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  • Home / Specials

Top 5 schemes for women to take advantage of

Here are a few women-centric schemes that can make your journey towards financial independence easy

  • Hemanshi Tewari
  • Last Updated : March 10, 2021, 18:51 IST
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Women should manage their own finances and must embark on a journey towards financial independence.

We must have heard these lines several times. Whenever there is a conversation on women’s empowerment, these are the first things we get to hear. Definitely, financial independence should be the first thing when we talk about women’s empowerment. Here are a few women-centric schemes that can make your journey towards financial independence easy.

Term cover:

Term insurance cover is cheaper for women compared to men. Banks and insurance companies’ risk perception for women is different from men. Therefore, it shows in their pricing. Most women do not have independent healthcare policies. They are either covered under floaters or not covered at all. Considering women are more likely to have chronic health diseases, it becomes important to have one health insurance policy. And when you are getting the cover at cheaper rates then you must have one.

Sukanya Samriddhi Yojana:

The government has launched a small savings plan called the Sukanya Samriddhi Yojana that encourages parents to build a fund for future expenses of the girl child. Under this scheme, the account can be opened in post offices or any bank in the name of the girl child.

Protection under Married Women’s Property Act 1882 (MWPA):

Shweta Jain, founder, Investography, suggests women must protect themselves under MWPA. “MWPA means married women’s protection act which ensures that the money from the insurance proceeds in case of death of the husband cannot be attached for any other liabilities. It has to go to his wife and kids only. So it really helps if the husband is a businessman, to protect his family,” she said.

Mudra Yojana for women:

Jain said, “The scheme is beneficial for women entrepreneurs as they can avail up to Rs 10 lakhs loan for scaling up.” The scheme helps women finance their working capital requirements. The interest rates are cheaper and the tenure is for around 84 months. It is also available for business expansion and growth.

“Women can also invest in PSUs or PSU banks for good returns,” she said.

Latest: SBI offers special interest rates on home loans for women

On the occasion of International Women’s Day, the State Bank of India announced a gift to women of the country. “On Women’s day, we make it special with an additional concession of 5 bps* to women borrowers and interest starting at 6.70%* onwards,” said the bank in a tweet.

Your Dream Home. Our Goal. 🏡💭 On #WomensDay, we make it special with an additional concession of 5 bps* to women borrowers and interest starting at 6.70%* onwards. To know more, visit: https://t.co/L7SN4HqGFg pic.twitter.com/CuXWtvBhxD

— State Bank of India (@TheOfficialSBI) March 8, 2021

Published: March 8, 2021, 16:48 IST

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