Diwali 2022: From life insurance to Sukanya Samriddhi Yojana; 5 financial gift ideas for loved ones

The auspicious festival of Diwali is knocking on our doors. This year, the celebration falls on 24 October. So, you might have been wondering about what gifts you should give to your friends or family members. This time, you can surprise your loved ones with a unique present. You can give them a financial gift, which will give them benefits in the long run. With the advent of the internet, it has now become easier than ever to have access to financial assets. We now have a wide range of options as far as these assets are concerned, including insurance and stocks. Here are some of the best financial gifts that you can give to your loved ones this Diwali: Health Insurance Health insurance helps in reducing out-of-pocket costs and it maintains a family’s savings during a health emergency. You can buy a family floater plan or an individual health plan. The family floater plan gives affordable coverage for every member of the family. Stocks It is possible to directly transfer shares to a recipient’s Demat account. So, you can gift shares to your loved ones this Diwali if you are not completely risk-averse. Do note that the recipient must have a Demat account first. Digital gold Instead of gifting physical gold, you can gift gold digitally to your loved ones via gold ETF, Sovereign Gold Bond, or a gold savings fund. Having digital gold means that you don’t need to worry about storage or theft. Life insurance You can give a term plan to your loved ones as a gift to ensure that they are taken care of during any unfortunate event. Term life insurance provides substantial life insurance benefits at a reasonable premium. Sukanya Samriddhi Yojana SSY (Sukanya Samriddhi Yojana) is a government-sponsored savings programme which focuses on girls as part of “Beti Bachao, Beti Padhao Yojana”. It provides tax-free returns and can be one of the best gifts for your daughter. SSY currently gives a yearly interest rate of 7.6 per cent. The SSY account can be opened by a parent/guardian for the daughter in any authorised bank branch or post office. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.