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5 Financial Gifts for Father’s Day

5 MinsJune 12, 2019

Father’s Day is usually celebrated on the third Sunday of June in many parts of the world. You would appreciate that our parents make several compromises to raise us and endeavour to provide the best within their means… and many-a-times even go the extra mile.

It is necessary to assume responsibility for our parents and honour their efforts. While no gift can match their sacrifices, we can do our bit to make their lives comfortable.

Education Loan

Here are five financial gifts to consider this Father’s Day

  • Purchase a health insurance policy in his name — Parents are ageing and as age progresses, health issues are unavoidable. In order to meet rising healthcare costs purchase a health/medical insurance policy for your father. Ensuring he is optimally insured is important.

    The health insurance premium paid by you on behalf your dependent father entitles you to a deduction under Section 80D of the Income-tax Act, 1961 up to a sum of Rs. 25,000, in case he is below 60 years of age. If he is a senior citizen, that is, over 60 years of age, the eligible deduction doubles to Rs. 50,000.

  • Preventive health check-up package — Stress, lifestyle, lack of physical activity are some of the reasons for illnesses today. It is important to undergo preventive health check-up, particularly as age progresses.

    Consider gifting a preventive health check-up to your father. Axis Bank offers up to 15% discounts on health check-up at Apollo Hospitals on swiping your Axis Bank Visa Card.

    Do note that preventive health check-up packages paid on behalf of your parent, also entitles you for a deduction of up to Rs. 5,000 under Section 80D of the Income-tax Act, 1961.

  • A holiday package — Father’s Day is also time to bond and unwind with family. So, why not take your father on a holiday of his choice. If you plan it well in time, you will get good deals on everything and save a pretty penny.

    With a holiday loan, you do not have to worry about finances. In fact, with a holiday loan, your existing finances/investments assigned for other important goals will not be affected and the loan can be worked out to suit your budget.

    Axis Bank offers a Holiday Loan at an attractive and competitive rate of interest. Plus, there is a two months moratorium period ––– meaning, you get an extra period of leeway to repay the loan.

    You have the flexibility to repay the loan during the tenure ranging from 12 months to 60 months. And in case you wish to prepay, there are zero foreclosure charges.

  • Add-on credit card — An Add-on Credit Card is a good choice for a gift between family members. The Add-on card enables your family members to enjoy all the benefits of your primary Credit Card while having their own card plastic under the same credit limit. If you are an Axis Bank credit card customer, apply for an add-on credit card today for your beloved father. It can prove handy as he can swipe it for whatever purpose––perhaps to buy a smartphone he always wanted, purchase groceries, medicines, and it can be helpful even in an emergency.

    The Axis Bank credit card can earn your father some exciting bargains at malls, supermarkets, online shopping, dining discounts, reward points, and much more!

  • Invest on his behalf — You can invest in a variety of investment avenues for and on behalf of your father, viz. Bank Term Deposit, Recurring Deposit, National Savings Certificate (NSC), Mutual Funds, and so on. When you receive bonuses, annual increments, and windfall income, care to park some money for and behalf of your father.

These thoughtful financial gifts will be viewed in high regards and earn you his praise, respect, and blessing.

Happy Gifting!

Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm. Axis Bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.