Why being financially independent is critical for the women of today

March 17, 2022 12:26 pm | Updated March 21, 2022 03:12 pm IST

The times have changed — women are finally breaking out of the mould and shattering the glass ceiling in every field, be it politics, finance, sport or industry. The participation of Indian women in the workforce stood at 36% in 2021, which is a promising sign, even though there’s a long way to go.

The long-held belief that women must bear the primary burden of domestic responsibilities, exerts tremendous social pressure and prevents women from achieving their dreams. More crucially, these invisible shackles curb the financial independence of women, and that’s where the problem lies. For the longest time, women have been dependent for finances on the men in their lives; be it their husbands or fathers. It’s time for them to take the reins, and change the name of the game today.

With greater dissemination of information, women are beginning to understand that financial independence is critical, even though its implementation must be more proactive. In fact, according to a recent survey conducted in the country, women cited financial independence as one of their top three priorities in life! There’s more: about 30% of women find the cost of living a major barrier to being financially independent.

Are there any ways for women to gain financial independence? Let’s find out!

Invest to gain financial independence

Women have become more independent than ever before, and while they continue to shatter norms, it is essential they understand how to grow their wealth and ensure they are at par with men. Most women find it hard to manage their money, due to lack of guidance and scattered resources.

Investing is the first step to gaining financial independence for women. What’s also important to understand is that putting your money into the right instruments is as important as other aspects. That’s because there are several events in a women’s life — motherhood, taking care of elders in the family, and more — that may lead her to take a career break. Under such circumstances, having financial security acts as a security blanket.

Also, investing early is a good step. That’s because people have a higher risk appetite in the initial stages of their careers, as compared to the later stages. Moreover, women must start placing themselves first, before taking into consideration others’ needs. It is critical to build a safety corpus that includes a diverse range of investments to secure future needs, especially with greater exposure to risks, including inflation.

Investing in the right plan must also be a prerogative, which is why HDFC Life has rolled out just the right plan for women investors – HDFC Life Sanchay Plus.

What sets Sanchay Plus apart?

HDFC Life Sanchay Plus plan is a savings plan with multiple options that has been built with the purpose of safeguarding the family’s future. It is a non-linked savings insurance plan that offers guaranteed benefits as a lump sum or regular income.

Once you buy this plan, you can customise it to suit your needs and life goals by choosing any of these options –

  • Guaranteed Maturity plan - which offers a guaranteed Maturity benefit payable as Lump Sum at the end of policy term
  • Guaranteed Income plan - which offers a guaranteed regular income for a fixed term of 10 or 12 years
  • Life Long Income plan – which offers guaranteed regular income up to age 99 years plus return of premium at the end of the payout period
  • Long Term Income plan – which offers guaranteed regular income for a long term of 25 or 30 years plus return of premium at the end of the payout period.

Under Sanchay Plus, the policyholder also receives tax benefits as per prevailing tax laws. The policyholder can also strengthen their policy, by opting for add-on riders that ensure financial protection and added income benefits above the sum assured. In case of permanent disability due to an accident, you can get additional income benefits if you opt for the Accidental Disability rider. The plan also pays a lump sum amount, if the policyholder is diagnosed with any of the critical illnesses specified in the policy, if you opt for the Critical Illness Plus rider.

Here are some benefits of the plan:

  • Life cover to protect the family’s future
  • Steady income
  • Guaranteed benefit payouts
  • Guaranteed Income for a fixed term of 10, 12, 25, 30 years, or lifelong
  • Tax benefits as per prevailing tax laws
  • Return of total premium(s) paid at the end of the payout period if you opt for the Life Long or Long Term Income options.

The last word

HDFC Life Sanchay Plus ensures a steady stream of income, even in your golden years. For women, this serves as a good plan to ensure she doesn’t have to be dependent on anyone for her financial security. As they say, the true empowerment of a woman lies in her being financially independent!

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