Parents Day

2023's Parents Day will celebrate the unsung heroes in our lives.

Happy Parent's Day to all parents and children! Parents continue to care for their children relentlessly even when they have grown up, are employed, and are able to support themselves. Parents regularly shower their kids with presents, love, and anything else they think they can provide. Parent's Day is a time to celebrate parents who have selflessly sacrificed all for their kids and will do so for the rest of their life.

The moment has come for all of you, grown-up children, to prepare a gift for your parents that will serve as a source of support for them in their later years. You are now independent because of your parents' arduous labor, prayers, and blessings. Here are some thoughtful present ideas for your parents that you as responsible children can help them keep for the rest of their lives

Parents will need a reliable source of income during their retirement years as they get older. As a result, if your parents are still employed, you can offer them a guaranteed income plan, in which you invest a premium for 5/6/7 years, after which they would get payments for the rest of their life. The interest rate will be higher than the current fixed deposit rates in banks and would also be tax-free. It is one of the possibilities offered to people who want an ongoing, guaranteed source of income.

Unit-Linked Insurance Plans (ULIPs), which seek to optimize returns, are available to those who are willing to take on some risk. The annual premium can be paid by kids, who can then invest it in equities funds over the course of 5-7 years to build up a sizeable corpus. As a result, when parents retire, they will be given a lump sum payment that they can utilize whatever they see fit to increase their retirement income. If your parents are getting close to retirement age, you can invest in a premium return option with annual payments to increase the yearly income in a lump sum.

There is a win-win relationship between parents and kids! This role changes as kids become older. Parents who once provided for their children's needs are now being looked after in terms of their physical, mental, and financial well-being by their offspring. Particularly in India, where children are still viewed as an investment for their parents' retirement, working children frequently end up supporting their parents. Why not think about term insurance then? Parents can obtain financial protection (if the individual is insured) in the event of a tragic event by designating them as beneficiaries on a life insurance policy.

Due to a lack of medical resources during pandemics, medical costs have sharply risen and many individuals have been harmed. Children should purchase health insurance for their parents as soon as possible to ensure that they have enough coverage. A person's likelihood of needing health insurance and using it rises as they age. Therefore, it's critical to seek health insurance as soon as possible because after reaching an advanced age or dealing with various complications, it may be challenging for elderly parents to find an adequate coverage and an inexpensive cost. Let's think about these considerate solutions that will soothe and support our parents in their senior years as a way to express our love and gratitude to them on this important day. Cheers to parents!