This Fathers Day give financial gifts

Henil Shah
/ Categories: Mutual Fund, MF Unlocked
This Fathers Day give financial gifts

Father’s Day is nearing. It’s on June 16 and many of you may have started wondering as to how can you make your Father’s Day special. There are various things that you may be planning such as a party at home along with some gifts to make him feel special and to show your love towards him. But why not gift him something this Father’s Day, something that would be beneficial for him in the long-term. This year give your father a financial gift.

1. Health Insurance Policy
If your father is not having a health cover yet or his current cover is not adequate for him then this Father’s Day gift your father with the health insurance policy which would help him in case of hospitalisation and not put any burden on his pockets. We all love our fathers and wish that in case of any medical emergency they should get the best quality service possible. So, here health insurance can help you in this respect. If your father is a senior citizen that means if his age is 60 or above then you can avail additional tax benefit of Rs. 30,000 under section 80D.

2. Mutual Funds
If your father is not retired yet then with the help of mutual funds you can help your father in accumulating a retirement corpus. This Father’s Day you can gift your father with a SIP (Systematic Investment Plan) in mutual funds which would help him in achieving his retirement corpus. In case your father is already a retired individual, then you can start a SIP in mutual funds to help him build a medical corpus which would help him if his health insurance falls short. Investment in mutual funds may also help him in fighting the inflation risk.

3. Recurring Deposits
If at all you don’t want to take risk with the principal that you wish to save for your father then you can very well opt for recurring deposits. This Father’s Day, being a conservative investor, you can gift your father a RD (Recurring Deposits). Though this may not give you good returns when compared to mutual funds, but can help you to accumulate capital with capital protection approach in mind.

4. Payoff Debt
When it comes to debt, it always sounds like having a burden on you. So, this Father’s Day help your father to pay off his debt completely. Having a debt-free life would help him to concentrate more on other things rather than taking stress towards repayment of debt.

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