Women, Never Miss This Investment Tip: CEO's Million-Dollar Advice

Women have long been the backbone of their families, but it’s time they secure their own financial future. This year's theme for International Women's day is ‘Accelerate Action’, and women should take action toward financial literacy, leading to financial and psychological well-being. 

In India, a staggering 70% of women do not have any form of insurance. This means that a vast majority of women remain financially vulnerable, relying on their families or employers to safeguard their health and future. Despite growing financial independence, women are often excluded from critical financial decisions.

Nehal Mota, Co-founder & CEO of Finnovate, highlighted an important gap and shared that even today, financial decision-making in many households is limited to the male members of the family. Women, despite being highly educated and earning well, are often not part of financial planning discussions. 

“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. Financial independence isn’t just about earning; it’s about securing your financial health through smart decisions”, she added.

Why Is Insurance Essential for Women?

Women, on average, live longer than men. According to global data, the average life expectancy of women is around five years more than men. This means they require prolonged financial support, making insurance—especially health and term plans—a necessity.

“If women outlive their spouses, it becomes even more critical to have independent coverage. Without sufficient insurance, medical expenses in later years can become a burden”, she added.
Yet, many women either believe that their corporate health insurance is enough or assume their spouse’s coverage will suffice. Mota strongly advises against this assumption, noting that your corporate insurance is tied to your job. 

“What if you take a career break or switch jobs? Having personal health insurance ensures continuity and complete protection”, she further added.

She also warns against delaying insurance purchases, informing that Insurance premiums are lower when you’re young. Once a medical condition develops, getting good coverage at an affordable rate becomes difficult. She urges women to buy policies early and ensure that critical illnesses are covered to avoid financial distress in the future.

Insurance Tailored for Every Stage

Mota stresses that no woman should feel financially vulnerable when it comes to her health: A woman’s insurance needs evolve as she transitions through different life stages:
Young Professionals: Young professionals should invest in term and health insurance early, when premiums are low.
Married Women: Can opt for a family floater plan that includes maternity benefits and infertility treatments.
Retirement Planning: Those nearing retirement should secure senior citizen health insurance that covers critical illnesses and day-care treatments.

“At no point should any woman have to worry about how she will pay her medical bills. Insurance provides peace of mind”, she added.

Making Insurance Affordable 

A major misconception about insurance is that it is expensive. “Most insurance plans cost less per day than a cup of coffee,” Mota points out.
“Breaking down costs into monthly or quarterly payments makes it much more manageable.”

Mota informed about some initiatives like Government-backed schemes like Pradhan Mantri Suraksha Bima Yojana, which provides accident insurance for just Rs 20 per year. Additionally, women in Self-Help Groups (SHGs) can benefit from group insurance plans, making coverage accessible even for those with financial constraints.

The Role of Financial Literacy 

One of the biggest barriers to women purchasing insurance is the complexity of the process. Mota shared that many women find insurance jargon intimidating and tedious, which discourages them from investing time in it. 

To counter this, she advocated for more financial literacy programs tailored for women. “We need financial education initiatives in schools, colleges, workplaces, and community centers to empower women with the knowledge to make informed decisions”, she added.

She also suggested creating a unified digital platform where women can access information in regional languages, similar to mutual fund awareness campaigns. This would bridge the gap and make insurance information more accessible to all women, regardless of their background.

Gender-Specific Insurance Needs

Women’s health needs differ significantly from men’s. Mota declared that maternity care is a crucial component, and women should invest in maternity insurance at least two years before planning a pregnancy, as most policies have waiting periods. Mota advises that a good maternity plan should cover:
Hospitalization costs
Pre- and post-natal care
Delivery expenses (both normal and cesarean)
Newborn vaccinations

Beyond maternity, women should ensure their insurance includes screenings for breast and cervical cancer, PCOS, osteoporosis, and other hormonal disorders. Those with a family history of genetic diseases should seek comprehensive coverage early on.

Take Charge of Your Financial Future

To instill financial responsibility from a young age, Mota suggested gifting insurance instead of traditional presents. She also called for government incentives, such as tax benefits, to encourage early insurance purchases. Buying insurance early keeps premiums low and ensures uninterrupted coverage when it’s needed the most.

“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”, she said.

Mota informed that marriage, childbirth, and even divorce significantly impact a woman’s insurance needs. She stresses that women should update their health insurance after childbirth to include their newborns and ensure coverage for pediatric care and vaccinations. In the unfortunate event of a divorce or the loss of a spouse, having independent insurance prevents financial vulnerability.

“If you already have an individual health plan before marriage, don’t discontinue it. Instead, you can opt for a family floater plan in addition to your personal coverage”, Mota added.

Employers can play a significant role in bridging the insurance gap for female employees. Many companies offer corporate health plans, but Mota cautioned that you should always have a separate health insurance plan outside your employer’s coverage. Job changes are unpredictable, and once you leave a company, you lose that insurance.

The Power of Digital Tools in Insurance Awareness

Technology can simplify insurance selection and management.  Mota informed that they are launching FinnSure on the Finnovate app to make insurance easier for women. Digital platforms like this are the future of insurance management, making it more accessible and efficient for women everywhere.

“With FinnSure, you can explore, compare, and buy the best premium plans tailored to your needs. The app helps you track all your policies, manage premium payments, and receive timely reminders to avoid lapses”, she added.

“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. Financial independence isn’t just about earning; it’s about securing your financial health through smart decisions,” she further added.