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5 Gift Ideas To Ensure Your Father’s Financial Freedom

Jul 12, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Financial Planning

Your father has sure done a lot for you, be it emotionally or financially. He has been a prime force when it comes to the financial security and that of your family. Now the time has come that you take the responsibility and do a little something for the best financial planner in your life. Celebrating Father’s Day ranks high among perfect occasions but it is not the only time when you can give an invaluable gift to your father. It doesn’t always have to be an occasion to bring a smile on his face.

Your father earns, saves, and invests for your education, wedding, amongst other things that you may have demanded as a child.  If you are determined to make his post-retirement years tension free, then these five options can help him in a better way:

  1. Buying Term Insurance:

Term insurance is a good way to secure your father’s financial future. You could purchase the cover in your name and nominate your father to receive the benefits, if faced with unfortunate circumstances.  Now, buying term insurance policies have become simpler since you can do so online itself. While term insurance policies have no payoffs, there are riders that could secure more than just financial needs. Term insurance riders offer multiple pay-out options, hence you can choose one which is convenient for your father.

  1. Buying Medical Insurance:

The best way to avoid abrasion of your money is to invest it into something worthy. And what’s better than subsidising money into medical insurances. This will help your father overcome the medical expenses that are inevitable during health emergencies that might arise in old age. Medical insurance policies are a savvy investment, as they serve both purposes of investing money appropriately and helping you pay off medical bills when required.

  1. Plans for Grandchildren:

When you want to gift something to your father, make sure it is something that he feels connected to. Your father might always be making moves like investing in your kid’s savings accounts or opening a fixed deposit in their name. Knowingly or unknowingly, he might be investing in some avenues, which might be yielding low returns. Thus, you can step in and help him choose the right plan so his effort can pave fruitful returns. Aegon Life’s ‘Rising Star Insurance Plan’ ensures that his grandchildren’s future remains secured come what may.

  1. Buying an Annuity:

An annuity is a long-term contract to provide income after you retire. With an annuity plan, you can accumulate a corpus for your father’s retirement years, one that provides income after his retirement. Depending on your financial planning, you can choose the annuity offer that works best for your father’s future needs and covers his lifestyle accordingly. Though, you should keep in mind that annuities come with certain restrictions that include early withdrawal penalties.

  1. ULIPs for Retirement:

These plans offer benefits like auto-rebalancing of funds along with tax benefits to give your father a better finance planning. During any unfortunate event, entire sum assured is transferred to the nominees if the premiums are paid on a regular basis. These plans offer the facility of partial withdrawal while some ULIPs also offer plans, which are secured against risk for stock market investments. Aegon Life offers ULIPs with various benefits under its two most popular and diligently designed products – iInvest and iMaximize plans.

Keeping in mind your father’s age and his future financial security and all the love and sacrifices he has ever made, it is time to empower him towards the path of financial freedom. Your father is about to start a new adventure and by gifting him these thoughtful gifts, you can welcome him into his retired life. Be the support he needs and make him feel proud and content forever.

Advt. No.: IA/Jul 2018/4169

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