Government Pension Schemes: As we age, the worry about a regular income also increases. After a job ends or our physical condition fails, the biggest question is how to meet our monthly expenses. Especially those working in the unorganized sector or privately employed do not have a stable pension arrangement after retirement. In such a situation, government pension-based schemes become a financial support for the elderly. Among these, the Pradhan Mantri Vaya Vandana Yojana and the Atal Pension Yojana are considered the most reliable options.
What is the Pradhan Mantri Vaya Vandana Yojana?
The Pradhan Mantri Vaya Vandana Yojana is designed for people aged 60 years and above. This scheme is administered by the Life Insurance Corporation of India (LIC). A lump sum investment in this scheme provides a fixed pension for 10 years. Investors can choose monthly, quarterly, half-yearly, or annual pension options as per their convenience. Currently, this scheme offers a guaranteed return of approximately 7.4 percent, which is completely protected from market uncertainties.
How much pension can be earned under PMVVY?
If an individual invests a maximum of ₹15 lakh in the Pradhan Mantri Vaya Vandana Yojana (PMVVY), they can receive a monthly pension of approximately ₹9,250. This pension remains fixed for 10 years. The scheme aims to provide a stable monthly income to the elderly while protecting them from market risks, so they can meet their daily needs without any stress.
Who is the Atal Pension Yojana for?
The Atal Pension Yojana is primarily targeted at workers in the unorganized sector. People between the ages of 18 and 40 can join this scheme. The younger the age at which investment is started, the lower the monthly contribution. Under this scheme, a guaranteed monthly pension ranging from ₹1,000 to ₹5,000 is available after the age of 60.
Investment in APY and Government Support
Under the Atal Pension Yojana, a fixed amount is deducted from the investor’s account every month based on the pension amount chosen by the investor. Those who are not subject to the income tax bracket also benefit from an additional contribution from the government. This scheme is extremely useful for those who do not have any other pension arrangement for the future.
How to Apply for the PM Vaya Vandana Yojana
Applying for PMVVY is easy. Interested individuals can apply by visiting their nearest LIC office or completing the process online through LIC’s official website. Aadhaar card, PAN card, proof of age, and bank account details are required. The pension process begins once the verification is complete.
Registration Process for the Atal Pension Yojana
Applying for the Atal Pension Yojana can be done by visiting the nearest bank branch or post office. Applicants must have a savings account. After filling out the form at the bank or post office, the pension option is selected. After this, the fixed contribution is automatically deducted from the account every month. Many banks also provide the facility of APY registration through net banking and mobile banking.
Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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