3 turning points in women's financial independence

Over the past few years, women in India have become increasingly independent with regard to their finances. The year 2005 was a turning point in this context. The Hindu Succession (Amendment) Act, 2005 (39 of 2005), which came into force from 9th September, 2005, Gave daughters the same right to their father’s property as sons. Another key development was the introduction of loans exclusively for women borrowers. Today, many leading banks in the country offer education loans, home loans, car loans, and even gold loans specifically for women. In recent years, there has also been an uptick in business loan schemes available for women entrepreneurs. Women now run less than 13% of India’s small businesses. These entrepreneurial loans may help increase that number steadily. And lastly, the development of women-specific insurance products have further increased the level of financial independence for women. Many top life insurers offer life insurance for women at more affordable rates of premium. And health insurers are increasingly coming out with products that cover maternity costs and women-specific ailments. Want to know more about women-centric innovations in finance? Check out the next chapter in this course.