FATHER’S DAY 2022: Father’s Day is just around the corner and you must be pondering over the gift for your dad. It’s quite common for all to buy a gift such as a watch, shirt, wallet, tie, belt or even a good book. These are all nice gifts that your dad may like, but does he really need them? Why not consider a gift which could be something different than the conventional.
Here’s a list of gift ideas that you can consider to offer financial freedom to your father.
- Health Insurance
The need for medical care goes up with age. The best gift would be to get your dad a suitable and extensive health insurance covering most ailments. You can consider a health insurance policy that covers old-age-related health issues.
Before finalising one, you should read the policy details and opt for the one which offers additional benefits like OPD visits. - Secure Retirement
Everybody dreams of a safe and secure post-retirement life and this can be ensured only with financial security. You can deal with your father’s worries for post-retirement life by ensuring a consistent flow of cash.
Inform your father about more rewarding investments than traditional financial products. You can even initiate an investment for him in mutual funds, bonds etc. Regular investment in small amounts over the years can build a significant corpus. - Educate him about the emerging financial world
The personal finance industry has drastically changed over the years and many new instruments have become quite popular. With the advent of digital platforms, many new investment avenues have opened up to financially secure your future.
Your father could be a believer in traditional financial instruments, but you can teach him about alternative investments. You can discuss with him how to diversify to mitigate risks. You can even make him meet a financial planner, who can keep a watch on all his investments and guide him properly.
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