The Government of India has launched several schemes for senior citizens, which aim to provide them economic security, health services, and respectable lives. Citizens of 60 years or older can take advantage of these schemes. In this article, we will tell you about the four major government schemes that provide financial and social assistance to senior citizens.
Senior Citizen Schemes Overview
The table below gives a brief description of these schemes:
| Name of the scheme | Main characteristics |
| Indira Gandhi National Old Age Pension Scheme (IGNOAPS) | Below poverty line (BPL) to senior citizens ₹ 200- ₹ 500 Monthly Pension |
| Senior civil savings scheme (scss) | 8.2% annual interest rate, 5 -year duration, investment limit up to ₹ 30 lakh |
| Atal Pension Yojana (APY) | ₹ 1,000 to ₹ 5,000 monthly pension, minimum contribution based |
| National Vayoshri Scheme (RVY) | Physiological |
1. Indira Gandhi National Old Age Pension Scheme (ignoaps)
The scheme is for senior citizens living below the poverty line (BPL). Its purpose is to provide financial assistance to older persons.
Main characteristics:
- Pension amount: ₹ 200 per month for the age of 60-79 years and ₹ 500 per month for 80 years or more.
- Beneficiary: Senior citizens of BPL families only.
- Application Process: Application can be made in Gram Panchayat or Municipal Corporation office.
Eligibility:
- The age of the applicant should be at least 60 years.
- The applicant should be below the poverty line.
2. Senior Citizen Savings Scheme (SCSS)
The scheme offers senior citizens an option to invest at a safe and high interest rate. This ensures regular income after their retirement.
Main characteristics:
- Interest Rate: 8.2% annual.
- Investment limit: minimum ₹ 1,000 and maximum ₹ 30 lakh.
- Duration: 5 years (expansion possible for 3 years).
- Tax Benefits: Tax exemption under Section 80C.
Benefits of SCSS:
- Safe and guaranteed returns.
- Quarterly interest payment.
- Joint account opening facility.
3. Atal Pension Yojana (APY)
The scheme is made keeping in mind the people working in the unorganized sector. There is a provision of regular monthly pension.
Main characteristics:
- Pension amount: ₹ 1,000 to ₹ 5,000 per month.
- Contribution period: Contribution has to be contributed to open an account at the age of 18 to 40 years.
- Beneficiary: Pension is received on completing 60 years of age.
Benefits of APY:
- High pension on minimum contribution.
- Payment directly to bank account through DBT.
- Benefits of tax exemption.
4. Rashtriya Vayoshri Yojana (RVY)
The objective of this scheme is to provide physical accessories to the needy senior citizens.
Main characteristics:
- Tools such as wheelchairs, hearing devices, sticks are provided.
- Only senior citizens of BPL families are eligible.
- The application process is simple and free.
Other important information
Importance of these schemes:
- These schemes make senior citizens self -sufficient.
- Old age provides economic security.
- Ensure access to social respect and health services.
Disclaimer:
This article is written only for the purpose of providing information. Confirm the reality and eligibility of government schemes from the concerned department or official website. The terms of the plans may change from time to time.
Conclusion: These schemes run by the Government of India provide financial and social security to senior citizens according to their needs. If you or anyone in your family is capable of taking advantage of these schemes, then apply soon.
