RakshaBandhan celebrates the faith and love between brother and sister. It is the most cherished festival, in which brothers vow to protect their sisters. The bond of brother & sister is celebrated on this day. This year, Raksha Bandhan is being celebrated on 15th August, 2019. Every year brother gifts accessories, jewelry, apparel, accessories, etc., to the sister.
Rather than gifting something materialistic to your sister this year, why not consider a unique gift? You may give her a gift of financial security.
To ensure financial security for your sister, you may start investing to cover her life & health related risks.
Buy Term Life Cover
Buying a term life cover for your sister will provide cover for risks against the uncertainties of life. You simply become the proposer, so you will pay the premiums for the policy and get your sister covered with a term insurance policy. By investing in a term policy for your sister, she will be able to meet the financial requirements of the family, in the event of her demise during the term of the policy.
When it comes to buying a life cover for your sister, you will get discount on premium as females are considered to have higher longevity than males and the lesser premiums are charged by the insurance company.
Build corpus with saving instruments
You may help her build the portfolio of investments. She may invest in fixed deposits, public provident funds and other investment avenues to fulfill her financial goals. You can also guide her about the market to enable her taking financial decisions on her own. Moreover, you must also ask her not to put any funds idle in savings account, which can be invested to get returns.
Get Health Insurance Cover
Due to increasing health issues in today’s life, it becomes vital secure your sister’s health by getting a health insurance policy. An Individual health insurance plan is essential and will certainly offer you a cushion against medical related expenses. You need to assess the health needs of your sister and choose the right sum assured to ensure her a proper health coverage.
Critical Illness Insurance Plan
Women are more prone to certain critical illnesses like cancer being one of them. Cases of cervical and breast cancer are rising in the urban habitat due to many associated factors. You must buy a critical illness cover for your sister that will provide cover against hefty expenses incurred in the diagnosis and treatment of critical illness. It also helps your sister to get the effective treatment for any serious illness.
Retirement is the second innings of life. Women are on their toes throughout their life managing kids, house, office and what not. They hardly get any time to look upon their personal finance needs. But timely planning for their retirement corpus is essential. To enjoy the freedom of being financially independent and take care of their own expenses in the retirement stage is desired by everyone. To achieve this financial objective, you must suggest your sister to invest in a retirement plan.