Valentine’s Day 2018: Gifts like flowers, chocolates and dinners are a thing of the past. Why not give your spouse something that benefits her/him in the long run?
Valentine’s Day is finally here and it’s time to make your better half feel special. Flowers, chocolates and dinners are a thing of the past. Why not give something that benefits them in the long run and they can possibly gain from as well? For the occasion we have picked a bunch of financial assets you can either gift your loved one or introduce them to the same for a secure future. After all, the value of a financial product unlike that of a physical gift appreciates with time, making them everlasting.
Based on your budget, you can either pick a one-time investment product or introduce your spouse to a monthly/annual investment asset by gifting the first instalment this Valentine’s Day.
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If your spouse is solely dependent on an employer-provided corporate health insurance cover, you can buy them an individual health insurance plan, or a new family floater for the whole family which includes you spouse.
Considering healthcare-related expenses have only been going up, a health insurance policy would definitely be of great support in case of any emergency or chronic illness for that matter. However, before you zero in on the insured amount, do assess the coverage your spouse would need in terms of hospitalization cost, medical expenses, day care etc. Also, compare the features on offer and the premium cost before you pick a product.
What’s also good about this gift is that it can be a total surprise as unlike other financial products you do not need to get your wife’s signature or approval for the same, unless it is an individual policy.
MFs have high growth potential that can beat inflation and fetch tax-efficient returns. You can either invest a lump sum amount or start an SIP for your spouse. In case of SIP, your spouse can contribute towards the fund as long as he/she wishes to. After a point, if you or your spouse wishes to stop contributing, you can let your accumulated money lie in your account and grow.
To invest in your spouse’s name, you need them to complete the KYC process and authenticate their accounts in their name. Thankfully, all of this can be done without getting up from your couch. You can open a mutual fund account online, just as you shop on e-commerce websites. You can visit any online fund aggregator or buy directly from the fund house’s website. Remember to pick a highly rated fund with a track record for excellent performance.
Gold always qualifies as a valued gift item not just because of the sentimental value attached to it but also due to its appreciating nature. You can buy the yellow metal as jewellery or in the form of ETF. When an investor invests in units of gold ETFs, gold of the same amount is bought and stored with the custodian. The price of gold ETFs reflects the domestic price of gold.
Real estate isn’t a gift you can buy instantly since there is some paperwork and research involved, but a new house or property is a great investment. A joint home loan can be taken in this regard to fund the purchase of your dream home as it’s a great way to enhance tax savings. In a year, principal payment of Rs. 1.5 lakh and interest payment up to Rs. 2 lakh can be claimed as deductions.
(The writer is CEO, BankBazaar.com)