5 Financial Father's Day Gifts

In many countries, Father's Day is observed on the third Sunday of June. You'd understand that our parents have to make certain sacrifices in order to raise us, but they do their best. Even more often than not, they'll go the additional far.

We owe it to our parents to respect and honour their sacrifices. We can't replace what they've given up, but we can make their life a little easier.

Consider the following five money presents for Father's Day.

Health insurance can be purchased on his behalf

It's inevitable that when parents become older, they'll have health difficulties. Purchase a medical insurance coverage for your father in order to meet the escalating expenditures of healthcare. It's critical that he get the best possible insurance coverage.

Section 80D of the Income Tax Act, 1961 allows you to deduct up to Rs 25,000 of your father's health insurance premiums if he is under the age of 60. The qualifying deduction increases to Rs 50,000 if he's a senior citizen, defined as someone over the age of 60.

A Set of Preventive Health Checks

Some of the current causes of sickness include stress, a sedentary lifestyle, and a lack of physical activity. Preventive health checkups are especially crucial as we become older.

Section 80D of the Income-tax Act, 1961 allows you to deduct Rs. 5,000 for medical checkups you pay for your parent under the auspices of a preventive health care package.

An all-inclusive vacation package

Also, it is an opportunity to relax and bond with your loved ones on Father's Day. It's time to take your dad on a vacation of his choice. You may save a lot of money if you plan things out in advance.

You won't have to stress about money when you take out a holiday loan. Because a holiday loan may be tailored to fit your budget, it won't interfere with other vital investments or funds that you already have.

You can pay back the loan over a period ranging from 12 to 60 months, depending on your financial situation. Furthermore, there are no foreclosure fees if you choose to pay in advance.

Adding a credit card to an existing account

Gifting an Add-on Credit Card to family members is a terrific idea. In the event of an emergency, the Add-on card may be a lifesaver for your family members, allowing them to use the same credit limit as your primary credit card. –perhaps to buy a smartphone he always wanted, purchase food, prescriptions, and so on.

Start an investment on his name

Your father can benefit from a wide range of investing options, including bank term deposits, recurring deposits, national savings certificates (NSC), and mutual funds. When you get a raise, a bonus, or a one-time windfall, consider saving some of it for your father.