Women’s Day: Women will become financially strong if they do this – to be a financially independent woman must do these things
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Independent Term Plan for Housewives
Financial planning of any kind has always been linked to the income earning potential of the individual. Because of which housewives, who are the backbone of the family, are often left out of the safety net. Though they are not earning any kind of income, but housewives have always played a big role in strengthening the family financially. Earlier, they had to depend on the income and choice of their partner to buy life cover. In that too he was covered with only 50 per cent of the sum assured as the income multiplier was based on the annual income of the spouse. However, as times changed, insurance companies designed independent term plans specifically for housewives. This eliminated the need and dependence on her husband’s income and policy. This product has emerged as a significant step towards recognizing the contribution of a homemaker and insuring her life with adequate financial security. The cover amount in these policies goes up to one crore rupees which adequately covers the dependents of a housewife.
What is the eligibility criteria
The eligibility criteria for this policy consider the overall household income rather than the income of the policyholder. Under this, the annual household income should be at least Rs 5 lakh, and the housewife should have passed 10th or 12th standard. The schemes are available to homemakers in the age group of 18 to 50 years. For example, a 30-year-old housewife with an annual household income of Rs 5 lakh can buy a life insurance cover of Rs 50 lakh, which was earlier limited to only Rs 25 lakh and was dependent on the husband’s cover of Rs 50 lakh.
Guaranteed-return plan with special benefits for women
Investing still remains a male-dominated field. However, a secure financial future is the vital need of everyone. The financial industry recognizes this need and designs products that are effectively beneficial to women investors. Given the current market conditions, rising inflation and general uncertainty, it is imperative to make the right investments for adequate fund growth. Therefore, women looking to invest for the long term for life goals such as children’s education, marriage or their retirement should consider guaranteed return plans. These policies offer a fixed rate of return over time. While buying into these plans, you lock in the rate of return for the entire policy term, making them immune to market volatility. One can earn tax-free returns of up to 7.5% by investing in these schemes, making it a better option than traditional options like fixed deposits. To make the plan more beneficial for women, some plans also offer additional maturity benefits. For example, additional 0.5% maturity benefit for women investors.
annuity plan for women
India still ranks low when it comes to women’s participation in the entire workforce. Working women still need a strong retirement planning. So if you are a working woman, an annuity plan should definitely be on your radar as it is a safe pension plan. There are two types of annuity plans in the market – immediate and deferred. Depending on your preference, you can choose the plan.
Capital Guarantee Plan
Capital Guarantee Plan is for women who are ready to take a moderate risk on their investment while keeping the principal amount safe. Under this plan, the money invested is divided into two parts: 50-60% in a Guaranteed Return Plan, which secures the money invested in secured debt instruments, and the rest in a Unit Linked Insurance Plan (ULIP), which Takes advantage of market linked investments. This combination ensures that the policyholder gets a fixed amount at the end of the policy term. However, these schemes offer lower returns as compared to ULIPs. Also, in this scheme, the longer the tenure is invested, the higher the returns.
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