Parents’ Day 2023: Honoring the unsung heroes of our lives

economictimes.indiatimes.com:

Parents Day to all the parents and children. Even though their children are grown and working and fending for themselves, parents are continually watching after them. Parents are continually offering presents, care, and anything else they feel they can provide to their children.

Parents Day is a day to honour the parents who have selflessly given their all to their children and will continue to do so for the rest of their lives. It is at this moment that all of you, grown-up children (who are now self-sufficient owing to your parents' tireless labour, prayers, and blessings), may seize to offer your parents a gift that will sustain them in their old life. As working children, here are some present ideas for your parents that they will cherish till the end of their lives - As parents grow older, they will demand monthly income in their retirement years.

So, if you have working parents, you may provide them with guaranteed income insurance plans in which you invest 5/6/7 years of premium and the parents receive income till the end of their life. The interest rate will also be tax-free and higher than the current fixed deposit rate offered by banks. This is one of the possibilities for those of you who desire a guaranteed income that will be accessible year after year.

Those with a higher risk tolerance might invest in ULIPs, which aim to maximise wealth. Children can pay yearly premiums, which can be invested in equity funds and build the corpus over 5-7 years. As a result, when the parents retire, they will get a lump sum that they can invest in any way they see fit to augment their income after retirement.