Indira Gandhi National Old Age Pension Scheme (IGNOAPS) The Indian Government’s Pension Aid for Elderly Citizens
The Indira Gandhi National Old Age Pension Scheme (IGNOAPS) is designed to support elderly individuals during their retirement years.
Those aged 60 to 79, falling under the Below Poverty Line (BPL) category, receive a monthly pension of Rs 300.
For those aged 80 and above, the pension amount increases to Rs 500 per month.
National Pension System (NPS) Invest in Your Future with NPS
The National Pension System (NPS) aims to promote savings and financial security for retirement.
This scheme requires an initial investment and offers regulated, market-based returns.
Managed by the Pension Fund Regulatory and Development Authority (PFRDA), any Indian citizen can invest in NPS, ensuring a reliable income source during their golden years.
Atal Pension Yojana (APY) Financial Support for the Unorganized Sector
Atal Pension Yojana (APY) was introduced to assist those in the unorganized sector, including the less fortunate.
This scheme provides a monthly pension, and eligible Indian citizens aged 18 to 40 can invest between one thousand to five thousand rupees monthly.
Note that individuals who pay taxes are ineligible to join this scheme, effective from October 1, 2022.
LIC Pension Plan LIC’s Guarantee Pension Scheme
The Life Insurance Corporation (LIC) offers the Annual Guarantee Pension Scheme, providing a guaranteed pension in exchange for a lump sum payment.
If there’s a discrepancy between the guaranteed returns and actual returns, the Government of India steps in to bridge the gap.
After 15 years of investment, individuals can withdraw their funds from this scheme.
Investing in these government-backed pension schemes not only ensures financial security in retirement but also offers additional benefits, including travel allowances and healthcare coverage. Secure your future by exploring these top pension options.
