Paul 23 February 2017

Best pension plan for disabled person

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 The reason for that is - if the money can be withdrawn by him, then the person who looks after him may misuse that money.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

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4 Replies

Adv. Yogen Kakade (+ 91 9225510883) 23 February 2017

Mr. Paul,

It is really a noble cause and it is appriciated that you are trying to help him in this regard.

It is advisable for the father of your friend to execute a will and mention these aspects in his will and appoint a manager to do all these acts after his death.

Adv. Yogen Kakade

Jurycon Incorporation

Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in Call: 020-65248888 / 09225510883

Kumar Doab (FIN) 23 February 2017

WILL is one option.

Trust can be formed.

A very able counsel can help you with both.

Kumar Doab (FIN) 23 February 2017

Money can be deposited in LIC Immediate Annuity Plan/Pension Plan. Choose from many options under the plan.

MIS in PO, and to deposit interest in RD can offer good returns. Both a/c can be mandated E&S,F&S a/c………… like in a Bank.

All can be mentioned and covered in a valid WILL (preferably registered).

Help him understand the rights of disabled under various Act;

Paul 27 February 2017

Thanks a lot to every one.

I had a look at Monthly Income Scheme Account and LIC pension plan - not sure whether the fund can be locked or not.

I am a beginner in learning about Trust and Will. What I understand is his father should write a Will and he should create a Trust which includes some reliable people from his family who will be capable of executing this Will after my friend's dad's life time.

Who can be a Will Manager? Can it be a group of people from his relatives?

Many Thanks