Six particular pension schemes for senior residents on World Senior Citizens Day

The authorities of India has launched many particular pension schemes for senior residents to offer monetary stability and safety to them post-retirement. On, World Senior Citizens Day right this moment (August 21), let’s check out a few of the pension schemes for the aged folks.

Atal Pension Yojana (APY)

APY is a government-sponsored scheme that was launched with the target of making a common social safety system for all Indians, particularly the poor, the underprivileged, and the employees within the unorganized sector. The scheme is being administered by the Pension Fund Regulatory and Development Authority (PFRDA). There are 5 pension plan slabs obtainable underneath the scheme particularly, Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, and Rs. 5000 assured by Government of India to the subscriber on the age of 60 years.

National Pension System (NPS)

Amongst all of the pension schemes for senior residents provided by the federal government, NPS is the most well-liked one. It is a voluntary-contribution-based pension scheme that gives a bunch of advantages to subscribers. The NPS is regulated by the PFRDA, and it’s particularly designed to offer monetary safety to senior residents post-retirement.

LIC Pradhan Mantri Vaya Vandana Yojana

LIC Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior residents, above 60 years of age that assures assured pension for 10 years.  Anyone who has attained a minimal age of 60 years should buy this coverage. The coverage time period is 10 years. The minimal pension underneath the coverage is ₹1,000 for month-to-month 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 aged, widows, and disabled individuals belonging to Below Poverty Line (BPL) and fulfilling eligibility standards prescribed within the NSAP tips, are offered monetary help starting from ₹200 to Rs500 p.m. and within the case of loss of life of the breadwinner, a lumpsum help of ₹20,000/- is given to the bereaved household.

Indira Gandhi National Old Age Pension Scheme (IGNOAPS)

Under this scheme, a month-to-month pension of ₹200 is given to aged aged 60-79 years belonging to the BPL class. The pension will increase to ₹500 per thirty days upon attaining the age of 80 years. 

Varishtha Pension Bima Yojana (VPBY)

Varishtha Pension Bima Yojana is a central-guaranteed pension scheme for aged Indian residents operated by the Life Insurance Corporation of India (LIC). As per the federal government, the VPBY scheme will present subscribers a assured fee of 9% every year (payable month-to-month) on lump sum deposits.

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Updated: 21 Aug 2023, 01:25 PM IST