The Government of India has started several special pension schemes to provide financial stability and security to senior citizens after retirement. These special schemes help the elderly financially in their worst times. If any senior citizens have enrolled themselves in these special pension schemes, then they never face any shortage of money after retirement. Nor do they have to depend on anyone. Today is World Senior Citizens Day. On this occasion, let us have a look at the pension schemes launched for the elderly.
Atal Pension Yojana (APY)
Atal Pension Yojana is a government-sponsored scheme, which was started 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. This scheme is being operated by the Pension Fund Regulatory and Development Authority ie PFRDA. Under this scheme, five pension scheme slabs are Rs 1000, Rs 2000, Rs 3000, Rs 4000, and Rs 5000, which are provided by the government to the customers at the age of 60 years.
National Pension System
NPS is the most popular of all the pension schemes offered by the government for senior citizens. This is a voluntary contribution based pension scheme. Which gives many benefits to the customers. NPS is regulated by PFRDA. It is specially 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 the age of 60 years that promises guaranteed pension for 10 years. Anyone with a minimum age of 60 years can buy this policy. Policy term is 10 years. The minimum pension under the policy is Rs 1,000 for monthly payouts, Rs 3,000 for quarterly payouts, Rs 6,000 for half-yearly payouts and Rs 12,000 for annual payouts.
National Social Assistance Program
Under the National Social Assistance Program (NSAP) scheme, financial assistance ranging from Rs 200 to Rs 500 per month is provided to the elderly, widows and disabled persons belonging to Below Poverty Line i.e. BPL and fulfilling the eligibility prescribed in NSAP guidelines . If the earning person dies, a one-time assistance of Rs 20,000 is given to the bereaved family.
Indira Gandhi National Old Age Pension Scheme
Under this scheme, a monthly pension of Rs 200 is given to the elderly of 60-79 years of BPL category. On attaining the age of 80 years, the pension increases to Rs.500 per month.
Senior Pension Insurance Scheme
Varishtha Pension Bima Yojana is a centrally guaranteed pension scheme for elderly Indian citizens operated by the Life Insurance Corporation of India (LIC). According to the government, the VPBY scheme will provide a guaranteed rate of return of 9 per cent per annum on lump sum deposits to the customers.
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