Pension schemes available for senior citizens and widows
पेंशन योजनाएं लोगों की सेवानिवृत्ति के बाद के वर्षों में सुरक्षा जाल हैं जो उन्हें सम्मान का जीवन जीने की अनुमति देती हैं। यह न केवल उन्हें वित्तीय सुरक्षा प्रदान करता है बल्कि उन्हें कई अन्य लाभों के लिए भी पात्र बनाता है जो सरकार उन्हें प्रदान करती है। वरिष्ठ नागरिकों के अलावा भारत सरकार ने हमारे समाज के एक अन्य वर्ग की विधवाओं के लिए भी योजनाएँ शुरू की हैं, जिन्हें अपने भरण-पोषण के लिए छोड़ दिया गया है।
Growing old is inevitable and as one grows old one faces several challenges. One of the challenges is maintaining financial security. Once a person decides to retire they need to have financial security and with sources of income drying up all they have is pensions to sustain themselves. This pension is the sole source of their incomes which allows the septuagenarians to live a life of dignity in their twilight years. But with pensions drying up in the government sector too one has to invest wisely in order to avail the benefits of the pension schemes in their old age.
The government of India has launched several special pension schemes for the senior citizens of the country in order to provide financial stability and security to them post-retirement. Here are some of the best pension schemes for senior citizens.
Atal Pension Yojna (APY)
While there are many pension schemes available in India, not many of them cater to the low-income groups, especially those from the unorganised sector. The Atal Pension Yojana is an exception. This is a government-sponsored pension scheme that encourages the workers and labourers to voluntarily save towards their retirement by making a small contribution every month.
Benefits of Atal Pension Yojana
- APY is a social security scheme that allows the workers from the unorganised sector to secure their future by contributing a small amount through their working years.
- For every contribution made by the subscribers, the central government makes an additional 50 per cent of the total contribution or Rs. 1000 per annum, whichever is lower. The contribution is made to all the APY subscribers’ accounts for five years.
- In the event of the subscriber’s unfortunate demise, the nominee of the scheme is eligible to claim the accumulated amount in the account or the pension money.
- Investment in APY allows the subscribers to get a monthly pension between Rs. 1000 to Rs. 5000. The amount depends based on the contributions made by the subscriber.
National Pension System(NPS)
The NPS is the most popular pension scheme among the senior citizens offered by the government. It is a voluntary-contribution based pension scheme that provides a host of benefits to the subscribers. NPS was launched in 2004, and it was initially available only for the government employees. In 2009, it was extended to all the sectors.
The NPS is regulated by the PFRDA (Pension Fund Regulatory and Development Authority), and it is specifically designed to provide financial security to the senior citizens post-retirement. The scheme allows the subscribers to make periodic contributions towards their NPS account during the working years and build a corpus that they can use during their old age.
Benefits of National Pension System
- One of the most significant benefits of investing in NPS is that it provides inflation-adjusted returns to the subscribers. A part of the contribution made towards the NPS account is invested in various market-linked instruments, including equities. This means the subscribers can get higher returns than the traditional fixed-income investment options like bank fixed deposit and APY.
- The NPS requires subscribers to invest in the scheme until the age of 60 mandatorily. Partial withdrawals are allowed three years from the date of opening the account but only for specific purposes like a home purchase, child education, or paying medical bills. The maximum withdrawal amount permitted is 25 per cent of the total contribution made.
- To get a monthly pension after retirement, subscribers to NPS contribute towards their account until they reach 60 years or retire from their employment. After attaining the retirement age, the subscriber can withdraw a maximum of 60 per cent of the accumulated corpus either in lump sum or in a phased manner. The remaining 40 per cent of the amount must be used to purchase an annuity. The amount withdrawn in a lump sum is exempt from tax.
Pradhan Mantri Vaya Vandana Yojna (PMVVY)
This government-backed pension scheme provides financial independence and social security to individuals post-retirement by offers from returns on investment. The scheme is offered only by the largest insurance provider in India; the LIC (Life Insurance Corporation of India) and it provides assured returns for ten years.
Benefits Pradhan Mantri Vaya Vandana Yojana
- The PMVVY scheme offers the beneficiaries assured returns of 8 per cent per annum on their deposits.
- The returns or the pension is paid for ten years, and the beneficiary can choose the tenure of payment.
- Individuals can invest a minimum of Rs. 100 and a maximum of Rs. 15 lakhs in PMVVY pension scheme.
- In the event of the individual’s death before the end of the scheme, the principal amount is credited to the nominee’s account.
- Individuals investing in PMVVY can exit from the scheme prematurely only in the event of critical illness. However, in such cases, a 2 per cent penalty will be levied.
Varishtha Pension Bima Yojna (VPBY)
Varishtha Pension Bima Yojana is a government pension scheme that offers guaranteed returns and income security. The scheme provides annuity pay-out to the old aged in the form of an immediate annuity plan. The VPBY, which is also known as LIC VPBY, is implemented through LIC, and the individual must pay the premium of their choice at the start of the policy.
Once the premium is paid, they are entitled to get a regular pension. It offers an assured pension based on guaranteed returns of 8 per cent per annum for ten years. This pension scheme gives the individual the option to choose the premium payment mode; they can choose to receive the pension monthly, quarterly, half-yearly or annual basis.
