It is Father’s Day today. And what far better present can one assume of, than curating a monetary life program for father that could serve him even when the kid is not about, and provide him with the monetary safety and stability he deserves? Fathers are deemed the most sensible in nature, they provide for every single fundamental will need of their children, even throughout the most hard instances. They not only assure fundamental necessities like meals, shelter and education but also for the luxuries which they afford inside their implies.
Fathers invest for their children’s future but occasionally they have a tendency to overlook themselves and guard their interests for old age. This is exactly where the kid can step in and honor the man who sacrificed most of his life, to provide with all the possibilities and stability, the present of monetary fitness.
Clothing, perfumes and any other specific gifts can sure hold immense emotional worth, but may possibly not be adequate to express your gratitude and respect towards him. Sometimes it is wiser to assume out of the box and show how grateful you are by gifting him some thing which will bring him extended-term positive aspects, such as organizing for his retirement, healthcare expenditures, fixed revenue, and so forth.
Listed beneath are some investment concepts that can assist him reach monetary independence:
Health Insurance
Gifting the positive aspects of wellness insurance coverage may possibly be one of the most thoughtful gifts. Health insurance coverage is an utmost priority, maintaining in thoughts the existing situation. Such insurance coverage is a boon when purchased in early stages of one’s life. As it is stated “Human life is subject to various life risks”, it is best to avail for such covers, as for an ageing population covering up healthcare and healthcare expenditures can take a heavy toll on the family’s bread earner.
One can invest in many term plans, old age pension schemes, wellness insurance coverage schemes, senior citizen schemes, and so forth, to safe his future.
Sovereign Gold Bonds
Sovereign Gold Bonds (SGB) are substitute to physical gold, issued by the Reserve Bank of India (RBI), on behalf of the Government, an investment in SGB would prove to be a smart selection. SGBs provide the safest investment with low threat, comfort, capital appreciation, hedge against inflation and far better than physical gold. Being a sovereign bond, purity is assured. A coupon price of 2.5% per annum on the worth of gold is provided by the government. SGB also offers extended-term capital get right after 3 years and tax exemption if redeemed on maturity. GGBs can be a thoughtful present for your father. Unlike physical gold, SGB can provide monetary stability and safety to your father.
Pension Plans
A modest portion of one’s revenue can prove to provide monetary stability to your father. Pension Plans are plans formulated by the employers to assist their workers attain monetary solidity and to guard them from any uncertainties in their retirement years. Almost all insurance coverage corporations provide pension plans in India. Payments for such plans can be completed on a month-to-month basis. Another perk of pension program is that specific pension merchandise give quick sustenance on lumpsum payment.
Senior Citizen Savings Scheme
Senior Citizens of age 60 years or above are eligible for enrolling in this scheme. It is one of the most dependable investment schemes for parents as it is sponsored by the Indian government. This scheme requires zero threat, and it is rather uncomplicated and thoughtful to enroll fathers in the scheme and present him by opening an account in his name. The tenure of the scheme is 5 years, but you also get the alternative of extending it for 3 more years. The return price of this scheme is a excellent 7.4%. The maximum quantity that can be invested is Rs 15 lakh.
Framing a safe future is the greatest present one can give an individual. Apart from this, it is essential to educate fathers on why investments, savings and getting financially independent at that age is necessary. By undertaking all these, everybody will be shocked how grateful and secured he will really feel in instances of will need.
(By Nitin Shahi, Executive Director, Findoc Financial Services Group)