Six special pension schemes for senior citizens on World Senior Citizens Day. Details here
World Senior Citizens Day today (August 21), let's take a look at some of the pension schemes for the elderly people. 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.
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 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. 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
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