3 Fs - Father’s Financial Freedom on
Father’s Day
Fathers Day
is almost arriving. Its Fathers Day on June 19th and many of you may be
thinking about how you can make your Fathers Day memorable. You may be preparing a
party at home with gifts to make him feel special and to demonstrate your
affection for him. But, for this Fathers Day, why not give dad something that
will benefit him in the long run?
We provide
you with the option to try something new. You may assist your father in
planning his future in the same way that you assisted him in planning yours!
Surprise your father this Fathers Day by assisting him in planning his
retirement so that he may keep the same, if not a better, lifestyle once he
hangs up his boots.
Lets have a
look at some investing ideas that can make your father happy while also ensuring
his financial security.
1 - Mutual Fund
This is one
of our top selections for a financial present, and it can be given to any dad,
whether or not he is financially savvy.
Mutual
fund investment is still regarded as one of the greatest investment techniques for
regular people trying to make a profit.
If your
father has not yet retired, you can assist him in building a retirement fund by
investing in mutual funds. You may give your father a SIP (Systematic
Investment Plan) in mutual funds this Fathers Day to assist him to reach his
retirement goals.
If your father is already retired, you can establish a
systematic investment plan (SIP) in mutual funds to assist him to develop a
medical fund that will support him if his health insurance runs out. Investing
in mutual funds may also assist him in reducing the danger of inflation.
2 - Health Insurance requirements
If your
father does not have health insurance or if his existing coverage is
insufficient, this Fathers Day, give him a health insurance policy that will
assist him in the event of hospitalization without putting a financial strain
on him.
We all adore
our fathers and want that in the event of a medical emergency, they receive the
finest possible care. As a result, health insurance can assist you in this
regard. If your father is a senior citizen, meaning he is 60 years old or
older, you become eligible to avail of a deduction of up to Rs.50,000/- under
section 80D (of the Income Tax Act).
Kindly note
that this tax benefit is over and above the deduction limit of Rs.25,000/-
applicable on the health insurance premium paid for you and your family (spouse
and children).