Women have long been the backbone of their families, but it’s time they secure their own financial future. This year, the theme for International Women’s Day is “Accelerate Action,” urging women to take decisive steps toward financial independence. In a riveting insight from Nehal Mota, Co-founder & CEO of Finnovate, women are encouraged to delve into the world of insurance — a crucial area often overlooked despite their growing financial autonomy.
Changing the Financial Landscape for Women
According to Mota, a staggering 70% of women in India do not have any form of insurance, leaving them vulnerable and reliant on family for financial security. Financial independence isn’t just about earning; it’s about making smart decisions to secure financial health. “By taking proactive steps—learning about insurance, choosing the right coverage, and purchasing policies early—women can safeguard their future and that of their families,” Mota emphasizes.
Why is Insurance Essential for Women?
Women, on average, live longer than men, necessitating prolonged financial support. Mota points out, “If women outlive their spouses, having independent coverage is vital. Medical expenses later in life can become burdensome without sufficient insurance.” With these insights, women are advised to not solely rely on corporate or spousal coverage.
Tailored Insurance for Every Life Stage
Women’s insurance needs evolve through different life stages. For young professionals, Mota suggests investing early in term and health insurance when premiums are low. Married women could opt for family floater plans with maternity benefits, while retirement planning should include health insurance covering critical illnesses.
Breaking Down Misconceptions
Insurance isn’t as expensive as many perceive. “Most insurance plans cost less per day than a cup of coffee,” Mota illustrates. Affordable options such as the Pradhan Mantri Suraksha Bima Yojana and group plans for women in Self-Help Groups make coverage more accessible.
The Role of Financial Literacy and Digital Platforms
Financial literacy is crucial, with Mota advocating for more educational programs tailored for women. Digital platforms like Finnovate’s forthcoming FinnSure app are revolutionary, making insurance management straightforward and efficient by allowing comparisons, purchases, and policy tracking with ease.
Gender-Specific Insurance Needs
Women have distinct health needs. Maternity coverage should be secured well in advance of pregnancy, covering hospitalization costs, delivery expenses, and newborn care. Comprehensive policies must also consider screenings for conditions like breast cancer.
Take Charge of Your Financial Future
Mota suggests gifting insurance as a valuable financial gift, saying, “Imagine gifting health insurance to your daughter, niece, or sister. That’s one of the best financial gifts you can give—protection and peace of mind.” With this empowering advice, women are encouraged to take charge of their financial destiny, ensuring independence and security through informed insurance choices.
To cap off these insights; the message is clear — build a secure, independent future with the right insurance decisions today. As stated in Republic World, every woman should shield herself with knowledge and proactive action to ensure sustained peace of mind and financial security.
