Money Matters: Five benefits that women get exclusively

“Women and cats will do as they please, and men and dogs should relax and get used to the idea,” said American science fiction writer Robert A Heinlein once.

Of course, he might have said this on a lighter note, but women today have a few benefits that only they are entitled to, especially when it comes to money matters. So if you are a woman and want to know what all are available out there, here’s a quick list. Do make the most of this information. To know more read on.

Insurance policies: When it comes to insurance, women stand at the upside of advantage, with discounts on premiums for specific policies and a few policies specifically designed for them.

Life: When women buy life insurance they pay slightly lower premiums than men, because it is believed that the fairer sex has better longevity. These discounts on premiums can be in the range of 5-8 percent. Ensure that you buy yourself a term policy since they are cheaper than other life insurance offerings. And, for women since the premiums are lesser still, it is like icing on the cake.

In fact, traditional endowment plans too offer lower rates to women, but we recommend a term plan as a choice of life insurance cover.

Health: As far as health insurance goes, as of now, you don’t get any discounts on premiums, but insurance companies have already approached regulators with a proposal for gender-based health insurance policies. See here.

If this proposal gets passed, you might have to pay slightly lesser premiums for health insurance in the future. But as of now, there are a few benefits which women enjoy.

Maternity benefits

Employer’s cover: Most employer’s group health policy offers maternity benefits which may come with an upper limit for the cover. It’s usually not more than Rs 50,000.

Own policies: However, you need not rely only on your employer’s group medical policy entirely to claim the maternity benefit. There are a few individual policies that offer these maternity benefits. Do check if the policy has a waiting period, before the maternity benefit kicks in.

Critical illness: Keep in mind that many health insurance policies also come with specific riders for health insurance, for diseases specific for women. A few companies also have stand-alone critical illness policies. If you have a family history of such illnesses, it makes sense to include those riders or buy stand-alone policies which cover a wide range of critical illnesses.

Motor insurance: A few insurers have started offering a lower premium amount for female drivers as women are considered safer drivers. So do check for those discounts which could be as much as 5 percent of the premium amounts.

Before buying any policy, it’s wiser to check the policies which offer women-specific products or premium concessions, and comparing them with general policies.

Married woman property: If your husband plans to buy life insurance policy, there’s an act which could work for you as a women. The Married Woman Property (MWP) Act is a law which can be used to safeguard your wife’s and kids’ future. In fact, the Act was put in place with the intention to safeguard a married woman’s property from creditors and family members. So, ensure that your husband buys his life insurance under this Act. To know more about this act, read this.

Banking products

Loans: When it comes to education loans, women get up to 50-100 basis points cheaper interest rate from PSU banks. A few co-operative banks also provide loans to buy jewellery. In fact, some housing finance companies offer discount on interest rate on home loan as well.

Cards and savings accounts: Most private banks have savings account and debit and credit cards specially designed for women. These offer rewards points which can be redeemed for groceries, appraisals, wellness programmes, health check-up etc.

When it comes to loans, these discounts are fairly simple to understand. But when it comes to cards and savings accounts reward points and other benefits, there are usually some conditions that apply. Don’t just go for these blindly, simply because they offer those benefits, see requirements you need to fulfil, for getting the benefits. For instance, most women’s savings accounts offer you a zero balance account, provided you are starting a recurrent deposit them for a minimum amount of Rs 2,000 a month.

Stamp duty: When you buy a property or get a property transferred in your name, you have to pay a stamp duty. Women pay lesser than men in many states in India. So, the total cost of property is lower, when you buy the property in a women’s name. Even if the woman is a co-owner in the property, the discount is available. For instance, if the stamp duty which a man pays is 5 percent, for a woman it could be 3 percent, while for joint property it would be 4 percent. Keep in mind that this benefit varies from state to state and there are a few states which do not give this benefit.

The intention of the article is to give women an overall idea of what’s on offer out there. Do your research to get detailed information on the above mentioned offerings. Happy women’s day.