Karwa Chauth is the celebration of fasting and praying for the long life of a husband. In return, the husband gifts something memorable to the wife. Covid-19 has taught each and every one the true value of life and importance of securing one’s health and future. Hence, this Karwa Chauth, we suggest gifting five such gifts which will not only be memorable but helpful in securing the life of a wife and the family as a whole.
Below are some gifts which will not only make your wife happy but help her in securing her future.
Sovereign Gold Bonds (SGB): Gold is the epitome of happiness for every Indian woman and Karwa Chauth has been one of the most revered occasions for gifting gold. However, rather than gifting physical gold, SGB is a much profitable alternative. SGBs are gold bonds which the Government of India issues at different points and investors can invest in 1 gm of denominations and units are allotted in the form of gold bond certificates.
SGBs provide the safest investment with low risk, convenience, capital appreciation, hedge against inflation and better than physical gold. Being a sovereign bond, purity is guaranteed. A coupon rate of 2.5% per annum on the value of gold is given by the government. SGB also gives long term capital gain after three years and tax exemption if redeemed on maturity.
Systematic Investment Plan (SIP): SIPs have become a strategy for investors to make regular, long-term investments. Invest small amounts in the name of your wife, at regular intervals. You can start with an amount as small as INR 500 and choose the frequencies as daily, weekly, quarterly, monthly or yearly. Keeping in view the volatile market conditions post Covid, SIPs are one of the best investment options for the average investor who wants to make good profits.
Term Insurance: People often undervalue the importance of life insurance, keeping it as a part of later investment in life or not investing at all. One might surprisingly find that he is not as prepared for the unexpected as he thought. Term insurance ensures that the family is financially protected against uncertain times like the death of the husband. Whether it is for replacing lost income or paying for your child’s education or helping family deal with the financial liabilities like home loans/ credit card loans, life insurance does it all.
Health Insurance: Post Covid pandemic, most people have realised the importance of investing in health insurance with good coverage. While many people didn’t invest in health insurance because of high premiums, many others did not consider it important. However, investing in health insurance with large medical insurance cover always saves people from high medical expenditures in case of a health crisis. Husbands can also consider gifting Corona Rashak and Corona Kavach policies to their wives.
Besides term plans which give financial security to wife in case of eventuality, one should also consider gifting plans which will secure the future in case of living too long, which due to medical science is a fact nowadays.
There are many insurance companies that are offering very good products specially which can help save money and offer returns more than return FDs these days. They can be used as pension plans as well. Additionally they offer life cover and tax free maturities which help in enhanced maturity yields.
While expensive jewellery or clothes might look alluring for any wife, securing her financial future is the best way to show how much you care for her. Investing in the right portfolio will not only take care of the needs of your family when you are alive, but can also secure their future in your absence.
(By Nitin Shahi, Executive Director, Findoc Financial Services Group)