Details of Welfare Schemes for the Aged Persons in India

When you turn old you continuously have to cross many hurdles. If this is a challenging state there to be in, the Government of India has undertaken fresh initiatives to transform the lives of the senior citizens of our country. Launching several social senior citizens welfare scheme plans in India in India has been able to promote the well-being of the elderlies. 

Indian Government Welfare Schemes/Provisions for Senior Citizens of India

Central Sector Scheme of Integrated Programme for Older Persons (IPOP): The Ministry of Social Justice and Empowerment has introduced a scheme for senior citizens in 1992. This scheme supplies the basic needs of shelter, food, and medical care for senior citizens. They also encourage an active and productive lifestyle for the elderlies. The government’s chief objective is to aid State and UT governments, Panchayati Raj institutions, NGOs and similar organizations to create opportunities for senior citizens. 

A National Policy on Older Persons (NPOP): This is one of the most promising senior citizen's welfare schemes in India for the elderly. It was started in 1999 and supported the State governments to provide basic amenities to the elderlies and safeguard their rights and protect them from abuse and exploitation. 

The Pradhan Mantri Vaya Vandana Yojana: This is one of the recently introduced social welfare schemes in India that was mentioned in the Budget speech of 2018-19. It is a safe pension scheme for the elderly and is implemented by the Life Insurance Corporation (LIC). This welfare scheme offers guaranteed financial security to senior citizens. When one pays off an initial payment of a lump sum money, the government monthly income offers at the rate of 8% per annum. The person can acquire the money in several schemes monthly, quarterly, half-yearly or annually. 

Senior Citizen Saving Scheme: As the name suggests, this a reliable saving scheme for the people who are above 60 in India. This scheme gives an opportunity for old persons to make money. At the same time, it also allows them to save. Under this scheme, persons can save up to 15 lakhs and also earn a return at a rate of 8.6% per annum. This rate of return is comparatively higher than the rate of return either on fixed deposit or savings account. Also, it allows tax benefit under section 80C. 

Try the senior citizen pension scheme in India, as mentioned in this article and make your life an easy hassle-free ride!