Every year on Father’s Day, we buy cards, flowers, or small gifts for our fathers. But have you ever thought about what to give him that will not just give him happiness for a day but also provide comfort and security for years to come? This time you can invest in something different and more appropriate on Father’s Day. Give your father a gift that will make his retirement life more balanced. This gift will help make his life safe and enjoyable.
Health protection
Medical expenses are constantly increasing every year in India. According to a report, healthcare expenses are increasing by about 14% annually. In such a situation, giving your father the protection of health insurance is a very wise move.
If your father is between 50 and 70 years of age, try to get a health insurance plan for him that not only covers pre-existing diseases but also includes facilities like hospitalization and daycare. Nowadays many plans provide coverage of ₹20 to ₹25 lakh. Taking a multi-year policy also locks the premium and also gets timely rebates. This will give him financial security from medical expenses in his old age.
Golden plan for retirement
If your father still has a few years left for retirement from his job, then you can plan to invest in Unit Linked Pension Plan (ULPP) or other retirement plans. These plans invest in both equity and debt, which is likely to give better returns in the long term.
When the policy matures, you can withdraw 60% of the amount and arrange for a monthly pension by taking an annuity from the remaining amount. This is a great way to get a fixed income after his retirement. This will not only make him financially independent but will also help him live the life he wants.
Hospital cash assistance
As the age increases, the risk of critical illnesses also increases. Critical illness policy can be taken for serious illnesses like cancer, heart attack, and stroke. This policy provides you with a lump sum amount, which helps you to easily handle the treatment of the disease and other related expenses.
Also, by adding a hospital cash benefit rider, you can get a fixed amount per day even during hospitalization. This additional amount is helpful in meeting minor expenses during hospitalization, such as food and travel expenses, thereby reducing the burden on your pocket.
Long-term investment plan
Nowadays the average age is crossing 80 years, so it also becomes important to plan for 20-30 years of life after retirement. It is important to adopt a balanced investment strategy along with insurance to deal with situations like medical expenses and falling interest rates.
Consider long-term investment options for your father that help him fight inflation and become a source of permanent income. This can be a balanced mix of equity, debt, and real estate.