As India celebrates its 78th Independence Day, you can make the day more special by gifting your loved ones investment tools that guarantee their long-term financial freedom and security. This year’s Independence Day theme is ‘Viksit Bharat’ (Developed India), and what can be a more fitting time to gift these products to your loved ones than today?

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The government aims to make India a developed nation by 2047, which also implies a higher per capita income. However, everyone should strive for financial freedom on an individual level—for themselves and loved ones. And only then, one can achieve financial freedom, whichmeans robust savings and investments that shields you from economic uncertainties, offers a good lifestyle, a contended life, and a worry-freeretirement. It means ensuring adequate financial corpus to maintain a positive lifestyle, pursue passions, and avoid stress.

To empower your loved ones to help build long-term wealth,ensure financial security, and achieve goals,here are a few options to consider:

Insurance: One can gift insurance policies to family and friends to ensure they remain financially secure in times of need. One can gift them term insurance, whether it is for a spouse or children, parents, or close friends. Few insurers also offer health insurance policies that can be gifted. Consider gifting them an insurance policy to safeguard your loved ones from health and life risks.

Fixed Deposits (FDs): A traditional and trusted source of money, fixed deposits (FDs) are easy to gift to family members. They are easy to open for minor children but can also be created for other family members.

Sovereign Gold Bonds: Sovereign gold bonds (SGBs) invest in gold. The gain is not guaranteed, but historically, gold has been a safeguard against market volatility. Under turmoiled market conditions, it offers stability and financial freedom.

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Demat Account Holding (Stocks, Mutual Funds): A demat account lets you easily gift stocks, exchange-traded funds, bonds, and mutual funds. Securities in a demat account can be transferred from one account to another. Note that for demat-held securities, both the sender and the receiver must have demat accounts.

Finally, to transfer financial gifts to family members or friends, one needs to execute a gift deed mentioning the details of the asset, the giver, and the receiver. However, gift deeds must be registered for immovable assets. Understanding finances is crucial to enjoying financial freedom. By gifting these financial products, you can empower your loved ones to take control of their financial future while ensuring financial responsibility, freedom, and growth.