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Women's Day: Financial Products For Women Research Team | Posted On Monday, March 05,2018, 04:34 PM

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Women's Day: Financial Products For Women



Women's Day is just 3 days away. You must be thinking of doing something really special this Women's Day. Maybe throw a special party for old friends or buying a gold necklace. Perhaps a holiday which is long overdue. But, have you thought of something really important. Have you planned your finances? If not, there is no better time to start than Women's Day?

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Women's Day: Financial Products For Women

Many banks and financial services firms, offer special financial products for Women. Let's take a look at some of these financial products.

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1. Avail life insurance this Women's Day

Insurers charge women lower premiums on life insurance plans, for the same sum assured. This is because studies show that women have a higher life expectancy than men.

You can get an idea on the insurance coverage you need, from our human life value calculator. Insurers believe that the likelihood of a death claim by women insured under life insurance plans, is much lower compared to men.

So...You can expect the premiums charged on term life insurance plans for a 34-year male, to be the same as that of a 31-year-old female, for a similar sum assured and policy term.

So why not avail a term life insurance plan with your spouse as a nominee, this Women's Day?

SEE ALSO: Insurance Policies For Women

2. Women enjoy lower interest on home loans

Banks offer a lower interest rate on home loans, if a woman applies for a home loan or she is a co-applicant to a home loan.The home loan interest rate difference (man vs woman) can be around 0.05%. This is also true for car loans.

While this might not look like big savings, the difference is substantial as home loans have a long tenure and a higher loan amount. Let's understand this with a simple example. Let's say a man takes a home loan of Rs 30 Lakhs from the bank for a tenure of 20 years, paying interest at 8.65% a year.

A woman takes a home loan of Rs 30 Lakhs for a tenure of 20 years, paying interest at 8.6% a year, as the bank offers her a discount on home loan interest rates.

The difference in savings is nearly a Lakh over the home loan tenure. A joint home loan with spouse also helps save on income tax as both of you enjoy Section 80C benefits on home loan principal and Section 24 benefits on home loan interest.

So why not a home loan to buy your dream home this Women's Day?

SEE ALSO: 5 Financial Planning Tips For Housewives To Secure Their Future

3. Special savings bank accounts for Women

Banks offer special savings bank accounts to encourage women to save. There are customized savings bank accounts for women, where you enjoy rewards and cash backs, if you shop for clothes, food, wellness products or entertainment, using bank debit cards. Be Wise, Get Rich.

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