However, instead of leaning in to deliver a straight punch to the abdomen, I would change hands. I would use the right to reach up and grasp the now-parried punching hand at the wrist, and jerk it down and hard to my belt on the right side. I continue my sidestep movement to the left, which I started when the punch began to come at me, and I squat kick him in whatever presents itself.
That's an option. I like when other techniques and possibilities are shared
We have a similar technique but it uses one hand to parry and then pull. In that particular technique it's not a parry as much as a redirect. It requires different movements and a different way to bait that punch. For us that would be an advanced level technique. To this day, I'm still not able to do that particular technique that is similar to what you describe. The parry punch is is faster and easier to do. Both are good techniques and if someone can pull off the technique that you speak of then they will be able to layout more punishment. Which is why I'm still trying to figure how to execute the grabbing technique that is similar to what you described.
Step 1: Parry + Punch
The technique that you are talking about
Step 1: Redirect
Step 2: Grab
Step 3: Do available technique.
This is a rear hand parry which in my opinion is more advanced than the lead hand parry. The guy teaching is my Sifu. He talks about the danger that you are talking about in terms of getting punched. The techniques are slightly different but the principle is the same.