Pension Schemes: Keeping in mind the future of the countrymen, many pension schemes including NPS are run by the government. Investing in a pension scheme offers many benefits including retirement benefits, health care and travel allowances.
Many pension schemes are currently running to encourage financial security of senior citizens. Guaranteed pension is being offered in some. Let us know about these schemes in detail-
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National Pension System (NPS) is a retirement savings and investment program launched by the Central Government. Under this, you have to invest yourself and citizens get security as their age increases. The investment made in this is based on safe and regulated market based returns. It is supervised by PFRDA. Any Indian citizen between the age of 60 to 65 years can also register in NPS. Also, he can remain a member till the age of 70 years.
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By investing in NPS you can manage your old age. The benefits of investing in it are as follows – – Source of income in old age – Market based returns in long term – Expansion of security coverage in old age.
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Monthly pension is also available under the Indira Gandhi National Old Age Pension Scheme (IGNOAPS) launched for senior citizens. Senior citizens in the age group of 60-79 years falling in BPL category get a monthly stipend of Rs 300/-. When someone turns 80 years of age, the pension increases to Rs 500 per month. There is no need to make any investment for this pension scheme.
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Atal Pension Yojana (APY) was started keeping in mind the future of the poor, the underprivileged and the workers working in the unorganized sector. There is a provision to get minimum monthly pension to the investor under APY. In this, the pension amount can range from Rs 1000 to Rs 5000 per month. Also, you can start investing in this between the age of 18 to 40 years. Under this, any citizen who is or has been a tax payer will not be eligible to participate in APY.
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According to the Financial Services Department, ‘This scheme is operated through LIC. Under the scheme, customers get a guaranteed pension of 9% per annum on paying a lump sum amount. Any difference in the guaranteed returns generated by LIC on the fund is compensated by the Government of India through subsidy payments into the scheme. In the scheme, withdrawal of deposited amount is allowed after 15 years of purchasing the policy.
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In the budget speech of 2014-15, the then Finance Minister proposed to restart the program for a short period from 15 August 2014 to 14 August 2015 for the benefit of citizens aged 60 years and above.
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