Fathers are special, and this Father’s Day provides a perfect opportunity to do something for him which reflects your love and concern. Every father toils hard for most of his life to provide his children a comfortable life and quality education. He earns, saves, and spends on his children for their higher studies, wedding, and other countless needs, to make sure they are safe, comfortable, and have everything they need.
Now, it’s your turn to ensure he lives comfortably during the golden years of his life without facing any financial hurdles. It is important to take steps to make sure his post-retirement years are hassle-free and joyful. You can create a retirement corpus for your father by giving him the most precious gift this Father’s Day by investing in Senior Citizen Fixed Deposits.
You can replenish your father’s depleting corpus and offer financial gifts that can reduce his fiscal stress, optimise returns and offer safety of capital. Here are few of the best financial assets that you can gift your father on this Father’s Day to ensure a financially secured future for him:
Fixed deposits of varying tenors
Fixed Deposits (FDs) are one of the safest options to grow your savings with guaranteed returns, stability of investment and safety of principal amount. Unlike the stock or commodity market, FD investment does not carry any risk as they do not depend on fluctuating market rates. You are assured of a guaranteed maturity amount at the end of the tenor.
You can invest in multiple fixed deposits of varying tenor to meet various financial needs of your father during his twilight years. By investing in Bajaj Finance Fixed Deposit, you can get attractive interest rates and flexibility to choose a tenor between 12 to 60 months. In addition to this, you can avail a suite of exciting features and benefits like flexible frequency of interest pay-outs, early withdrawals in case of emergency and you can even avail a loan against your FD.
Moreover, senior citizens are entitled for an additional rate of interest over normal FD interest rates. Find out more about Senior Citizens Fixed Deposits before you plan to gift one to your elderly father. Apart from high returns, flexibility and stability on your investment, you are also entitled for tax benefits under Section 80C by investing in FDs. So, what can be better gift for your father than this financial product where you can invest as low as Rs.25,000 in flexible tenors.
You can also use the Bajaj Finance FD Calculator to evaluate your returns in advance and invest appropriately to meet all financial needs of your father.
Additionally, Bajaj Finserv also brings pre-approved offers for personal loan, home loan, EMI finance on different products, and other financial services. This simplifies the process of availing financing and helps save time.
A pension scheme for senior citizens
A pension plan which offers a fixed monthly income after retirement can be the best gift that you can give to your father. It could turn out to be an important asset for him to live a comfortable life during his golden days without feeling the pinch of financial crisis. Apart from the government schemes, there are various pension plans offered by financial institutions like banks, NBFCs, insurance companies, etc.
Once the policy period is over, the insured is entitled to receive a regular monthly income. There are Senior Citizen Savings Scheme by Post Offices where you can invest to build a retirement corpus for your father which can be used anytime in the future. You can also start investing in Monthly Income Plans (MIP) of mutual funds, though the returns are not guaranteed as they carry market risk.
A health insurance policy
The most important thing that starts depleting with age is the health. Increasing cost of healthcare facilities owing to growing medical inflation rate in India can cause serious strain to your father’s finances and can lead to depletion of all his savings in no time. Hence, gifting him a health insurance policy can be a wise decision as it can reduce his financial burden considerably.
You can include your parents in the employer’s group health insurance, however it does not provide adequate cover most of the times. It is advisable to buy an individual health cover for your father or include him in your family floater plan. Many insurance companies offers special health cover policy meant for senior citizens like him which cover a wide range of ailments.
Apart from covering against hefty medical expenses and providing peace of mind to you and your father, you can also avail tax benefits under section 80D by paying health insurance premiums for your father. Hence, with these financial gifts this Father’s Day, you can ensure a comfortable retired life for your father.