Book a medical check-up for her
Medical conditions can be effectively tackled if they are detected early. Doctors recommend that even young and healthy individuals should undergo medical check-ups at least once in 2-3 years. Those above 50 should get health check-ups more often. For Mother’s Day, book a full body medical check-up for your mom. A thorough check-up will detect if something is amiss, and could nip the problem in the bud. What’s more, up to Rs.5,000 spent on preventive health check-ups can be claimed as a deduction under Section 80D.
Find her a trustworthy financial adviser
Just like having a good doctor is a blessing, working with a trustworthy investment adviser can be very rewarding. Find a reliable investment adviser who can help your mother with her finances. Your best bet are fee-only advisers. They charge a flat fee for the investment guidance and don’t get any commission on the investment products they recommend. A good financial adviser will assess her investments and help optimise the returns by getting rid of junk. This has the potential to become one of the best gifts your mother ever got.
Start an SIP in her name
If her financial portfolio is not too large, your mother may not need professional advice. In such cases, a DIY approach will work better. If your mother has never invested in mutual funds, this is a good time to start. You will need to get her KYC done and help her choose a scheme that suits her profile and is aligned with her goals. Get in touch with a reliable mutual fund adviser who can do the onboarding paperwork and get her started on her investment journey. It becomes easier if she is an existing investor in mutual funds. Just start an SIP in an appropriate scheme.
Open a Senior Citizens’ Savings Scheme account
If your mom is above 60 and averse to market risks, don’t force her to invest in market-linked instruments. Instead, start an investment in the ultra-safe Senior Citizen’s Saving Scheme, which offers 7.4% assured returns and has a tenure of five years. The interest rate is linked to government bond yields and is subject to change every three months. But once a person invests, the rate remains fixed for the full five-year tenure. The scheme is managed by the government and pays interest every three months. There is a Rs.15 lakh limit on investment per individual.
Invest in PM Vaya Vandana Yojana
Just like the Senior Citizens’ Saving Scheme, the Pradhan Mantri Vaya Vandana Yojana is designed to provide regular income to retirees. The 10-year scheme is currently offering an assured return of 7.40% on the monthly option. At the end of 10 years, the principal amount is returned to the policyholder. The PMVVY is managed by the LIC and is a very safe investment option. There is a Rs.15 lakh limit on investment per individual.
Introduce her to paper gold
If your mother likes to buy gold, it’s time to introduce her to paper gold. Buy her a Sovereign Gold Bond or get her to invest in a gold fund. These are linked to the price of gold and will move along with the metal, without the hassles of ensuring purity, shelling out making charges or worrying about safe storage. It’s also a good idea to buy gold ETFs, but for that your mother will need a demat and trading account. A gold fund from a mutual fund will charge a small fee, but there’s no need for a demat or trading account.