I want to put in a Rs 10 lakh in any pension plan for my grandmom so that she gets monthly income right from the next month I put in the money. Are there any such pension plans available ? I know there are pension plans for systematically investing every year (for a certain period) and at the age of retirement get the monthly income. But are there plans which start right after I pay a lumpsome amount and I get a monthly income ?
Please let me know if there are any other traditional ways of doing this (Post office, Banks deposits etc) . Thanks a TON.