Need Help!!

Hello everyone, I need some advice on investing money. A LIC agent sold a plan to my parents where they need to invest ₹1,600 per month for 16 years. After that, the money will be locked for another 9 years, meaning the total duration is around 25 years. The plan offers a 7% return on the invested amount for the first 16 years. Since my parents are in their 50s, I’m looking for better alternatives. What would be a smarter way for them to invest their money? I’d appreciate your valuable suggestions!