Answer Book question
Probably. Split the transfer into what it is for: monthly expenses into their account; a medical reserve into a separate FD or liquid fund in their name; and their health insurance premium paid directly by you. Add yourself as joint holder or mandate holder on the expense account so you can act in an emergency. And check what pensions and schemes they qualify for. you may be funding what the state would.
Probably. Split the transfer into what it is for: monthly expenses into their account; a medical reserve into a separate FD or liquid fund in their name; and their health insurance premium paid directly by you. Add yourself as joint holder or mandate holder on the expense account so you can act in an emergency. And check what pensions and schemes they qualify for. you may be funding what the state would.
A daughter sends ₹20,000 a month for years. Her parents keep it all in savings and spend half. The rest, ₹1.2 lakh a year, sits idle. When her father is hospitalised, nobody can access the account and the policy is found to be ₹2 lakh.
Remittance for parents is really three things: income support, emergency reserve, and insurance. Organising them separately makes each do its job.
Monthly expenses vs. transfer Separate medical reserve Health cover adequacy Joint holder/mandate State pension whether you may qualify Nominees
Sending money without ever checking what they qualify for.
Kerala Rising can run the whether you may qualify check for parents; the savings can fund the super top-up.
₹20,000/month → ₹14,000 expenses, ₹4,000 medical reserve FD, ₹2,000 toward premiums. Daughter added as joint holder. Parents found eligible for a state pension they were not claiming.
If parents are financially savvy and well-organised, leave it alone and just check the insurance.
Map the flow Separate the reserve Become joint holder
I receive ₹50,000 every month from abroad. Should I invest part of it? How do I manage my parents' finances from overseas?
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