Here are some financial gifts which can secure your loved ones’ future

If you are thinking of buying something special for your loved ones for the New Year, then no need to think! Offering financial products would be the best thing you can do. Imagine investing in something that can secure their financial needs and help them build a better future. Let’s look at some gift ideas that can make 2022 special:

Stock always in: Buying shares of companies that are reputable and financially sound is a good option. You can transfer entries directly to the recipient’s Demat account by filling in their name, Demat account number, and the number of shares to be transferred in the delivery instruction slip.

SIP in mutual funds: It involves systematically investing in the funds of your preference. It is a long-term investment where you need to make monthly, quarterly or annual payments. It will help them achieve their goals.

SIP in ETFs: Investing in an ETF is a unique way to spice up 2022. You can invest in equity, gold or debt ETFs as you wish. These tools can be easily bought and sold in the secondary market and have low management fees.

Insurance policy: Securing the family has become absolutely essential in these turbulent times. Hence, buying a health and life insurance policy will be the most important gift for them. Decide on a worthy medical claims policy that best fits your needs. Moreover, spreading the word about the fit in terms of insurance will be of great value to your loved ones. Insurance should generally be purchased to protect against health and disease. There should not be any other insurance policy in one’s wallet.

Purchase of a pension: In fact, annuities refer to a specific retirement pension, which is guaranteed by the insurance company for the life or specified period of the beneficiary or annuity. A deferred fixed or variable annuity takes care of the longevity risk, i.e. the risk associated with the life of the assets.

Some annuities also come with a death benefit. The death feature helps not only that particular individual but also his immediate dependents in case of any mishap. Annuities should not be confused with insurance products. While an insurance company is only allowed to sell annuities, it is different from traditional insurance policies.

Gifting a SEBI Registered Investment Advisor (RIA) subscription: Buying stocks and mutual funds involves risks. The risks here are better understood by market experts and specialists. The value of quality advice is not underestimated in today’s digital world, so serving SEBI RIA will be very kind to your loved ones. Long term financial planning helps and only a registered investment advisor can add value here.

Paying off obligations: While credit discipline is important, paying off your loved one’s debts if they are in distress, to what extent one can, will be a huge relief.

Financial knowledge: Enroll them in an online course that can facilitate their financial knowledge, enhance their financial planning and help them achieve financial independence. With proper knowledge, the investor is less likely to mis-sell.

(The writer is CEO of Tavaga Consulting Services)

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Posted on: Sunday, January 09, 2022 at 07:00 AM IST


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