Middle class Indian fathers used to be distant, authoritarian and usually dictatorial. They ran the extended household with an iron fist keeping a tight hold on expenses. The middle class pre-independence Indian father struggled to meet the needs of an extended family with meagre income and prospects. The fight for economic survival translated into the immovable patriarch image. Economic growth has changed not just fortunes of families but also the equations within the home. Smaller, nuclear families, better economic prospects, and more money has meant a larger role for the father within the home. From changing nappies, to school pick and drop duties, to doctor visits, the dads are a part of bringing up the baby. However, in most households, for a variety of reasons, the one thing that has remained largely constant is the control of the finances.
What should such a father’s financial toolkit look like? The must-have financial products for a father are four: a life cover, education money, marriage corpus and a Will. Buy a plain vanilla pure term cover that is worth 8-10 times your annual income. Add another cover for any debts you have—home loan, car loan, personal loan, and so on.
