MUMBAI: THE painful jabs of slowdown may well have replaced Cupid’s arrow this Valentine’s. Although it’s the season for roses and cards, fear seems to be in the air. Your best gift this year would be to help your partner feel financially secure and instil some fiscal discipline by enrolling him/her in savings and investment schemes.
To start with, you can fall back on a time-tested investment avenue. “Gold is best suited for occasions like these, as it results in a successful marriage of investment objective and consumption needs,” suggests Nikunj Kedia, director, PARK Financial Advisors.
Gold ETFs and gold deposit schemes floated by jewellery houses too fit the bill. For instance, Tanishq’s Gold Harvest Scheme accepts small deposits every month for a specified period, which can later be used to buy expensive jewellery.
“Customers who enrol for this scheme can pay in instalments for 11 months, and the costs for the 12th month will be borne by the company. Effectively, depositors stand to earn around 15% return on their savings,” says Sunil Raj, marketing manager, pure gold division, Tanishq.
Similarly, India Post, in association with World Gold Council and Reliance Money, is planning to launch a gold accumulation plan, which facilitates the purchase of small quantities when investors have the money during a particular month. Adds financial planner Kartik Jhaveri: “A gold fund or ETF would be a better option compared to jewellery. The underlying asset is gold, which has shown steady returns even during the most uncertain times.”
If gold sounds old, you can buy health and life insurance policies on their behalf. If you are not comfortable with recurring premiums, you can always opt for a single-premium policy. You can also look at monthly income schemes with the post office or a mutual fund.
Through the post office monthly income scheme, you can invest a lumpsum and your spouse can earn the interest on a monthly basis. “The scheme can prove to be a boon in these recessionary times,” says Mr Jhaveri. The minimum investment in a Post Office MIS is Rs 1,500 for single as well as joint accounts, while the maximum amount is capped at Rs 4.5 lakh for a single account and Rs 9 lakh for a joint account. This scheme, which comes with a six-year tenure, can fetch you 8% per annum.
Like the sale schemes being offered by retailers across the country, the stock market too is in discount mode, with several large-cap stocks being available at extremely low valuations.
“Therefore, this is the right time to consider sponsoring the opening of your spouse’s demat account. You can foot all the charges and fees of the account, and even buy some shares to make it functional,” says Mr Jhaveri.
Moreover, the ongoing tax-saving season provides you with an opportunity to help your spouse plan his/her taxes as well. An equity-linked savings scheme (ELSS) with a good track record would be the ideal choice, as its lock-in feature would eliminate the chances of making withdrawals before three years. Also, if you invest in ELSS now, you will receive the units at a cheaper rate, and your partner can reap the rewards once things start looking up at the bourses.
Finally, you can consider writing a will, with your spouse as beneficiary.
The convention may be to say it with flowers and candlelight dinners, but the extraordinary times we are living in call for out-of-the-box gift ideas that serve a deeper need and leave a lasting impact.
Source:Economictimes
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