HomeLegal AdviceWorld Senior Citizen Day: August 21, 2023

World Senior Citizen Day: August 21, 2023

Highlights of the Day!

As the globe celebrates World Senior Citizens Day on August 21, India stands proud with its best pension schemes specifically made for its senior populace. Aimed at ensuring financial stability in the twilight years, the government has carefully chosen multiple initiatives to provide a safety net for retirees. Here are the 6 Yojanas you must consider on this occasion of World Senior Citizen Day! 

1. Atal Pension Yojana (APY): A Social Security Net for All

Launched with the aim of creating a comprehensive social security system for all, especially catering to the marginalised, the underprivileged, and those working in the unorganised sectors, the APY is steered by the Pension Fund Regulatory and Development Authority (PFRDA). The scheme offers five pension plans, ensuring a guaranteed amount ranging from ₹ 1000 to ₹ 5000 at the age of 60.

2. National Pension System (NPS): Voluntary Contribution, Maximum Benefits

This is considered as the crown jewel among government pension schemes, the NPS thrives on voluntary contributions. With the baton of regulation held by the PFRDA, the scheme’s core objective is to offer an unwavering financial pillar to retirees.

3. LIC Pradhan Mantri Vaya Vandana Yojana: A Decade of Assured Pension

Exclusive to seniors aged 60 and above, this scheme stands out with its promise of a guaranteed pension for a solid decade. Depending on the frequency of payouts – monthly, quarterly, bi-annually, or annually – subscribers can expect a minimum pension ranging from ₹1,000 to ₹12,000.

4. National Social Assistance Programme (NSAP): Supporting the Most Vulnerable

The NSAP reaches out to the elderly, widows, and disabled individuals hailing from the Below Poverty Line (BPL) demographic. Depending on specific eligibility criteria, financial assistance oscillates between ₹200 to ₹500 per month. Additionally, in the unfortunate event of the breadwinner’s demise, the family is entitled to a one-time financial aid of ₹20,000.

5. Indira Gandhi National Old Age Pension Scheme (IGNOAPS): A Progressive Aid System

Catering exclusively to the BPL seniors, the IGNOAPS ensures a steady monthly pension of ₹200 for those aged between 60-79. Once they hit the age of 80, this amount sees a substantial jump, stabilizing at ₹500 per month.

6. Varishtha Pension Bima Yojana (VPBY): Secured Returns for Golden Years

Operated by the esteemed Life Insurance Corporation of India (LIC), the VPBY is a beacon of reliability. According to government guidelines, subscribers can expect a guaranteed 9% annual return (payable monthly) on their lump sum deposits.

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