In this series, the government provides several pension schemes for the financial security of the senior citizens of the country. Retired senior citizen customers also get the benefit of this scheme. Today i.e. on August 21, ‘World Senior Citizen Day’ is being celebrated. Let us know in detail about some special pension schemes of the Central Government on this occasion.

Atal Pension Yojana

The Government of India launched this scheme in the year 2015 for the financial security of all Indians, especially the poor and the underprivileged. Under this scheme, any person from 18 years to 40 years can deposit his money. On completion of 60 years, people get an amount of Rs 1,000 to Rs 5,000 as pension.

National Pension System

Under the National Pension Scheme, any Indian citizen can deposit money from the age of 18 years to 70 years. On completion of 60 years of age, the person gets the facility of lump sum cash and monthly pension. Under this scheme, there is a facility of monthly pension up to Rs 10,000.

National Social Assistance Program

Under the Central Government’s National Social Assistant Program scheme, financial assistance ranging from Rs 200 to Rs 500 per month is provided to senior citizens and persons with disabilities who fall below the poverty line. Apart from this, in case of death of a person under this scheme, a one-time assistance of Rs 20,000 is given to the family.

Indira Gandhi National Old Age Pension Scheme

Under this scheme sponsored by the central government, a monthly pension of Rs 200 is given to senior citizen customers of BPL category from 7 years to 79 years. While on completion of 80 years, the pension is increased to Rs.500 per month.

The post Special Pension for Senior Citizen! All senior citizens will get monthly pension up to ₹ 10 thousand, check details first appeared on Rightsofemployees.com.

If you are a senior citizen, then today we have brought such a government scheme for you, from which you will get a hefty pension immediately. In this your principal money remains safe and returns are also available at regular intervals.

The best part is that under this government scheme, both husband and wife together after the age of 60 can avail the guaranteed benefit of pension of Rs 18500 every month. Thek best part is that after 10 years your entire investment will also be returned. Only a few months are left for senior citizens to invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY). SIC operates this scheme.

In the PMVVY scheme, the government provides a subsidized pension scheme for senior citizens aged 60 years and above. Under this scheme, immediate monthly, quarterly, half-yearly or annual pension facility is given to senior citizens. Investors have to pay a lump sum of Rs 15 lakh to take advantage of this scheme.

Deadline is March 31, 2023

Any person who has attained the age of 60 years can invest in this scheme till March 31, 2023. With only a few months left for the PMVVY sale to end, let’s take a look at how much benefits, eligibility and how much pension senior citizens can get by subscribing to this scheme.

Eligibility for PMVVY

According to the LIC website, senior citizens of India aged 60 years (completed) and above can invest in the PMVVY scheme. There is no upper age limit to buy this plan.

PMVVY Scheme Term and Pension Payment

The duration of this scheme for senior citizens is 10 years. Pension payment under PMVVY can be made on monthly, quarterly, half yearly or yearly basis depending upon the mode chosen by the buyer. The first installment of pension under PMVVY starts after 1 year, 6 months, 3 months or 1 month from the date of purchase of the scheme. For example, if you have opted for monthly mode of pension payment and if you buy the plan now then your pension will start after 1 month.

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

Interest Rate on PMVVY

“For Financial Year 2022-23, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.”

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

The post Special Pension For Senior Citizen ! Government has brought a new scheme for senior citizens, will get Rs 18500 pension every month first appeared on Rightsofemployees.com.