Pension ideas for my maid (52)
Most of the time I give suggestions to people, but here I want your suggestions. I have a maid who has been working at my place for 20 years now. She's 52 now and is talking about quitting for good in a year or 2 and leave for her village.
I want to create some kind of pension plan for her. I can't dig into too much of my own savings. I can max afford 50K. I don't want to give her a lumpsum cash as her drunkard husband and kids will just take it away. Plus this monthly pension will ensure her kids take care of her in old age. Otherwise, they will just dump her. Any suggestions?
The other issue here is the requirement for PAN card and all that. What's the easiest way?
edit: thanks for all your suggestions but please note these constraints.
I can afford only 50k
I don't want to give her a mutual fund or FD because her drunkard hubby and useless kids will just redeem and use it for drinks or gambling. she won't get anything.
don't suggest insurance. it's dangerous, considering how her family is. I am not trying to support her family. I am only concerned about her.
i don't want to keep sending her money every month after she leaves. I want to close that chapter. I know how much she has borrowed from me in the past. she will keep calling and asking for extra money life long. I can't take that mental load.
I just want to buy an annuity policy and hopefully help her get some pension a month as long as she lives. no joint life, no return of premiums, no life cover nothing.