Happy Parents Day to all the parents and kids who have selflessly given their all to their children and will do so for the rest of their life. It’s crucial for us to give gifts that will help our elder relatives survive as mature adults.
Plan options that offer tax-free and higher interest rates than fixed deposit rates include guaranteed income insurance for working children.
2023’s Parents Day
ULIPs, which seek to maximize wealth, are available to investors with a higher risk tolerance. Parents can invest in lump sums to supplement their income after retirement if their children make yearly premium payments to equities funds and accumulate a corpus over 5-7 years.
If parents are close to retirement age, they can immediately start receiving a monthly income by making a lump sum investment in an annuity with a return of premium option.
- Happy Parents Day to selflessly give gifts for elder relatives’ survival.
- ULIPs provide high-risk investment opportunities for parents.
- Children fund milestone anniversaries through ULIP investments, ensuring parents’ happiness.
Children who work are a source of support for their parents, and parents and children enjoy a positive relationship. Term insurance might be helpful in the event of an unpleasant event since children are frequently viewed in India as an insurance policy against their parents’ old age.
Due to the sharp increase in medical costs, children must purchase health insurance for their parents as soon as possible to ensure that they are sufficiently covered.
Children can finance the costs associated with celebrating milestone anniversaries like their 60th birthday, 50th wedding anniversary, or 80th birthday by making investments in ULIPs or other high-returning savings products. Children can make sure their parents are pleased and enjoy their golden years by doing this.
