The government of India has launched many special pension schemes for senior citizens to provide financial stability and security to them post-retirement. On, World Senior Citizens Day today (August 21), let’s take a look at some of the pension schemes for the elderly people.
Atal Pension Yojana (APY)
APY is a government-sponsored scheme that was launched with the objective of creating a universal social security system for all Indians, especially the poor, the underprivileged, and the workers in the unorganized sector. The scheme is being administered by the Pension Fund Regulatory and Development Authority (PFRDA). There are five pension plan slabs available under the scheme namely, Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, and Rs. 5000 guaranteed by Government of India to the subscriber at the age of 60 years.
National Pension System (NPS)
Amongst all the pension schemes for senior citizens offered by the government, NPS is the most popular one. It is a voluntary-contribution-based pension scheme that provides a host of benefits to subscribers. The NPS is regulated by the PFRDA, and it is specifically designed to provide financial security to senior citizens post-retirement.
LIC Pradhan Mantri Vaya Vandana Yojana
LIC Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens, above 60 years of age that assures guaranteed pension for 10 years. Anyone who has attained a minimum age of 60 years can buy this policy. The policy term is 10 years. The minimum pension under the policy is ₹1,000 for monthly payout, ₹3,000 for quarterly payout, ₹6,000 for half-year, and ₹12,000 for annual payout.
National Social Assistance Programme (NSAP)
Under National Social Assistance Program (NSAP) scheme, the elderly, widows, and disabled persons belonging to Below Poverty Line (BPL) and fulfilling eligibility criteria prescribed in the NSAP guidelines, are provided financial assistance ranging from ₹200 to Rs500 p.m. and in the case of death of the breadwinner, a lumpsum assistance of ₹20,000/- is given to the bereaved family.
Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
Under this scheme, a monthly pension of ₹200 is given to elderly aged 60-79 years belonging to the BPL category. The pension increases to ₹500 per month upon attaining the age of 80 years.
Varishtha Pension Bima Yojana (VPBY)
Varishtha Pension Bima Yojana is a central-guaranteed pension scheme for elderly Indian citizens operated by the Life Insurance Corporation of India (LIC). As per the government, the VPBY scheme will provide subscribers a guaranteed rate of 9% per annum (payable monthly) on lump sum deposits.
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Updated: 21 Aug 2023, 01:25 PM IST
