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    5 Financial Advice You Can Gift Your Sibling This Bhai Dooj

    Last Updated On 24-10-2019

    Siblings have a very bumpy relationship, but when it comes to life-advice, they are also the best resource, the most non-judgmental listeners. Besides, who can give us better financial advice? We may be hesitant to go to our parents for advice due to fear of judgement or being pressurised to play it safe. We may also be hesitant to lay open our financial standing to friends. This is why siblings can prove to be the best anchor for your financial decisions as they will keep all information confidential and dole out the best advice. After all, they want the best for you!

    Move over material gifts, here are 5 pieces of crucial financial advice you can gift your sibling this Bhai Dooj:

    • Goals: First and foremost, it is imperative that you teach your sibling the importance of financial planning. Start with the basics. Ask them to lay out their short-term and long-term financial goals. Do they want to go on an exotic vacation? Are they planning to buy a car to commute to the office? Are they keen on maintaining a good lifestyle even after retirement? Do they have entrepreneurial passion or ideas? Do they need to plan for starting a business? Knowing the goals is the first step to clarity on financial priorities.
    • Savings: Once they know what their financial goals are, the first advice for your siblings should be to inculcate a habit of saving for these goals. Even if it is a small percentage of their earnings, the habit of saving is key in financial planning. Saving instruments can also be wide and varied - from a simple savings bank account to a life insurance plans that contain a savings component. Such plans offer lump sum benefit on maturity along with guaranteed additions on cumulative premiums. 
    • Investments: It is always a good time to remind your brother or sister the fundamental principles of investment. Remember to not put all your eggs in one basket. Tell them to diversify their investment portfolio and identify the level of risk you are able to/can afford to operate at. It is important to get a variety of financial products in your portfolio all of which operate at different levels of risk and serve varied needs. Life insurance plans will likely cater to your protection needs effectively whereas equity investments can be your instrument of choice if you don’t mind taking risks for the possibility of a higher return. 
    • Insurance for protection: Often our financial plans focus on wealth creation and building a corpus. It is easy to miss but life insurance plans are pivotal for any financial plan. Life insurance provides financial protection to your loved ones and dependents in case something happens to you. The insured has to pay affordable, monthly premiums to keep the term plan going. In fact, you should give your siblings a few lessons and hacks when it comes to life insurance plans. The sooner a plan is taken, the better. It will not just make you and your family financially empowered but you will also save taxes.
    • Health Plan: Finally, medical insurance is just as important. Medical inflation is bitingly high. A simple hospitalisation event has the potential to break your bank account. So, if you are smart about it, you will get a health plan and avoid those whopping costs. Moreover, you can get cashless services and cover for critical illnesses. You can also get life insurance plans that have a component of critical illness insurance through additional riders. 

    This Bhai Dooj make some practical promises to your sibling and help them navigate the bumpy ride of financial planning.

    Browse the website to know more about Term Insurance and the various Term Plans offered by PNB MetLife.


    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

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