Mothers are the cornerstone of a family. Nothing can replace their love, care, and compassion. In reverence of all mothers and motherly figures, the second Sunday of May every year is observed as Mother’s Day. This day serves as a time to showcase our deepest respect and gratitude and appreciate their priceless contributions to honour mothers’ love, empathy, care, and unwavering support. People around the world typically celebrate this day by honouring and gifting them.

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Here are some ways you can gift your mother:

Ensure Financial Security:

Ensuring financial security can be one of the greatest gifts for your mother. It will provide regular cash flow to take care of their needs in old age. So, on Mother’s Day, ensure she has it.

Harsh Gahlaut, co-founder and CEO of FinEdge, a digital wealth management and investment company, says, “The most important action in ensuring your mother’s financial security would be to ensure a secure and recurring income once she becomes a senior citizen. The best way would be to create a retirement corpus, which can give her a passive income.”

Creating a corpus will guarantee her a proper living standard without being dependent on others financially. However, to work out a retirement corpus, one must do some math, factoring in the inflation. While it might be a complicated task to do all by herself, you could help build a corpus for her, a gift that can go a long way in ensuring her financial security in old age.

Adds Gahlaut,“Knowing their selfless nature, it is important to push and set up her retirement income well in time so that she does not end up suffering or losing her independence in life.”

Investment instruments such as the National Pension System, Post-Office Monthly Income Scheme, fixed deposits with banks, mutual fund systematic withdrawal plans, and the senior citizen savings scheme if she is over 60 are some options to ensure regular cash flow. It becomes crucial if your mother is a homemaker and may not have an income source.

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Buy Health Insurance Coverage: 

Medical inflation is currently around 14 per cent, underscoring the need to prepare for emergencies. Given the rising healthcare costs, insurance coverage is vital. Ignoring health insurance can lead to financial instability and hardship during emergencies.

Says Priya Deshmukh, head of Health Products, Operations & Services at ICICI Lombard: “Health insurance provides financial security and support when an individual is diagnosed with a medical condition. Health insurance provides benefits like cashless hospitalisation, modern and daycare treatments, annual preventive health check-ups and wellness benefits, etc.”

Gifting your mother a comprehensive health plan that covers preventive check-ups, etc., will ensure that she pays less from her pocket and saves more for the rest of her days on earth.

Deshmukh suggests that when buying a plan, consider not only the sum insured but also pre-existing disease coverage, room rent limit, add-ons for critical illnesses, nursing home care, voluntary co-payment, etc. You may also choose a floater policy, covering all family members under a single policy.

Spend Time With Your Mother:

Finally, spend time with her. Time is the most precious of all things. Nothing can be a better gift than spending more time with your mother. Every family member lives life differently in this busy world, but on this day, match your pace with hers.

G.P. Bhagat, founder of Sheows, an NGO catering to senior citizens, says spending time with mothers brings them a sense of belongingness and support. “A heartfelt conversation, dining with them or even listening to their past stories and experiences makes their day a little extra special and loved.”

Mothers are the epitome of love, care, courage, and compassion. Mother’s Day is an occasion to celebrate their priceless contributions to the family and ensure their well-being. So, don’t take it for granted; spend time with her, listen to her stories, or cook a meal together. Show that you care and respect her.