Financial gifts for fathers: Today is Father’s Day. And what can be a better gift than making a financial life plan for your father, which will help him when his child is not around. And give them financial security and stability. The father fulfills every need of the children even in difficult times. From food, accommodation and education, they also take care of all the luxuries that are within their reach.
Fathers invest for the future of their children, but sometimes they forget about themselves and safeguard their interests in old age. Children can help them in this.
Better than clothes, perfumes and other special gifts, you can gift them something that will benefit them in the long run, like planning for retirement, medical expenses, fixed income etc. Let us know some such ideas, which can help them.
Gifting the benefits of health insurance can be one of the best gifts. Looking at the current situation, health insurance is one of the biggest priorities. There will be more benefits if you take it early. Covers that cover your medical and healthcare expenses are helpful as you get older. One can invest in term plans, pension schemes, health insurance schemes, senior citizen schemes etc. to secure his future.
sovereign gold bond
Sovereign gold bonds are issued by the Reserve Bank of India (RBI) on behalf of the government. This is the safest investment with low risk. It is better than physical gold. Being a Sovereign Bond, there is a guarantee of purity in it. The government gives a coupon rate of 2.5 per cent per annum on the value of gold. SGB also provides long-term capital gains after three years and also gets tax exemption when redeemed on maturity. Sovereign Gold Bond can provide financial stability and security to your father.
A small portion of the individual’s income can give financial stability to your father. Pension plans are designed by employers to financially strengthen their employees and avoid any uncertainty in their retirement years. Almost all insurance companies in India provide pension plans. The payment for such plans can be made on a monthly basis. Another advantage of pension plans is that some plans offer immediate benefits on lump sum payment.
Senior Citizen Savings Scheme
People of 60 years of age and above are eligible to take advantage of the scheme. This is one of the best investment plans for parents. There is zero risk in this government scheme and it is very easy to open an account in it. The tenure of the scheme is five years, but you also get the option to extend it for another three years. It has an interest rate of 7.4 percent. The maximum investment that can be made in this is Rs 15 lakh.
(By: Nitin Shahi, Executive Director, Findoc Financial Services Group)