Health insurance plan
You can buy your sister a health insurance plan that will provide financial security in the event of a medical emergency. A decent health insurance plan would cover hospitalization costs, custodial procedures, room rent, and home expenses. This would facilitate a cashless hospitalization facility.
Digital Gold or Gold ETF
Add some bling to his life by buying digital gold. In India, three main companies offer digital gold: MMTC-PAMP India, Augmont Gold Ltd and Digital Gold India.
Alternatively, you can also buy gold ETFs, which are passive investment instruments based on gold prices, and invest in gold bars.
You can choose a mutual fund for your sister that has done well for the past two years and invest in it for her. An investor can invest in thousands of mutual funds in India. Follow the advice of your financial planner before choosing the best mutual fund to invest in.
You can offer shares with a long-term investment. However, we suggest you discuss this with your financial planner if in doubt.
Fixed deposit or recurring deposit
Finally, you can also give traditional financial products: Fixed Deposit or Recurring Deposit. Brothers can set the amount they plan to give their sister or open a recurring deposit account and make small payments each month for a certain period. A fixed deposit account pays a higher interest rate than a savings account.
First published: Tuesday 09 August 2022. 14:48 IST