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“Micro-pension will add to life security of women”

Staff Reporter

— Photo: R. Ashok.

DISCUSSION: Vijayalakshmi Das, right, Chief Executive Officer, FWWB, having a word with Jayashree Vyas, Managing Director of SEWA Bank, at a meeting in Tiruchi.

TIRUCHI: Five months after the launch of micro-pension by the UTI-Mutual Fund for the members of Self-Help Promotion for Health and Rural Development (SHEPHERD), an interface on ‘financial literacy for social protection’ gave a platform for the member-women, mostly from unorganised sector, to voice their feedback on micro-pensions and discuss about other viable financial securities.

In the meeting on Saturday with the Chief Executive Officer of Friends of Women’s World Banking, Vijyalakshmi Das, and the Managing Director of Self-Employed Women Association (SEWA) Bank, Jayashree Vyas, the women were told about the small scale insurances and the monetary cushions they could lay on later in lives.

Ms. Vyas said that the savings of 30,000 women associated with SEWA through micro-pension, in tie-up with UTI-MF, has added up to two-and-half crore in a year. And their returns have shot up to 13.5 per cent. Schemes such as micro-pensions and insurances would add to the life security of the women in the unorganised sector.

Ms. Das said the amount, when paid periodically, would not create financial shortfalls in their everyday budget but could prevent them from debt trap at times of accidents and health problems.

The founder-secretary of SHEPHERD, Peter Palanisami, observed that women tend to withdraw when it comes to investing for their life security.

Though the encouraging factor was that women organise their finances better by way of micro-savings, they were not inclined to institutional savings like micro-pension and insurances.

The Divisional Manager from United Indian Insurance Company K. Ravi and Chief Manager of UTI-MF R. Srinivasan spoke on insuring formalities and challenges in claiming insurance. The Director of NDFS P. Kottaisamy urged the women to start with small savings for a secured future.

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