease may be common to both genders. But there are many health conditions that are specific to women. This makes the health needs of a woman quite different from a man’s. Thankfully, the health insurance industry has taken cognizance of this, leading to the issuance of health insurance policies centered around a woman’s requirements.

Here are some of the benefits that women-centric health insurance plans offer, depending on the terms and conditions.

• Cover for women-specific critical illnesses like breast cancer or cervical cancer
• Cover for extended maternity expenses, infertility treatment costs, or expenses incurred in case of any kind of congenital disorder in the foetus 
• Cover for the child’s education expenses in case the mother is diagnosed with a critical illnesses 
• Coverage for job losses in case of critical illness diagnosis

Wrapping up

These women-centric innovations have made financial planning for women more customizable and fruitful. If you haven’t taken advantage of these products yet, perhaps it’s time to consider adding them to your financial portfolio? Also, if you need more inspiration, head to the next chapter to discover 5 amazing women who have been trailblazers in the Indian financial industry.

A quick recap

• To encourage more women to save for their future, many leading banks and financial institutions have come out with special savings accounts exclusively for women.
• To promote home ownership among the women in the country and to bridge the gap between women and finance, many home loan financing institutions in the country have started to offer exclusive home loans for women. 
• Debit and credit cards have also evolved to offer a wide range of women-centric features. There are cards that offer varying kinds of benefits, such as those specific to working women, or those specific to homemakers whose spouse is the earning member of the family. 
• Women-centric life insurance is another case of beneficial product development for women in finance. Since women tend to live longer than men, on average, they are considered to bear lower risk. 
• There are also health insurance policies centered around a woman’s requirements.