On this Father’s Day, put aside these materialistic gifts instead give him gifts that help your father to financially ensure his safety. Akash Anand, founder, and general manager of DJT Corporation & Investments said, “Maybe it’s time to create a new world of memories that our father can truly and cherish in future” With advanced fixed deposits, mutual fund investment plans, insurance.
Here are some reliable gift options to keep your father safe in future times:
The SIPS mutual fund:
SIP, systematic investment plan has many advantages. First, it introduces the discipline of regular investment which can be monthly, quarterly, semi-annually, or annually, and withdraw on a set date.
Anand said that “SIP works perfectly and conveniently. It has an average value in rupee and allocates more units when stock prices fall and lower units when prices rise. When investing in a mutual fund, you can buy stocks in small amounts for only a few amounts. When we use SIP to maintain investment for a long time, the power of compound interest also comes into play and provide wealth in long-term.
Stocks that Pay Dividends:
Unlike small and medium-cap stocks, high-quality stocks can be expensive. Anand added, “top 10-15 stocks of top companies will pay you huge dividends in future”. Please note that you should choose top-notch companies that have paid dividends and bonuses in the past. The returns from these shares will be stronger than those from other equities, regardless of whether they are held for a long period or sold within a few years.
The senior fixed deposits from various banks offer good schemes for a senior citizen like an additional 0.50% interest rate over the public interest rate. A stable and reliable source of additional income after retirement will have a positive impact and provides financial stability. The Fixed deposit 5-year tax saving for senior citizens can help to save taxes while earning more interest.
Health insurance plans:
The Elderly Health Insurance Plan covers many medical expenses for the elderly, including past illnesses, critical illnesses, and even COVID-19. Anand also added that “For the elderly, health insurance can provide recurring benefits in the future”. During hospitalization, surgery, critical illness, trauma caused by accidents, and pre-existing diseases. If these insurance policies are timely Updated, they will apply to people under the age of 80 and renewable lifetime benefits.