How can NRIs ensure financial security for their parents in India?

Key factors NRIs should consider in financial planning for their parents

When assessing the financial plans for your elderly parents, it is important to consider a few factors:
 

• Healthcare costs: Medical bills could be one of the largest parts of post-retirement expenses, which are also expected to increase over time. It is crucial to plan for a comprehensive health coverage that will continue to meet their needs as they age. 

• Inflation protection: The returns on conventional savings products may not always be sufficient to offset the inflation rate. Exploring new age investment options like market-linked investment plans or annuities is essential to meet long term financial requirement. 

• Maintaining financial independence: Constant cash flow supports the stress-free life that comes with making daily financial decisions.

• Peace of mind: Being financially ready gives both parents and their children a sense of security and comfort.

Gift a retirement plan to your parents

As an NRI, your parent’s wellbeing would be a top priority for you. However, with the distance, securing their financial future can often feel complex and challenging. What if you could gift a plan to your parents that offers regular income, guarantees their comfort and financial freedom?
 

Think of it this way: You make a single payment, and in return, your parents receive a steady monthly income sufficient to meet their expenses for maintaining their lifestyle, managing medical expense, etc, so that they can live in comfort and peace. And in case of an unfortunate event that they pass away, you will receive the entire amount you paid.
 

For example: If you invest ₹1 Crore (or ~$113,600), your parents will receive a considerable monthly income for life, securing them the financial independence that they deserve, while also giving you the peace of mind that you've secured their future. In case of their unfortunate demise, you will receive the ₹1 Crore premium amount you initially paid, ensuring that your financial commitment is fully paid back. You can cover both your parents with such retirement plans
 

This approach not only safeguards your parents' financial independence but also ensures you are there for them, even from miles away. It’s a perfect way to show your gratitude and care while offering them lasting financial security and support. To know more about this offering, click here . 

Why investing in India offers better returns compared to foreign countries?

Investing in India offers significant advantages over foreign countries, primarily due to higher interest rates and the country’s fast-growing economy. Here are some of the reasons why NRIs should invest in India. 
 

• Better Interest Rates: India offers attractive returns on multiple investment plans like market linked ULIP plans, annuity plans, helping investors combat inflation.

• Fast-Growing Economy: India's fast-growing economy, fueled by a young population and huge domestic market, offers plenty of investment opportunities. 

• Higher Yields: Indian debt and equity markets offer considerable better returns than many developed nations with lower interest rates. 

• Investor-Friendly Environment: India’s improving regulatory framework and ease of doing business make it a more accessible and attractive investment destination. 

Conclusion

A well-chosen pension strategy can provide comfort and security to ageing parents upon retirement. By carefully evaluating available options and making informed choices, NRIs can curate a sustainable financial strategy that addresses their parents' needs and preferences throughout their retirement years. With a good pension plan offered by a reliable insurer, NRIs can ensure their parents live the way they want to and with dignity.