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The auspicious Diwali festival is knocking at our door. This year, it will be held on October 24th. So you may be wondering what to gift your friends and family. This time you can surprise your loved ones with a unique present. You can give them monetary gifts that will benefit them in the long run. With the advent of the internet, access to financial assets has never been easier. As far as these assets go, you have a wide range of options, including insurance and stocks.
Here are some of the best financial gifts you can give your loved ones on this Diwali festival.
Health insurance
Health insurance helps reduce out-of-pocket costs and preserves family savings in the event of a health emergency. You can purchase a family floater plan or an individual health plan. The Family Floater Plan provides affordable coverage for the whole family.
stock
Shares can be transferred directly to the recipient’s Demat account. So, if you’re not completely risk-averse, you can gift your loved ones stocks this Diwali. Note that the recipient must have her Demat account first.
digital gold
Instead of gifting physical gold, you can digitally gift gold to your loved ones via Gold ETFs, Sovereign Gold Bonds or Gold Savings Funds. Having digital gold means you don’t have to worry about storage or theft.
Life insurance
You can gift a period plan to your loved ones to take care of them in the event of an unfortunate event. Term life insurance provides substantial life insurance benefits at reasonable premiums.
Sukanya Samuridi Yojana
SSY (Sukanya Samriddhi Yojana) is a government-sponsored savings program focused on girls as part of ‘Beti Bachao, Beti Padhao Yojana’. It offers tax-free returns and could be one of the best gifts for your daughter.SSY’s current annual interest rate is her 7.6%. An SSY account can be opened by the daughter’s parent/guardian at any licensed bank branch or post office.
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