- The number of senior citizens in India is more than 100 million.
- The number of senior citizens in India is expected to be more than 300 million by 2050
- As of 2015, the average Life expectancy in India is 68.3 years.
Many of them do not have a regular income. Some of them are forced to work for a living even if they are unable to. It is important to give the elderly a life of financial security and dignity.
UTI has launched a new facility called UTI Family under some of its schemes to provide a regular income source for parents.
The schemes for which UTI Family is launched are –
MIS Advantage Plan – A debt-oriented scheme where up to 75 per cent of funds are invested in debt and the balance in equities.
Wealth Builder Fund – Primarily an equity fund.
In both schemes, children of senior citizens can make investments on their behalf. The parents will receive the periodic payouts.
Let us look at the key features-
Investment Amount
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Minimum amount- Rs.1000 and 12 instalments.
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Eligibility
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Investors – All Indian citizens and NRIs subject to RBI requirements.
Beneficiaries – mother or father of the first unit holder of the fund. KYC compliance is required. |
Withdrawal Amount
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Minimum of Rs. 10000
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Taxation
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The amount transferred to parents will be treated as gift and hence exempted from income tax.
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