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Why Women Must Be Included In Financial Inclusion?

IndianMoney.com Research Team | Updated On Thursday, March 09,2017, 06:09 PM
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Why Women Must Be Included In Financial Inclusion?

 

 

 

Financial inclusion and the progress of the Nation are like two sides of the same coin. If the Nation has to progress, financial inclusion is a must. Financial inclusion….It’s a tough word….What does it mean?Financial services such as banking and insurance, reaching you and other citizens in every nook and corner of the nation, is called financial inclusion. Let’s take a look at this interesting fact on the gender pay gap. Indian women earn 25% less than men. Yesterday was International Women’s Day. Don’t you think women working so hard deserve more pay?

Now to the big question. Why should women be included in financial inclusion? Poor women bear the brunt of poverty in the nation. Isn’t it right for you and other women to be given an opportunity to exit poverty? What better way than financial inclusion?

If you or any woman knows the importance of insurance or having a bank account, would you not persuade your husband/son/brother/parents to get insured or open a bank account? Don’t you think this will help financial inclusion in the country? Want to know more on investment planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and Capital markets.

 

Why are women excluded from financial inclusion?

 

It’s commonly believed that a large number of women in India are illiterate. This leads to you and other women being excluded from the financial inclusion process. Studies have shown that poor, illiterate women can study basic Maths. You and other women can easily become small entrepreneurs and earn money for your family. 

Women’s self help groups are educating women on the need for financial inclusion. Don’t you think this is a great idea?

 

Why Women Must Be Included In Financial Inclusion?

 

1. Women understand the importance of life insurance

 

In villages in India, men/husbands earn and you and other women take care of the family. Your husband might be the sole bread winner of the family. In the absence of the primary bread winner of the family, how would you take care of the financial needs of the family? Knowing this…..Would you not persuade your husband to avail a term life insurance plan?

All your husband (life assured under the plan), has to do is avail a term life insurance plan, by paying the premium to a life insurer. This premium is paid for a fixed time period called tenure of the plan for a sum assured. God forbid, if something happens to your husband, the life insurer will pay you (nominee), the sum assured called the death benefit. You get nothing if your husband/life assured, survives the term of the plan.

You and other women understand the importance of life insurance. The death benefit will help you and your children, enjoy the same quality of life you currently enjoy, even in case of an unexpected demise. Term life insurance also charges a very low premium. Your husband enjoys peace of mind and feels that is really taking care of his family. You will also be doing your part for the growth of the nation.

 

2. Women understand the importance of a bank account

 

You and other women are great savers. Don’t believe this….Just take a look at your wife or mother saving money. So why do women in villages save money? Many a time, some men in villages in India, are heavy drinkers. The women of the family see money getting wasted and secretly save money for tough times. When these men need money to drink, they threaten their wives and take the money. Women to protect their money (secret savings) from husbands and family members, could open a bank account and deposit money, protecting their savings.

The Prime Minister Narendra Modi, launched the Pradhan Mantri Jan Dhan Yojana (PMJDY), on 28th August 2014. The aim of PMJDY is every household in India must have a bank account. You must open a PMJDY account which is a zero balance savings bank account. You get life insurance and accidental insurance with your PMJDY account. You also get a RuPay debit card to withdraw money from your savings bank account at any ATM. Though PMJDY is not a scheme specifically for women, you and other women enjoy a great benefit under this scheme.

If financial inclusion is to succeed in India, women must be included under it. If women do not participate or are not included under financial inclusion, then it would be an utter flop. Women encourage their husbands/parents/brothers/sons to get insured or open bank accounts and promote financial inclusion. Be Wise, Get Rich.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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