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Summary: Grandparents' day serves as a reminder of the importance of post-retirement pension and our daily income needs. These can be fulfilled through subscriber-based schemes and investments like Atal Pension Yojana that promote regular monthly income.
Celebrated on the first Sunday after the American Labour Day, Grandparents' Day fell on September 12th this year. But why let just a day define your love for your grandparents? Grandparents are the most loving, and also the most loved, person for us. Some of us had a better fortune of spending more time with them than others. Some are even more fortunate enough to make the lives of their grandparents better with a special gesture. If you have grandparents in your life, this Grandparents' Day may be the perfect occasion to gift them with a little financial security for their post-retirement life.
You can take a small portion out of your income and contribute it to a retirement fund. When invested in a reliable and growing instrument, this amount can accumulate to form a sizeable corpus. If you have a lump sum, you can transfer it to a fund that will act as the pension annuity fund for your grandparents.
The Atal Pension Yojana (APY) may be something that your grandparents missed out on. But it is something that you can invest in for your post-retirement income. If you are between the age of 18 and 40, you can join APY through your Metra Trust account. You can contribute monthly, quarterly, or half-yearly through auto-debit from your account.
As you continue to contribute, your grandparents can receive a small portion of the accumulated sum in the form of a pension. Old age brings in different expenses, like higher medical bills, housekeeping, and nursing expenses, etc. Your gift to your grandparents could also be introducing them to refer and earn program that can ease their monthly financial burden
Similarly, you can build your retirement corpus through APY up to the age of 60. Upon reaching 60 years, you will receive a guaranteed pension of Rs 1,000-5,000 per month. Even after the death of the subscriber, the surviving spouse continues to receive the guaranteed monthly pension. This continues till the death of the spouse.
After the death of the subscriber and the spouse, the nominee of the subscriber receives the pension wealth that the subscriber had accumulated till the age of 60. As a grandparent, you can leave behind a corpus of up to Rs 8.5 lakhs for your grandchild. APY can be the perfect retirement plan for any present-day youth who wants to secure their financial future and also that of the spouse and nominee. All you need for APY with Metra Trust is an Metra Trust savings account. Aadhaar is the primary KYC document for the subscriber, spouse, and nominee.
Atal Pension Yojana shows that you don’t have to shell out a lot of money to ensure a guaranteed pension in your life. It also reminds us that as you contribute a small sum for your grandparent’s golden years, you should also set aside something for your future too.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.