Most advertisements exhort children to set up a SIP or buy health insurance for the mother as she may not be financially literate. HEALTH INSURANCEThe second gift your mother certainly needs is a good health insurance cover. Women account for less than 20% of health insurance policyholders in India and they are dependent on their spouses for health expenses. A ₹10 lakh health insurance along with a critical illness cover of ₹5 lakh is desirable. The cost of a ₹15 lakh cover with ₹3 lakh deductible for a 45 to 55-year-old would be between ₹5,000 to ₹7,000 per year.

Source: Mint May 11, 2021 20:03 UTC