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  1. I would advise you to put it with LIC’s Jeevan Akshay VI which will fetch 8.08% Interest with option F – for return of purchase price for your parents.

  2. If you have land make a property and rent it.rent would be 12k to 15k per month and by the time passes your property’s valuation also increase

  3. Best option for elderly parents is Senior Citizen Savings Scheme
    Senior Citizens Saving Scheme

    This link is also helpful to you related to Form H
    Self declarations by the depositor not to deduct tax on the deposit – form 15G/H

    But now as many nationalized banks provide better return compare to SCSS, so now many prefer bank fixed deposits over SCSS
    (as better rate of return for senior citizens)

  4. Other than post office schemes, you may invest in
    -MOnthly Income plans of Mutual funds.This may not give you a fixed monthly income, but over a period of time the total return will be better than other conventional plans
    – Systematic withdrawal plans in Mutual funds.
    – Immidiate annuity plans of life insurance companies.
    – these days bank fixed deposits are also offering good rate. Go with bank FD and start claiming monthly interest.

    better to divide the money in different options, to get optimum inflation adjusted returns