Some must have investment products for working women

Updated: Wednesday, March 5, 2014, 15:36 [IST]

Women who until now hesitated to indulge in financial planning matters are aggressively coming forward to plan financials for themselves as well as their family. Indeed this is the need of the hour, as the heightened cost of living on account of inflation requires management of funds in a way such that together with savings, an individual is able to realize a substantial return enough to beat the rate of inflation.

1. Whole life cover insurance plan: For insuring the family against any financial crisis, as suggested by experts, working women should include a whole life insurance plan that pays sum assured value plus the accumulated bonus on the death or attainment of 80 years of age or completion of 40 years policy term, whichever is later. With a provision to pay the premium until 80 years of age or for a term of 35 years, investment in the plan can be made until the working years and thereafter the scheme could be used to finance retirement needs through systematic withdrawal.

2. Health insurance Plan: To meet medical exigencies over the life term, women should also invest in a comprehensive health care plan that could meet both their OPD, hospitalization or pathology related expenses.

3. Systematic Investment Plan or SIP: A long-term investment product that provides steady returns can be betted on in the early working years to reap high returns over the return.More so,
exposure in the equities market can be first taken through this route as it would ensure regular
savings as well as aid in understanding market dynamics.

4. Bank fixed deposits: For meeting liquidity needs, a working women should also park some
surplus amount in highly safe bank fixed deposits as the same while providing considerable returns shall also serve to provide for liquidity needs.

5. Senior citizen saving scheme: Basis, lifecycle investing, to earn comparatively higher returns, women in their sunset years can invest in senior citizen saving scheme.

6. Gold: Though women in general are known to have obsession for the yellow metal, investment in the bullion should be made only in the form of gold coins, gold bars, gold ETFs as otherwise an immense value is lost in melting.

Nonetheless, even the non-working women class should invest through their savings and as suggested a life cover for them should also be purchased. Know why?

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