The basics of financial planning don’t change for women investors. Setting financial goals, discovering your risk appetite and finding products that are in line with your comfort and your goals continue to be the cornerstones of financial planning. The products remain the same, but some have added benefits for women. Here’s how to use them.
Insurance
A health insurance policy, whether covered by employer or not, is a must. Go for a policy that pays for hospital bills and reimburses expenses incurred before and after hospitalisation. You could consider an individual policy or a floater policy that considers the entire family as one unit.
“Gender-based pricing is not adopted for health insurance in India as yet but there are policies that cover maternity benefits and pre-natal and post-natal expenses. Some also cover a newborn baby from day one under the mother’s policy. Also, there are women specific critical illness products,” said Shreeraj Deshpande, head, health insurance, Future Generali India Insurance Co. Ltd.
However, do look at the price as extra benefits may come at a cost and buy a comprehensive plan. “Maternity cover is a good option but also look at the price and the waiting period. In terms of critical illness covers, go for one that covers maximum illnesses instead of just going for a women specific plan,” said Kapil Mehta, co-founder, SecureNow Insurance Broker Pvt. Ltd.
