Father's Day Special: Amazing ideas! Present these 3 financial gifts to your dad
Father's Day is here and if you are planning to gift your dad a 'cool' gift this year, you can consider these financial options. Financial stability and fitness is one of the most precious things that you can give to your parents.
Father's Day is here and if you are planning to gift your dad a 'cool' gift this year, you can consider these financial options. Financial stability and fitness is one of the most precious things that you can give to your parents. When its about your father, who has always been there for you in your whole-life, you should definitely think about his financial future. Pankaj Mathpal, MD, Optima Money Manager told Zee Business Online, ''Financial fitness is the best gift that you can give to your parents, one should take care of his parents' health and financial stability and should consider various options available in the market."
Well, Father's Day can be an ideal day to surprise your dad with a best financial gift, if you have not yet planned yet. Here are 3 amazing options which you can opt for your Father:
1. Mutual Funds:
Equity based investments are the best investments one can have for a future financial stability. Indian equity market has given returns of over 15% on an average in last 10 years, making it the highest returning asset class in the market.
Mathpal explained, ''Stock market can be a risky option to try out but mutual funds can be the best gift to give your parents a stable and cheerful life. As mutual funds are managed by AMCs and experts, you can form an SIP and can allow your parents to have its returns in case of urgency or to fulfill their needs.''
2. Health insurance:
Health is the most important aspect of human's life. Human life is subject to various risks and heath or medical insurance is a must have thing for your parents. You should have an ideal health insurance plan for your father, so that he can insure his life in case of any medical urgency. All you need to do is to pay the premium of that particular plan and can help your father or both parents to have a worry free life.
3. Government schemes (Senior citizens):
Mathpal further added, ''You can also gift your father some government related schemes, as they insure secured and risk free returns for a log term period. These plans are the pension based plans and the pension amount is taxable in both the schemes.''
a. Pradhan Mantri Vaya Vandana Yojana: Under PMVV Yojana, senior citizens (60 years and above) gets a guaranteed interest of over 8 to 8.5 per cent for 10 years. The investors can pick from four pension payment options- monthly, quarterly, half-yearly and yearly. This scheme gives regular pension for 10 years to senior citizens for the chosen time frame. It also has a death, maturity benefits too.
b. Senior Citizen's Saving Scheme: Under SCSS, senior citizens (60 years and above) gets a guaranteed interest of over 8.5 to 9 per cent for 10 years. The tenure of this scheme is 5 years with the option to extend it for 3 more years. An individual can invest a maximum amount of Rs 15 lakhs, individually or jointly in an SCSS account (in multiples of Rs 1,000).
These are the few options, which you can gift to your father, while depending upon your financial appetite, you can give them exposure to any asset class with less risk and better outlook like, real estate, gold, fixed deposit, rental income, recurring deposit, dividend based income, PPF, NSC etc.