List Of Senior Citizen Pension Scheme Offered By The Government

For the younger generation as well as the economy overall, seniors represent a gold mine of information and experience. India's geriatric population is anticipated to grow as life expectancy increases. The elderly will make up around one-fourth of the population by 2050, according to figures. In such circumstances, savings are essential.

Managing medical costs becomes challenging as income may decline after retirement. The necessity for a consistent income to pay for the costs of treatment and prevention rises as you become older since you are more susceptible to developing numerous illnesses. The Indian government has introduced a number of programmes to help older folks safeguard their privileges and stay in good health. To know more about the Senior Citizen Pension Scheme, read on.

What Are Some Of The Pension Schemes For Senior Citizens By The Government?

Following are some of the pension schemes for senior citizens by the government - 
Pradhan Mantri Vaya Vandana Scheme - One of the most well-liked pension plans for older citizens in India is this one. The Prime Minister Elderly Citizen Scheme's policy duration is 10 years and is intended for senior persons over the age of 60. An 8% annual interest rate is given under this programme. The lowest and maximum monthly pension caps are Rs. 3,000 and Rs. 10,000, respectively.

• Indira Gandhi National Old Age Pension Scheme (IGNOAPS)

This scheme was specially designed in accordance with the standards set out by the Government of India for older individuals over the age of 60 who are below the poverty line. For those who are between 60 and 79 years old and above 80 years old, this scheme provides financial assistance.
National Programme For The Healthcare Of Elderly (NPHCE) - This programme, which was launched in 2010, focuses on both preventative and promotional care to maintain general health. This initiative attempted to address the health problems older citizens confront. The district-level goals include providing specialised medical facilities through the State Health Society at district hospitals, community health centres (CHC), primary health centres (PHC), and sub-centres (SC) levels. These services could be given free or heavily subsidised.

• Varishta Mediclaim Policy

The cost of medications, blood, ambulance rides, and other diagnosis-related expenses are protected by this scheme, which helps senior residents. This aids in covering elderly adults' health-related expenditures and is designed for seniors between the ages of 60 and 80. Additionally, Section 80D permits income tax advantages for premium payment. Despite the one-year policy term, you can prolong the renewal up until the age of 90.

• Rashtriya Vayoshri Yojana

For senior persons over 60 who fall under the BPL (below the poverty line) category, this programme offers physical assistance and assisted-living tools. Therefore, older folks who want to use this must have a BPL card. The Central Government provides all funding for this Central Sector Scheme.

• Varishta Pension Bima Yojana

For seniors over 60, the Ministry of Finance has created this pension programme. The right to run this programme belongs to the LIC of India. To use this coverage, no medical examinations are required. Depending on how you'd like to receive it, it gives an assured pension with a fixed interest rate of 8% per year for up to 10 years. You can choose between a monthly, quarterly, half-yearly, or annual pension.

• Senior Citizens Welfare Fund

The goal of this fund is to help seniors become financially secure so they can afford their general welfare and medical care.

• Vayoshreshtha Samman

This programme highlights and rewards seniors who've already made noteworthy contributions to their fields of study. Since it was promoted to the National Award in 2013, prizes have been given out in thirteen different categories.

Endnotes

Managing for your health and other associated costs has been easier thanks to a wide range of programmes the Indian government has introduced to assist elderly folks from different socioeconomic groups.

Also Read: 

How Can I Use NPS To Make A Monthly Pension Of Rs 50,000?

Understanding The Types Of Retirement Plans