Ahead of Diwali, one can think of several financial gifts which can create immense value for your loved ones. Here's a list.
The season of festivities is here and you must be scratching your head in order to decide what to give your loved ones. The best way to shower love is to show warmth and care when it comes to sending out gifts. Ahead of Diwali, one can think of several financial gifts which can create immense value for your loved ones.
Check out the financial gifts you need to give on Diwali:
Stocks: Take some risk and gift shares to your near and dear ones on Diwali. To make it easy, transfer your shares directly to the others’ Demat account. They will receive the shares and keep in mind that sending out that gift is legally recorded with proper stamp paper work. It will help you in enabling high yielding shares.
Digital Gold: People gifting digital gold has become a trend now. Gold has always been seen as a symbol of prosperity and wealth. Try a different approach this Diwali and instead of giving physical gold which includes bars, coins, jewellery; gift your loved ones with digital gold which comes in the form of Sovereign Gold Bond, Gold ETFs and/or a Gold saving fund.
Life Insurance: As it is considered to protect your loved ones' financial interests, life insurance is the solid cornerstone of a good financial plan. They aid in fund-raising for a number of immediate and long-term goals. To make sure that your loved ones are cared for in the event of an unexpected incident, you can give a term plan as a gift. At a fair price, term life insurance provides a sizable life insurance payout.
Health Insurance: In the current scenario, having health insurance is absolutely necessary. It keeps a family's finances intact and reduces out-of-pocket expenses during a medical emergency. Additional benefits exist. Your loved ones can successfully manage other significant obligations with the aid of a health insurance plan.
A family floater policy or an individual health plan can be given as a gift. The latter offers each member of the family access to inexpensive coverage. If you reside in a metro location where hospitalisation charges are high, it is recommended that you buy a health plan worth Rs 10 lakh.
Also read: Delhi government withdraws Rs 500 fine for not wearing masks ahead of Diwali