Mother’s Day Expert Advice from Our CEO

Published By: Finacial Express ​

Published Date: 10-05-2021

As Mother's Day approaches, let's remember that a mother's care extends beyond emotional support to financial protection for her family. As the backbone of households, mothers must prioritise not just physical and mental health but also financial health.

Every mother needs a robust financial plan aligned with her risk tolerance that can help her meet family goals and navigate unexpected challenges. Here are five essential investments for building a solid financial foundation:

Health Insurance: Medical emergencies can drain family finances and cause emotional distress. Secure adequate coverage for yourself and your family members who aren't already insured to bridge financial gaps during health crises.

Term Plan and Personal Accident Insurance: A term plan provides financial security for your family in your absence, creating a safety net for expenses and maintaining their lifestyle. Consider adding personal accident coverage to protect against disability from accidents.

Home Insurance: Protect your haven from natural and man-made disasters. Home insurance shields against property damage or loss and third-party liability and often covers important household contents.

Mutual Funds: These professionally managed investment vehicles offer options across equity, debt, and gold at various timeframes. Align mutual fund investments with your risk-return profile to help achieve financial goals from home ownership to children's education.

Public Provident Fund (PPF): This government-backed investment offers relatively safe returns, typically higher than fixed deposits. It has a 15-year lock-in period (with partial withdrawals permitted after five years) and provides tax deductions under Section 80C.

Remember, you can only care for your family when you've secured your financial future first.