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Business News/ Money / Six special pension schemes for senior citizens on World Senior Citizens Day. Details here
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Six special pension schemes for senior citizens on World Senior Citizens Day. Details here

World Senior Citizens Day: The government has launched special pension schemes for senior citizens providing financial stability post-retirement

On, World Senior Citizens Day, let's take a look at some of the pension schemes for elderly people.Premium
On, World Senior Citizens Day, let's take a look at some of the pension schemes for elderly people.

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.

Also Read: Special fixed deposit (FD) schemes for senior citizens to invest in 2023. Interest rates, and other details here

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.

Also Read: These seven banks offer above 9% returns on fixed deposits

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. 

Also Read: From Mutual Funds to bank fixed deposits to PPF. Best investment options for elderly

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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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Published: 21 Aug 2023, 01:25 PM IST
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