Government Investment Schemes For Financial Security of Senior Citizens

Many people often worry about post-retirement financial security once they reach their 40s. After retirement, for salaried persons, pension is generally the only financial source. However, the rising inflation has made it even more difficult for them to manage their expenses with only pension.


There are several investment options that have been created especially for senior citizens. These are government investment options for elderly people so that they can earn some extra cash to manage their expenses.

Some investment plans that senior citizens can invest in are:

Atal pension Yojana


This is a Central government pension scheme aimed at providing financial security to unorganised sector workers after their retirement. Individuals between the age of 18 and 40 can invest in this scheme. This scheme enables a person above the age of 60 years to earn monthly pension between Rs 1,000 to Rs 5,000. One needs to have a bank or post office account to enjoy the benefits of the scheme.

National Pension Scheme

This scheme could be rewarding if you start investing at an early age. You get nearly 10 percent return on the deposited amount on an average. You can also prematurely withdraw 25 percent of the total deposited amount. Invest in the scheme till the age of 60 years to be eligible for pension. On maturity, you will get 60 percent as lump-sum and 40 will be paid as monthly pension. You can also save income tax on the invested amount in the NPS.

Pradhan Mantri Vaya Vandana Yojana

This scheme was started by the government in 2017. The investment limit at the time of launch was Rs 7.5 lakh. It has now been increased to Rs 15 lakh. People investing in this scheme get a pension between Rs 9250 and Rs 10000 after reaching the age of 60 years.

Senior Pension insurance Scheme

Operated by LIC, this scheme is meant for the people above the age of 60 years. The investment is for 10 years and the plan offers an interest rate of 8 percent per annum. The pension withdrawal can be done on a monthly, three months, six months, and yearly basis. This scheme comes with a free look up period of 15 days.

Senior Citizen Savings scheme

This scheme is operated by the post office. People above the age of 60 are only allowed to invest in it. The minimum investment amount allowed is Rs 1000 and the maximum amount is Rs 15 lakh. The investors get 7.6 percent interest rate.

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