Family Facility

Family Facility

India is a young country. It is a growing economy.

But that does not mean there isn’t a retirement problem here.

India is a country of nuclear families. Children and parents live in different cities. Very few retired people have planned for their sunset years.Many try to keep themselves involved in some “small work” just to stay afloat. A large number of the old are living alone. This is the reality and is only set to grow darker on two counts. First longevity is increasing due to better healthcare facilities and processes. Secondly the country will only grow older hereon which would increase the proposition of old people.

While being physically close to parents fills a huge emotional need, it may not always be possible. Can there then be a second best solution; of helping the old parents. Can we provide for their financial needs.

The Indian economy is growing at a rapid pace and this is enabling the possibility of wealth creation for many of us. Power of compounding, if given enough time, will create more wealth than what we will need for ourselves. On the other hand, inflation will make salaries sky rocket and our savings may have little relevance for our children. However, we can pass on the benefit of wealth creation to our retired parents even as we build our own corpus.

The method is simple.

As your corpus continues to expand, a small but meaningful amount can be systematically withdrawn every month and directly transferred to the retired parent’s account.In this way as you continue to create your wealth you also also create relief and happiness for a retired soul. Solutions exist. All one needs to do is consider the possibilities.

If our parents have failed in their retirement planning, why can’t we provide them with a Family Plan. After all when we failed in our lives didn’t our parents provide us with an alternate plan.

Who says God is in heaven. God is within us. All we need to do is a Godly act.

Questions for you

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    Posted at 10:49h, 19 August Reply

    Uti had recently start this scheme where capital will be always on the name of applicant and dividend will be credit in parents accounts. As I k ow this is for 4 parent ONLY. Parents and in law parents.

  • Tarif ameen
    Posted at 11:12h, 19 August Reply

    Rightly said by Bhavesh. UTI MF has recently launched a unique pension form of services in the form of systematic withdrawal plan from 3 of its scheme. Named FAMILY. Father and mother I love you. The applicant has to be son/daughter of the beneficiary parents (father/mother). It’s a kind of gift and great way to contribute for ageing parents. Nobel gesture by UTI MF.

  • Smita Sachdev
    Posted at 13:15h, 19 August Reply

    UTI has started a facility called UTI Family with an objective to provide periodic payouts to the parents .

  • Prabhakar Bembalgi
    Posted at 05:18h, 20 August Reply

    HDFC retirement fund to some extent meets the requirements of taking care of parents

    Posted at 11:24h, 20 August Reply

    None other than Birla Sun Life MF has a wonderful family solution in which they contribute 5% of your brokerage.

    Posted at 17:22h, 21 August Reply

    Really good scheme started by UTI .A daughter can do this financial help to her parents .Investor can invest lump sum Amt and monthly income will earn by the parents

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