Win your father’s heart this Father’s Day
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health plan
If your father is elderly, then you can gift him health insurance. A good health cover can be of great help in case your father gets hospitalised. It is not easy for the elderly to get health insurance as they are more likely to fall sick. In such a situation, if you give this gift to him, it will come in handy in times of need and will reduce your medical expenses. Many companies provide health insurance to senior citizens by checking their health.
emergency fund
Emergency fund is a separate savings account. It can be used in emergency. It can be used for things like job loss, medical expenses, home repairs etc. In such a situation, if you gift an emergency fund to your father on Father’s Day, it will prove beneficial for him as well as the whole family. According to experts, you can start an emergency fund with an amount of Rs 1-5 lakh.
loan repayment help
If there is a loan in your father’s name, then the best gift would be to help him repay the loan. This will reduce their financial burden. Helping father in repaying the loan will be considered as a good gift. You can give them peace of mind and a fresh start by paying off their existing debts. In such a situation, according to your capacity, you can repay the loan completely or you can also repay a part of it.
start sip
According to experts, you can start SIP to strengthen your father financially. In this way, you can invest in long term and create a good fund, which will be useful for their future. Investment is the best way to grow wealth over time with less capital. This Father’s Day, you can start a small SIP for your father.
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financial plan
You can opt for a comprehensive investment plan for your father in consultation with your financial advisor. You can make them investment partners in everything from government schemes to mutual funds, equity and more. With a proper financial plan and investing strategy, you can ensure that even after retirement, your father does not run short of money and does not have to compromise on it.
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