Mother's are our all life partners in happy and in worst of times. Most of us, can't even think of a moment without our Moms and to pay gratitude to them what is a better day than Mother's day. All over the world day, Mother's day this year will be celebrated tomorrow i.e. May 12, 2019.
So, here we suggest some good financial product options to not just give joy on this particular day but to provide her life-long financial protection.
Health insurance: This is the priority given the whopping healthcare cost in India, and if your mother already has the product in her kitty, chances are that it is insufficient or not properly planned out. And also, with age, the premium for health insurance increase s by a higher proportion relatively.
And if you also are in such a situation, where you consider the premium amount for your mom to be quiet high on your pocket, there is an option as top-up policy plan wherein the deductible against any health situation is to be paid by you and the amount over and above this value is reimbursed by your insurer. So, up to the deductible limit, you have to bear the expenses for medical conditions.
Also, you will be able to reduce your taxable income by as much as Rs. 50,000, if you pay for your senior parents' health insurance of up to Rs. 50,000.
Preventive health check-up: This is a must do to avert future uncalled for health anomalies and for your mother this should be an annual routine. Though it costs a great deal and there are specially curated health plans for women population, you ought to get it done and also there is provided with a rebate of up to Rs. 5000 for preventive health check under section 80D.
Financial coaches: For each of your commandments you need an expert in their own line, say a gym trainer for your fitness needs, and likewise a financial coach, will also help you mother handle her finances who might be handling it on her own. As with these financial coaches or advisors, we are able to make judicious financial calls without giving into too much on our emotional needs. In a way, they bring in more rationality in our overall financial journey.
There are independent financial advisors registered with different financial bodies who charge on-time consultation fees and provide prudent advice. Also, there are some of the issues which you mother might be facing at this juncture of her life which she might be able to an outsider in a better way to carve out the best of a plan such as in case of writing a will.
Gold: Gold can also be opted for her regular earnings but not through the traditional route such as giving into buying jewellery but through the financial route as e-gold, gold ETFs or gold SGBs.
Contingency fund: Help her build a contingency fund to meet any unforeseen situation and this can be done by investing an idle portion into a liquid fund that provides reasonable returns with high liquidity.