Women have always matched pace with their male counterparts in all walks of life and perhaps many a times have done better. Women’s success is not new if we go back to history with Jhansi Rani, Joan of Arc, Madam Currie, etc. to name a few. Now today’s women rule every facets of life. Having said that it will be unfair to only pay respect to the professionally successful women; we pay respect to the womanhood because it is woman who brings life on earth, it is the mother who loves their child selflessly and sacrifices their roaring career for family and also stand to the occasion to take the baton, if the need arises.
Today's women have a mind of their own and they like to manage their own finances. Banks & Financial Institutions have lined up women-oriented products to the new increasing women working & non-working women.
Let us evaluate these women-oriented financial products if they really offer value or are mere packing story.
1. Savings Bank Accounts & Debit Cards-Marginally better than normal bank accounts. It is hard to differentiate in a commoditized product such as savings bank account & debit cards, most have similar features such as lower minimum balance, increased cash withdrawal limits, cash-backs on debit cards and reward points on use-age. Some banks offer add-on personal accident insurance cover ranging between Rs 1 lakhs - 5 lakhs.
Some banks have some tangible benefits features packed for the women account holders:
HDFC Bank has one additional features covering hospitalization expense arising due to accidents upto Rs 1 lakh for women account holders.
Kotak Mahindra Bank - Silk Account offers discount on lockers upto 35%
BOI Mahila Saving offers discounted health check-ups through partnerships.
ICICI Bank offers 25% discount on 'A' lockers rental for first year. Free Jewellery Insurance of Rs 0.50 lakhs to the Rajbank Stree Shakti.
Life Insurance - Added features at lower price for women:
Online term insurance for women costs less. Working women who contribute financially must have their own term insurance. The above premium is before adding service for 30 year old non-smoker female for a tenure of 35 years with critical illness riders.