Financial Products for Women to Invest In
When it comes to money, women have unique concerns and needs. But too often, the financial products marketed to them are either unsuitable or don't consider those needs. However, to secure their present and future, women need to be prudent with their choices, and this piece highlights some essential financial products that should be a part of every woman's portfolio.
Flexi-Fixed Deposits
Being prepared for emergencies is crucial to maintain your confidence. Most women do not know how they can access their contingency funds or insurance details in an emergency without any warning signs beforehand; however, keeping six months’ worth of expenses securely invested with the bank’s flexi fixed deposit ensures that one will always have access whenever needed.
Women can also take short-term loans with flexi FDs up to a certain percentage of the loan’s value, which varies across lenders.
Health Insurance
As a woman, you must opt for health insurance to safeguard your savings in the event of medical contingencies. No one knows when they need hospitalisation, so it is important to have health insurance in case of an unexpected medical emergency. Health care costs are inching up every year, and without insurance, even a simple visit to the doctor can be very expensive. Women have unique health insurance needs that must be considered when shopping for a policy.
From reproductive health care to screenings for breast and cervical cancer, women require a level of coverage that many standard insurance policies do not provide. In addition, women are more likely to experience certain chronic health conditions, such as autoimmune diseases and osteoporosis that may not be fully covered by a basic health insurance plan. For these reasons, it is essential for you, as a woman, to find a health insurance policy that meets your specific needs.
National Pension System
When it comes to retirement planning, most women take a backseat. However, it is crucial to financially prepare for retirement by creating a sizable retirement corpus, and this is where the National Pension System (NPS) can help.
The NPS is a defined contribution pension scheme, wherein subscribers contribute towards their own retirement corpus. The corpus is then invested in various instruments such as equity, debt, and government securities and the returns are used to provide an income stream during retirement. The NPS has several features that make it an attractive investment option, including low costs, flexibility, and transparency. The NPS also offers tax benefits, making it an even more attractive investment proposition.
Mutual Funds
Women have unique financial needs and goals, and they often face unique challenges when it comes to planning for their future. Unfortunately, many women don't take the time to invest in their financial well-being. Investing in mutual funds is one way to take control of your financial future.
Mutual funds offer several benefits, including the potential for growth and the diversification of your investment portfolio. And while there are risks involved with any investment, the potential rewards can be significant.To empower yourself financially, be a part of the Blue Bindi project today and be more confident in your financial decision-making.