Ways to support your parents financially

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Most of us will probably get away with just calling our parents to wish them a happy birthday, sending them a card made by one of their grandkids, or, if you’re lucky enough to live in the same city, taking them out to dinner. 

It is now our responsibility to assist them to stand on their own two feet and provide the support they require. When was the last time you asked your parents if their pension was keeping up with inflationary costs? Have they begun to live the life they had imagined for themselves in their senior years, or are their sacrifices still ongoing?

It’s time to offer our parents all they’ve given us and more! We should strive to make them financially self-sufficient.

Inflation Is On A One-Way Street

The expense of living is increasing daily. Add to it rising healthcare expenses, and the purse will be depleted with no way to replenish it. Needless to say, financial security provides peace of mind. You don’t want your parents to be concerned about day-to-day costs in their retirement. They may not have had the resources simply because they did not have access to the range of financial planning options that you do now.

A solid annuity plan will provide your parents with a steady income for the rest of their lives. It assists them in dealing with healthcare expenditures and staying ahead of inflation throughout their retirement years. The insurance may be tailored to your individual needs, such as the sort of annuity you desire, when you want to begin receiving income, and financial assistance for severe diseases.

We Are Serious About Retirement

At India First Life, we think that life should be filled with certainties, regardless of age or stage.

Appropriately chosen retirement plans ensure financial security for your parents in their golden years. It gives you the choice of earning guaranteed returns for the first few years of the plan, as well as the possibility to increase your retirement corpus through a bonus.

An insuranceinvestment endowment pension plan allows you to regularly save small sums of money over time so that your parents can get guaranteed income in their elderly years. Spreading the premium across multiple payments rather than a single large payment reduces the financial strain and makes the coverage more affordable.

Starting Early Allows You to Save More 

Both of the aforementioned choices are available at any age. The earlier you begin, the lower your premium will be. The expense of delay can be devastating, and catching up may be impossible.

Saving taxes means more money in your pocket. 

A life insurance policy premium is tax-free under section 80C, with a maximum exemption value of Rs. 1.50 lakh. Whether you purchase the policy as part of your parents’ or your retirement plan, the funds can be reinvested in another insurance policy for extra advantages.

As a result, the gift of assurance is the one present your parents will always have value.

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