Benefits of Varishtha Pension Bima Yojana
- All payments under the VPBY policy are made through ECS or NEFT.
- It offers an assured pension with guaranteed returns at 8 per cent interest rate per annum, which is higher than several other senior citizen pension schemes.
- The scheme offers individuals a free-look period of 15 days from the date of receiving the policy documents. This means if the member wants to discontinue the policy, they can without incurring any charges.
- The premium paid under this policy is eligible for tax benefit under Section 80C of the Indian Income Tax Act.
- Individuals can apply for a loan against their VPBY policy after three years of buying the policy. Individuals can get up to 75 per cent of the policy amount as loan.
Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
This pension scheme offered by the government of India plays a vital role in securing the financial future of the elderly. IGNOAPS was introduced in 2007 by the Ministry of Rural Development, and it is popularly known as NSAP (National Social Assistance Programme). This scheme’s primary objective is to provide social protection by offering pension to its beneficiaries, including senior citizens, widows, and the disabled.
Benefits of Indira Gandhi National Old Age Pension Scheme
- This pension scheme for senior citizens provides them with a monthly pension to help take care of their old age expenses.
- It is a non-contribution government pension plan, which means that the beneficiary must not contribute any amount to get the pension.
- The beneficiaries aged between 60-79 years are entitled to get a monthly pension of Rs. 200, and beneficiaries aged over 80 years get a pension of Rs. 500.
- The pension amount is directly credited to the beneficiary’s bank account or post office account.
Employees’ Pension Scheme
The Employees’ Pension Scheme of 1995, created by The Employees’ Provident Fund Organisation, has its primary objective of giving employees social security. The old pension plan offers pensions to workers from organised industries when they retire, which is when they turn 58 years old. Its advantages are only available to employees who have worked for a minimum of ten years. It is possible for this to be continuous or not.
Indira Gandhi National Old Age Pension Scheme
The National Social Assistance Program was launched by India’s Ministry of Rural Development in 2007. This program’s preliminary objective is to offer its beneficiaries security by delivering pensions for senior residents, widows & disabled individuals.
Benefits for senior citizens in India
The Indian government offers a number of perks like income tax credits, reductions on train and plane travel, and higher deductions for health insurance premiums. They also benefit greatly from the numerous senior citizen plans listed below.
Varistha Mediclaim Policy
In light of the rising cost of healthcare, the government has also taken steps to ensure that older citizens get adequate health coverage. Seniors between the ages of 60 and 80 may purchase the Varistha Mediclaim Policy. It offers sum insured options of Rs. 1 Lakh and Rs. 2 Lakhs for the price of hospitalisation and severe sickness treatment. Additionally, this policy offers advantages under Section 80D, which belongs to the IT Act.
Pradhan Mantri Jan Arogya Yojana
This programme was introduced in 2018 as part of the Ayushman Bharat flagship programme. It is one of the biggest government health insurance programmes, offering low-income families in India health coverage of Rs. 5 Lakhs every year for secondary as well as tertiary care hospitalisation.
Senior Citizen Savings Scheme
Senior individuals who desire to increase their savings can benefit from this programme. The SCSS allows anyone over 60 to register an account with a minimum deposit of Rs. 1,000 as well as a maximum deposit of Rs. 15 Lakhs. Tax deductions of up to Rs. 1.5 Lakh are available under Section 80C for investments made in this scheme. It is worth remembering that the amount of the interest is taxed for this scheme.
Apart from the senior citizens there are a number of other people who have been left destitute and have to resort to inhuman means of earning a livelihood. One such category of people are the widows, especially those living in the rural areas. The government of India taking heed of the needs of this category of people has come up with special schemes for them, which include:
Indira Gandhi National Widow Pension Scheme
Indira Gandhi National Widow Pension Scheme (IGNWPS) was launched by the Central Government in 1995 as a part of the National Social Assistance programme. This scheme is implemented in Madhya Pradesh for the welfare of the widows of the state. The scheme provides widows living below the poverty linea pension of Rs. 300 every month until their death. The contribution to this scheme is made by the Central Government, in association with the State Government.
Objectives:
- To improve the livelihood of the widows residing in rural areas.
- To ensure the widows living below the poverty line gets financial allowances and benefits from the government.
Benefits of the Scheme
The widows could avail the following benefits from this scheme.
- They will be provided financial assistance by the Government of India.
- The pension will be directly transferred to the recipients’ account.
- The recipient will be funded with Rs. 300 every month from the date of her husband’s death.
- Recipients whose age is above 80 years would receive a pension of Rs. 500 every month.
Eligibility of the Scheme
Only those widows who meet the following eligibility criteria can apply for the benefits of the scheme.
- The recipient should be a resident of Madhya Pradesh.
- The recipient should belong to the below poverty line of the community.
- The age of the recipient should range between 40-79 years.
Documents Required
The documents that are required to apply for this scheme are as follows.
- Age proof.
- Aadhar card.
- Below Poverty Line ration card.
- Husband’s Death Certificate.
- 3 Passport size photographs of the applicant.
- Residence proof.
- Account details of the applicant.
Source: https://www.timesnownews.com/business-economy/pension-schemes-available-for-senior-citizens-and-widows-article-95783468
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