Old Age Pension Scheme 2024
Old age pension scheme are essential for financial security and support to individuals during their retirement years. These schemes are required to ensure that retired person can lead a comfortable and worry less life with the support of various benefits by different option of investment. Investment may be in banks, the Life Insurance Corporation (LIC), and the post office in different schemes for senior citizens.
Old Age Pension Scheme by LIC - Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY is an administration supported solely for senior residents. It gives a reliable benefit for a period of 10 years after retirement. The plan additionally offers the choice to get the benefits month to month, quarterly, half-yearly, or yearly.
Minimum Entry Age | Maximum Entry Age | Policy Term | Minimum Pension | Maximum Pension |
60 years | No Limit | 10 Years | Rs 1000 per month | Rs 10,000 per month |
Rs 3000 per Quarter | Rs 30,000 per quarter | |||
Rs 6000 per half Yr | Rs60,000 per half Yr | |||
Rs12,000 per Year | Rs 1,20,000 per Year |
Mode of Payment | Minimum Purchase Price | Minimum Pension Amount | Maximum Purchase price | Maximum pension Amount |
Monthly | Rs 1,56,658 | Rs 1000 | Rs 14,49,086 | Rs 9,250 |
Quarterly | Rs 1,59,574 | Rs 3000 | Rs 14,76,064 | Rs 27,750 |
Semi Annually | Rs 1,61,074 | Rs 6000 | Rs 14,89,933 | Rs 55,500 |
Annually | Rs 1,62,162 | Rs 12000 | Rs 15,00,000 | Rs 1,11,000 |
Benefits
Rebate under section of 80C However interest amount is taxable in respectable slab.
Loan Facility is available up to 98% of the purchase price as per rules.
After the completion of period entire purchase price in lump sum is provided to pensioner survivors.
Policy is available on line also.
Jeevan Akshay Policy by LIC under old age pension scheme
- It is opened by a Lump sum amount.
- Single premium with minimum 1,00,000/- with no maximum limit
- Entry Age min 30 years and max age is 100 years.
- Mode of Annuity- Monthly, quarterly, half yearly or yearly.
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Senior Citizen Saving Scheme (SCSS)
A Senior Citizens Savings Scheme (SCSS) under old age pension scheme is a retirement benefit account that is supported by the Indian government.
Indian senior citizens who invest a lump sum in the plan, either individually or jointly, can take advantage of the account’s benefits. The account will offer income tax advantages in addition to access to regular income after retirement. You can apply for the SCSS through public and private banks and post offices. For detail may contact to banks and post office or here for features, benefits, eligibility, and application of the SCSS.
This is for 05 years for up to 30 lacks. Now the present interest rate is 8.2%.
National Savings Certificate - 2024
The National Savings Certificate (NSC) is a fixed-income investment plan launched by the government of India. It aims to encourage users, who are primarily low- to mid-income investors, to invest as well as save taxes. You can invest in NSC in your name, jointly, or on behalf of a minor by visiting the nearest post office. The maturity period for NSC is set at five years.
Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
A sub-scheme of the National Social Assistance Programme (NSAP), IGNOAPS provides a monthly pension of ₹200 to people aged 60–79 and ₹500 to those aged 80 and above who live below the poverty line. Applicants must be at least 60 years old and have little or no regular income. Applications can be submitted to the Gram Panchayat or Janpad Panchayat in rural areas along with the required documents.
Atal Pension Yojana (APY)
is a pension scheme of the Government of India, the objective of which is to make the society pensionable. Under this scheme, after the age of 60 years, the subscriber gets a pension of Rs 1,000 to Rs 5,000 every month. This pension depends on the contribution of the pension amount chosen by the subscriber. After the age of 60 years, in case of death of the subscriber, the pension goes to his wife. If both the subscriber and his wife die, the pension amount accumulated till the subscriber turns 60 years of age is returned to his nominee.
NPS National Pension System (For Central Government employees covered under NPS)
A New Pension Scheme (Contribution based Pension Scheme) now called National Pension System (NPS), was introduced for Central Government employees vide Ministry of Finance (Department of Economic Affairs) Notification No. 5/7/2003-ECB & PR dated 22nd December, 2003. NPS was made mandatory for all new recruits to the Central Government service (except the armed forces) from 1st January, 2004
Varishta Pension Bima Yojana
The Varishta Pension Bima Yojana (VPBY) is a scheme for the benefit of senior citizens aged 60 years and above. The scheme is being administered through Life Insurance Corporation of India (LIC). It will remain open for a period of one year from the date of launch.
The Scheme will be implemented during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. It will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / halfyearly and annual basis.
FAQ
Most frequent questions and answers
Yes after 03 year upto 75% of purchase price.
Yes, it is allowed as per Tax benefits.
Minimum Rs 100 and Maximum up to 15 Lacks.
No this is for Government Employee since 2004 and operated by Pension Fund Regulatory and development Authority ( PFRDA).
It is for low income group from unorganized sector.
No it is only for BPL persons.
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