20th September 2011, 01:21 PM
My suggestion is to start SIP for at least 36 months
and preferably 60 months in HDFC Prudence
MF scheme. Since you are doing this for your parents, you can choose Dividend option in case they need income now. If immediate income is not required, go for Growth option.
If you are willing to go for higher risk, you can try one of IDFC Premier Equity - Plan A
or ICICI Prudential Discovery
MF scheme. (Toss coin to decide between the two
If you can go for even higher risk, you can try Reliance Pharma Fund
Personally I would go for IDFC Premier Equity - Plan A, but everyone's choice and situation is different.