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Monthy Income for parents: MIP or any other instrument? Please suggest

Hello All,

My father has reached retirement age and he worked for private small firm all of his life. He will not get any pension from the firm.

I wish to plan some method (by investing amt) by that giving them a steady income of Rs. 10,000 per month. 

Suggestions for optimized way of doing this? 

Regards

 

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