Gift Your Loved Ones a Financially Independent and Secure Future

Priya Kumar

This May, as we commemorate Mother’s Day to celebrate and appreciate them, let’s gift her a thoughtful and a meaningful present that will make a lasting difference in her life. What could be better than giving her the gift of a financially independent and secure future?

On this special day, educate and assist the superwomen of your house so that she can achieve financial independence and security through right financial planning and insurance.

Financial freedom is a means to protect your loved ones and ensure that they can pursue all of their goals and desires without financial restraints. It’s having the freedom to make life decisions without being concerned about running out of money. Similarly, a financially secure future is shielded from the impact of unforeseen circumstances. So, this Mother’s Day follow a roadmap/ checklist to ensure that you have a strong plan in place to assist your mother in attaining financial independence.

Set goals and create a well-thought-out financial strategy

You can help your mother define and achieve their goals by assisting them in prioritizing their expenses. This can begin by building a list of their short-term and long-term needs, objectives, and aspirations and design a financial strategy and invest in a manner that aligns with their goal.

Also Read | Financial Independence for Women Simplified

Planning an Emergency Backup

When talking about financial independence for women, we should constantly encourage them to save for an emergency. It does not have to be a significant amount. Small contributions can be made to traditional investment plans, such as Fixed Deposits and Recurring Deposits, which are tried-and-true options for risk-averse investors.

Developing a Stable Investment Portfolio

A robust investment portfolio is vital, and it should start with small amounts utilising various investment vehicles such as SIPs, infra bonds, and so on, and then be increased dependent on income. Increased investing and insurance knowledge and education can boost one’s confidence and help to diversify your portfolio even further.

Choosing the Best Insurance plan

Unforeseen circumstances may strike any time and being prepared for it is not an option but should be a priority. And financial security can be ensured through the right insurance plan. It helps in getting back on the feet as soon as possible.

Health Insurance is a must

Health emergencies are usually unexpected, and insurance offers the financial protection required to access great healthcare in such instances. A comprehensive and adequate health insurance policy keeps a health crisis from becoming a financial catastrophe, making it a crucial component of financial planning. Health insurance also covers the cost of treating certain illnesses that women are more prone to, such as breast cancer, cancer of the reproductive system etc. and is therefore, critical and interlinked to their financial independence and well-being.

While choosing a health insurance policy for your mother, it is important to understand the type of plan to opt for, and any pre-existing covers. Ensure that the plan selected for your mother is a well-suited policy for women and includes all benefits required at different stages of their life. You can also opt for a family floater policy and include your mother in the same policy, however, ensuring adequate sum insured.

Also Read | Role of Government Bodies and FIs in Accelerating Financial Inclusion

While financial freedom may mean different things to different people, the important thing is to ensure that you have sufficient financial planning information to make independent judgments. Let us help spread awareness and educate our mothers on the financial independence and security this Mother’s Day.

Views expressed in this article are the personal opinion of Priya Kumar, Head – Emerging Business, Rural & Agriculture, SBI General Insurance.

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