Among the many advantages of being a woman, the privileges available to working women are many. Banks and insurance companies offer quite a few financial products and plans that are specifically designed to cater to the needs and aspirations of working women. Here are a few of these plans and their features:
Savings Bank Account:
There are some banks that offer exclusive savings banks accounts for women with lower minimum balance facility, cashback on purchases, interest rates on loans which are lower by about 25 to 50 basis points, and many other features. Some banks provide dedicated relationship manager who acts as one point contact at the branch for all banking transactions. The debit cards offered to women bank account holders offer special benefits to women, such as discount on locker fees, cash back facility, accidental insurance cover, jewellery insurance, free bill pay facility, etc. Some of the SB account plans exclusively designed for women include ICICI Bank Advantage Women Savings Account, HDFC Bank Women’s Savings Account, Axis Bank’s Women Savings Account, IDBI Bank SuperShakti Women Account, Kotak Mahindra Bank Silk Women’s Savings Account, Yes Bank’s YES Grace Women Savings Account, Bank of India’s BOI Star Mahila SB Account, among others.
Some of the banks provide insurance cover to women account holders as an add-on to the savings bank account at a nominal cost. The insurance provides protection from critical illnesses such as cancer, paralysis, heart disease, etc.
Some of the insurance companies offer insurance covers exclusively for women for treatment of women-related critical illnesses. These policies provide cover for reconstructive surgery after mastectomy, complications of pregnancy and congenital disability among newborns.
Some policies provide covers for the treatment of accident as well as breast, ovarian and cervical cancer among women. Some of the insurance schemes for women include LIC Jeevan Bharathi-I, SBI Life Smart Woman Advantage Plan, HFDC Life Smart Woman ULIP, among others.
Loans for Women
In order to promote entrepreneurship development among women and empower them with their own home, some of the banks have created women entrepreneurship cells which offer finance at lower interest rates to women entrepreneurs. These banks offer credit at concessional interest rates, lower margins and extended repayment period. Some banks offer loans to women to buy gold ornaments, bars and coins at lower interest rates. Education loans for girls are offered at concessional interest rates, ranging from half to one per cent.