These government schemes are best for old people, apart from pension you get better returns

Old Age Pension- Good news for old people. As old age approaches, the biggest concern is of regular income. When the body fails, the job ends and there is no source of income left, then there is a need for a scheme that not only gives a fixed pension every month but also gives a return better than the market. At such a time, the government’s pension-based scheme comes forward as a strong support.

Especially for those who work in the unorganized sector or who do not have any pension arrangement after a private job. The government has started many such schemes in the last few years that make old age financially secure. The most popular and trusted schemes among these are Pradhan Mantri Vaya Vandana Yojana (PMVVY) and Atal Pension Yojana (APY).

Atal Pension Yojana (APY)

This scheme has been brought especially for the workers of the unorganized sector. People between the ages of 18 and 40 can join it. The sooner you join it, the lower the premium and the greater the benefits. Under the scheme, after the age of 60, one gets a monthly pension of Rs 1,000 to Rs 5,000. Both the investor and the government contribute to it. People who do not pay income tax also get government contribution in this scheme.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

This scheme is especially for people aged 60 years or above. It is run by LIC. Investing in it gives guaranteed pension for 10 years. You can choose monthly, quarterly, half-yearly or yearly pension. Currently, it is giving a guaranteed return of about 7.4%. If a person invests a maximum of Rs 15 lakh, then he can get a pension of about Rs 9,250 every month.

How to apply

If you want to apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY), you can go to the nearest LIC office and fill the form or you can also apply online by visiting the official website of LIC. For this, Aadhaar card, PAN card, proof of age and bank account details are required.

At the same time, you can apply for Atal Pension Yojana (APY) by visiting your nearest bank branch or post office. For this, you must have a savings account. The bank will give you the APY form which has to be filled and submitted. You can also register for this scheme through net banking or mobile banking. Once registered, the fixed contribution will be automatically deducted from your account every month as per your chosen pension amount.