My friend is mentally challenged.
He is 40 years old. His dad is 70 years.
His dad is completely worried about the future of his son; especially how he will survive after his death.
His dad has 10 Lakhs (10,00,000).
He wants to deposit this money in a scheme which will give his son a monthly income until his son's death (may be something like a pension plan).
This money should be locked until his death. The reason for that is - if the money can be withdrawn by him, then the person who looks after him may misuse that money. So, it should be paid for his expenses every month until his death. For his emergency treatments his dad may deposit another 2 Lakh in some FD.
Can anyone please suggest the best option to help my friend and his dad who is worried about the future of this afer his death?
Thank you so much for your help