Need for Financial Independence for Women -

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Introduction

Financial independence is not just about having money. It’s about having control over your life and making decisions that aren’t influenced by monetary constraints. For women, especially in India, achieving financial independence is crucial. It allows them to make choices that can help them lead better lives.

The Need for Financial Independence for Women

Women are making their mark in their chosen professions, shaping up the lives of their families for the better. However, when it comes to managing their hard-earned money, most women, either wholly or partially, still depend on their fathers, husbands, brothers, etc. This dependency can be reduced by promoting financial literacy among women and encouraging them to take charge of their own finances.

Government Schemes Promoting Financial Independence for Women

The Indian government has launched several schemes focusing on women’s lives, from entrepreneurship to maternal health. Here are some key schemes:

1. Pradhan Mantri Matru Vandana Yojana (PMMVY): This scheme offers a cash incentive of ₹5000 in three instalments for pregnant and lactating women.

2. Mudra Yojana: Aimed at fostering entrepreneurship among women, this initiative provides financial support to micro and small enterprises.

3. Mahila Samman Savings Certificate: This scheme offers a secure and beneficial avenue for women and girl children to grow their savings risk-free.

4. Working Women’s Hostel Scheme: This scheme addresses a critical need for safe and affordable accommodation for working women.

Loan Benefits for Women

Women’s business loans from the government of India are classified into three schemes, Shishu, Kishor, and Tarun, under the Pradhan Mantri Loan Yojana (PMMY). Each loan scheme’s loan amount varies, providing loans of up to Rs. 50,000 for start-ups and new businesses (Shishu), loans ranging from Rs. 50,001 to Rs. 5,00,000 for existing businesses (Kishor), and loans ranging from Rs. 500,001 to Rs. 10,00,000 for established companies and enterprises (Tarun).

Investment Benefits for Women

Investment schemes like E-Kisan Vikas Patra Scheme, Government Saving Bonds, Gold Monetization Scheme, PPF (Public Provident Fund), EPF (Employees’ Provident Fund), ULIP (Unit-Linked Insurance Plan) that also provide tax benefits, NSC (National Saving Certificate), SSY (Sukanya Samriddhi Scheme) and the latest small saving scheme Mahila Samman Savings Certificate are available for women.

Insurance Benefits for Women

Women-specific health insurance plans are available in the market. These plans are designed to keep women’s health issues in mind and primarily focus on pregnancy, childbirth, and related covers. Some popular health insurance plans for women in India include the Care Joy Plan, Star Women Care Plan, My: Health Women Suraksha, Cholamandalam Sarv Shakti Plan, and New India Asha Kiran Mediclaim Policy.

Conclusion

Financial independence for women in India is not just a need but a necessity. It’s high time every woman in India became financially literate and took charge of her finances. The government schemes, loans, investments, and insurance benefits for women are steps in the right direction. However, more must be done to ensure every woman in India is financially independent.