Last Updated on March 25, 2020 by Gopal Gidwani
Every woman, whether it is your mom, daughter, or spouse, can play a significant role in your life. While you might find specific days to surprise the women in your life, you might want to dedicate a whole day, such as Women’s Day for them. With Women’s Day around the corner, you might be in scurry to buy the right gift for them. Although there are numerous gifts to pick from, buying a financial product for the women in your lives can help them in the long run. Let’s go through the top five financial tools you can gift this Women’s Day.
1) Unit Linked Insurance Plan (ULIP)
The re-emergence of a ULIP plan in the Indian market can make it easier for women to invest in the capital market. With a ULIP plan, you can protect your spouse as well as ensure her active participation in the capital markets at the same time. A ULIP plan is a mix of investment and insurance under the single integrated plan. It can allow you to secure your family as well as let them invest effortlessly. A ULIP investment is a market-linked product. Your spouse might not have to worry about taking risks in the market in your absence. However, a ULIP plan can allow her to control the market risks as well as secure her invested capital from market volatility.
2) Life Insurance (LI)
The life expectancy rate of women can be higher than men. According to a report by the World Health Organisation (WHO), women can live at least six to eight years longer than men. Since your woman might tend to live longer, she might require a life insurance product for a higher duration and higher coverage. The primary aim of life insurance products can be to offer financial protection. With a life insurance policy, you can safeguard your and your family’s needs in the long run. Typically, you can select from the following types of insurance plans based on her goals and requirements:
a) Term insurance
b) Whole-life insurance
c) Endowment plan
d) Money-back policy
3) National Pension Scheme (NPS)
There can be times when your partner might be willing to work longer than usual to provide for your family financially or due to the joy of working. Whether your wife plans to retire early or later, she might require an adequate amount of finances to secure her future. Hence, you should buy the NPS scheme for your lady to ensure her financial well-being during her retirement phase. The NPS Scheme is a retirement investment plan. It can allow your partner to accumulate wealth during her active working years and withdraw the accumulated corpus after retirement.
4) Sukanya Samriddhi Yojana (SSY)
As a man, your wife and your daughter can be the two most important women in your life. While you can pick from various financial instruments available for your spouse, you might find minimal financial gifts for your daughter. However, Sukanya Samriddhi Yojana (SSY) can be an exclusive financial product curated for your daughter. SSY is a government-backed plan that can safeguard the future of your girl child. Besides financial protection, the major benefits offered by SSY Scheme can be the tax deduction offered in accordance with Section 80C of the Income Tax Act, 1961.
5) Public Provident Fund (PPF)
A PPF account is another attractive financial gift for the women in your life. Whether you have to gift it to your daughter or your spouse, you should buy PPF for their long-term security. It is the safest investment option for the women since it can provide security, returns, and tax-saving benefits. With a PPF account, your partner can build a corpus for a secure and comfortable future. If you wish to invest in a PPF account for your little one, you can include her under the account in your name. After she crosses 18 years, your daughter can operate the PPF account by herself.
As highlighted above, women can play a significant role in your life. They can be the centre of your universe. Hence you might want to protect them at every step of their life. The right way of securing them can be by gifting them a suitable financial product based on their financial goals and requirements. With these top five investment options in India mentioned above, make your significant other feel special and secure them this women’s day for long-term, starting today!