3 Best Financial Gifts for Parents

HEALTH INSURANCE FOR SENIOR CITIZENS



Gifts for Parents

Parents spend crucial years of their lives in fulfilling the wants and desires of their children. As responsible adults, it is time to show that we value everything they have done for us. 

The way your parents held your hands at every important stage of your life, it is time that you do the same for them. What could be better than showering them with gifts to express your love?

While there are countless options ranging from customised mugs to gadgets, yet you should select an option that is actually beneficial to them. Choose gifts for parents that will secure their health and finances in the long run.  

So, we suggest some valuable gifts you can give your parents: 

Investment for Comfortable Retirement

To ensure a blissful retired life for your parents, pick good investment plans that will take care of their financial needs. There are various retirement options available nowadays which promise good returns. For instance, a Senior Citizen Savings Scheme (SCSS) is government scheme offered to individuals above the age of 60 for long-term savings. Pension Plans and Equity Linked Savings Scheme (ELSS) are other reliable options that you can consider.

Investing in these plans will help in building retirement savings. Moreover, they also offer tax benefits under the Income Tax Act, which a huge advantage. 

Health Insurance for Parents

You should take care of your parents’ health in the best possible way as they may face the risks of age-related illnesses. Identify the likely risk factors and take all the necessary precautions. If they suffer from any medical condition, make sure they take timely medication and go for regular check-ups. 

Your elderly parents deserve the best medical care. Thus, health insurance for parents is a precious gift you can choose for them. A good health policy will cover expenses arising from hospitalisation, pre and post hospitalisation and domiciliary treatment. Moreover, you can avail features like annual health check-ups and alternative treatment cover. 

Also, if you hold a mediclaim policy given by your employer, make sure you nominate your parents. This way you will financially secure your family. 

Add-on Credit cards

Add-on Credit cards are useful gifts for parents. Using credit cards is a convenient way for making payments. For availing them, there are some eligibility criteria such as credit history, income, etc. If your elderly parents find it difficult to avail credit cards, you can gift them add-on credit cards. 

Add-on credit cards are supplementary credit cards that a primary cardholder can avail for his or her family members including parents. The credit limit for these cards may be the same or less than your total limit of your primary card. Thus, your parents can shop with any worry. 

Conclusion

In pursuing our life goals, we must never forget the responsibilities we have towards our parents. Consider the above-mentioned gift ideas for your parents to prove that you care for them. The smile on their faces is the best gift you can ever receive in return. 

When it comes safeguarding the health of your parents and ensure easy access to best medical care, rely on ‘Care Senior’ which is a senior citizen health cover by Care Health Insurance (Formerly Religare Health Insurance). Avail cashless treatment at any of the 7400+ network hospitals across India.