Best Old-Age Government Schemes: Senior Citizens Can Get ₹10,000 Apart from Pension, Check Details
The volatility of the stock market can increase worries during old age. At that time, people focus on guaranteed returns rather than higher returns. So as old age approaches, the biggest concern is regular income. In that case, government schemes can give you good guaranteed returns during old age.
Pension scheme
When the body fails, the job ends and there is no source of income left, then a scheme is needed that not only provides a fixed pension every month but also gives better returns than the market. At such times, the government’s pension-based scheme comes as a strong support. Especially for those who work in the unorganized sector or who do not have any pension scheme after private jobs.
In the last few years, the government has started many schemes that provide financial security in old age. The most popular and trusted of these schemes are the Pradhan Mantri Vaya Vandana Yojana (PMVVY) and the Atal Pension Yojana (APY).
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
This scheme is specifically for people aged 60 years and above. It is run by LIC. Investing in it provides a guaranteed pension for 10 years. You can opt for monthly, quarterly, half-yearly or annual pension. Currently, it is offering a guaranteed return of around 7.4%. If a person invests a maximum of Rs 15 lakh, he can get a pension of around Rs 9,250 per month.
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Atal Pension Yojana (APY)
This scheme is specially brought for workers in the unorganised sector. People between the ages of 18 and 40 can join it. The earlier you join it, the lower the premium and the higher the benefits. Under this scheme, after the age of 60, a person will get a monthly pension of Rs 1,000 to Rs 5,000. Both the investor and the government contribute to it. Those who do not pay income tax also get government contributions in this scheme.
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How to Apply
If you want to apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY), you can visit the nearest LIC office and fill the form or you can also apply online by visiting the official website of LIC. This requires Aadhaar card, PAN card, age proof and bank account details.
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At the same time, you can apply for Atal Pension Yojana (APY) by visiting your nearest bank branch or post office. For this, you need to have a savings account. The bank will give you an APY form which you need to fill and submit. You can also register for this scheme through net banking or mobile banking. Once registered, a certain contribution will be automatically deducted from your account every month as per the pension amount you have chosen.