Widows with Wealth - How to managing money after losing a spouse

There are 40 million widows in India which is approximately 10% of the segment of women-population in India. In traditional Indian society, it is not an easy life for widows. In addition to the emotional trauma for losing her husband, there is the added financial trouble and stress especially so if the woman happens to be dependent and not working. Therefore, it is important that financial inclusion must be ensured for such women.

First thing a widow should do is to determine how much cash assets she has in the bank accounts so that all the short term requirements can be managed. Then they should prioritize their obligations, re-title all the accounts, and examine family assets, business ownerships, and transfer of properties in their own name. When you ascertain how much cash you have left after taking care of the day to day requirements you should figure out how and where to use them so that they grow in time and help you achieve your future financial goals.

In India Life insurance is the most popular form of insurance which people use in order to protect them against certain unforeseen events like death. After the death of her husband, a widow should try to contact a certified professional to process the formalities so that she can use that money for her future requirements. So when the wife receives the amount in lump sum mostly she puts that money in the bank account or make FD so that they can be used later in case of meeting life goals like marriage of the children. FDs usually provide higher interest percentage than saving accounts so it’s more attractive which can be broken anytime in case of emergency.

A woman should use her wealth wisely rather than making rash decision she can contact a financial advisor who can advise her where she should invest her money. HDFC Life provides various saving and investments options which will help you grow your money. There are many woman specific plans which are made specifically to suit the needs of women at different stage of life. You can chose an equity linked security if you’re looking for high returns with high risk or balanced security if you want less risk with less but sure returns than equity linked security. In the end these policies give you more amount than invested and various benefits. You can partial withdraw the amount from your policy after locking period ends, you can even discontinue the policy with no charges after a few years, you can decide the payout frequency and settlement period, you can switch plans whenever there is a better option in the market and there are no charges for it. You can also opt for monthly payouts instead of lump sum payments which gives stable monthly income to look forward to.

As mentioned, HDFC Life offers HDFC Life Smart Woman plan – a women specific plan that offers the opportunity for making your money work for you and for financial growth. For details, click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan.

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