Father’s Day: Every year, we usually give our father a card, flowers, or a small gift. But have you ever thought about giving something that brings not just a day’s happiness but also long-term peace and security?
This year, try something different. Give your father a gift that can help him live a more secure and balanced life after retirement.
Retirement Planning
If your father still has a few years before he retires, you can help him invest in a Unit Linked Pension Plan (ULPP) or other retirement-focused schemes. These invest in both equity and debt, which may give good long-term returns.
At maturity, 60% of the amount can be withdrawn tax-free. The rest can be used to buy an annuity, which will give him a regular monthly income. This helps ensure a steady income after retirement.
Hospital Cash Plan
As people age, the risk of serious illnesses increases. You can take a critical illness policy to cover diseases like cancer, stroke, or heart attacks.
Adding a hospital cash rider to this plan gives a fixed amount for each day of hospitalization, providing extra support during treatment.
Long-Term Investment Plan
As the average life expectancy is now crossing 80 years, it’s important to plan for 20–30 years of post-retirement life.
Along with health insurance, a balanced investment plan can help manage rising medical expenses and protect against falling interest rates.
