Financial Gift Ideas for Mother’s Day: 6 Unique Financial Gifts That Can Make a Difference in Your Mom’s Life
Book a medical visit for her
Medical conditions can be treated effectively if detected early. Doctors recommend that even young and healthy people undergo medical examinations at least once every 2 to 3 years. People over 50 should get checkups more often. For Mother’s Day, book a full body medical checkup for your mom. A thorough examination will detect if something is wrong and could nip the problem in the bud. Additionally, up to Rs 5,000 spent on preventive health checks can be claimed as a deduction under Section 80D.
Find a trustworthy financial advisor
Just as having a good doctor is a blessing, working with a trustworthy investment advisor can be very rewarding. Find a reliable investment advisor who can help your mom with her finances. Your best bet are paid advisors. They charge a flat fee for investment advice and receive no commission on the investment products they recommend. A good financial advisor will evaluate their investments and help maximize returns by getting rid of junk food. It has the potential to become one of the best gifts your mother has ever received.
Start a SIP on his behalf
If her financial portfolio is not too large, your mother may not need professional advice. In such cases, a DIY approach will work best. If your mom has never invested in mutual funds, now is a good time to start. You will have to make him do his KYC and help him choose a program that matches his profile and matches his goals. Get in touch with a reliable mutual fund advisor who can take care of the onboarding paperwork and get her started on her investment journey. This becomes easier if she is an existing investor in mutual funds. Just start a SIP in an appropriate scheme.
Open a senior savings account
If your mother is over 60 and has an aversion to market risk, don’t force her to invest in market-related instruments. Instead, start an investment in the ultra-safe seniors’ savings plan, which offers guaranteed returns of 7.4% and has a term of five years. The interest rate is linked to government bond yields and is subject to change every three months. But once a person invests, the rate remains fixed for the entire five-year term. The scheme is run by the government and pays interest every three months. There is a limit of Rs.15 lakh on investment per individual.
Investing in PM Vaya Vandana Yojana
Like the savings program for the elderly, the Pradhan Mantri Vaya Vandana Yojana is designed to provide regular income for retirees. The 10-year plan currently offers an assured return of 7.40% on the monthly option. After 10 years, the capital is returned to the insured. The PMVVY is managed by the LIC and is a very safe investment option. There is a limit of Rs.15 lakh on investment per individual.
Introduce him to paper gold
If your mom loves buying gold, it’s time to introduce her to paper gold. Buy him a gold sovereign bond or ask him to invest in a gold fund. These are tied to the price of gold and will move with the metal, without the hassle of ensuring purity, paying charges or worrying about safe storage. It is also a good idea to buy ETFs on gold, but for this your mother will need a demat and a trading account. A gold fund of a mutual fund will charge a small fee, but it is not necessary to have a demat or a trading account.