Pension Plans - a List of Senior Citizens Pension Schemes in India

Consider a list of senior citizens pension schemes in India

National Pension Scheme
National Pension Scheme or System is the safest senior citizen pension and an investment plan introduced by the Government of India that ensures social security to the retired persons of the country. It allows the investor long-term saving and market-based return that is completely secure. Under the purview of the Pension Fund Regulatory and Development Authority (PFRDA), this is one of the best pension plans in India.

As compared to other pension plans, this one is cost-effective and it allows tax benefits, all at attractive market-based returns. At the same time, it is extremely secure because it is regulated by government statutory body PFRDA that was constituted through a parliamentary act in 2003. Anyone who is the citizen of India, a resident or a non-resident, belonging to the age group 18-65 years is eligible to avail this scheme and open an NPS account. This is among the many best pension plans in India.

Indira Gandhi National Old Age Pension Scheme (IGNOAPS):
Under National Social Assistance Scheme by Government of India, IGNOAPS is an old-age pension scheme for Indians above 60 years age and are living below the poverty line. The beneficiaries receive a monthly pension by central and state government both. Through this scheme, the government of India aims to provide a decent level of assistance to the elderlies who are not self-reliant and are not financially sound.

Pradhan Mantri Vaya Vandana Yojna (PMVVY):
This is one of the most recent additions to the list of senior citizen pension schemes in India. It is exclusively designed for the benefit of senior citizens of India or anyone above the age of 60. The scheme was first introduced in May 2017 and it was renewed till 31st March 2020. As per the scheme, the beneficiary can avail assured return at 8% per annum. This is payable monthly for the period of 10 years. In addition, the pension is flexible for the beneficiary to choose the period they want to make the claim for. The frequency can vary from monthly to yearly. The best part is that it is exempted from GST or Service Tax. A Beneficiary can also avail a loan up to 75% of purchase price, only after completing three years of owning the policy. More benefits include premature exit with 98% purchase price for the purpose of treatment of critical sickness of self or spouse. The investment limit is restricted to no more than Rs. 15 lakh per person. This pension scheme in India is being implemented by LIC and can be availed as one of the many safe and secure LIC senior citizen pension schemes.

Varishtha Pension Bima Yojana:
Introduced by NDA government, Varishtha Pension Bima Yojana aims to safeguard and protect the interest of senior citizens after demonetization when there was a slump in interest rates of fixed deposits. The scheme promises guaranteed 8% interest rate for 10 years. Implemented by LIC, it is known as yet another LIC senior citizen pension scheme. The subscriber can opt for returns monthly, quarterly, half-yearly or annually. The pensioner can also claim tax benefit under section 80CCC of Income Tax Act and it can be combined with other pension schemes too.

Pradhan Mantri Atal Pension Yojana:
This scheme was previously known as Swavalamban Yojana introduced by Government of India for citizens belonging to the unorganized sector and rural sector. The eligibility criteria are 18 – 40 years, with the sole purpose of increasing the number of members under the National Pension Scheme. This is a social security scheme through which the government plans to contribute to the citizens’ earnings after they reach the age of 60 years, the age when the pension begins under this scheme.

Senior Citizens Savings Scheme from RBI:
This is the most popular and beneficial senior citizen pension scheme and saving scheme in India. It is a source of secure and risk-free investment for the retirees. It is a long-term saving scheme that can be availed by any certified banks and post offices in India. Anyone above 60 years of age can invest in this plan with a maximum deposit of 15 lakhs in the SCSS account. This scheme offers the highest rate of interest, 8.6%, which is far greater than the interest on savings or FD account. Also, it is eligible for tax exemption under the section 80C and provides nomination facility.

Post Office Monthly Income Scheme:
Under the purview of the finance ministry, this is the best pension plan in India for senior citizens. It is highly reliable and can earn several benefits. While NRIs are excluded from the scheme, it can be opened in the name of a minor, who is above the age of 10. Under the scheme, an individual can invest up to 4.5 lakhs and joint members can deposit up to 9 lakhs. The interest is automatically credited to the account via ECS system.

Besides these senior citizen pension schemes and plans, it is suggested that citizens must invest in other saving plans that provide guaranteed returns for their safe and better old-age. Fixed deposits, health insurance, and tax-free bonds offer additional senior citizen benefits. For example, most of the banks offer a higher rate of interest on FDs to senior citizens as compared to the regular beneficiaries. On health insurance, senior citizens can avail exemption up to 50,000. These are a few safe investment plans for senior citizens that are highly recommended for a carefree future. These plans aim to reduce the financial burden and provide assistance in living a quality life.

NGO Working for Senior Citizens In India

1. Help Age India:

For almost four decades, this leading charity organization has worked to voice the concerns of the elderlies. Its sole mission is to care for and help the disadvantaged old persons to achieve dignified and respectable life. Established in 1978, this is one of the top NGOs in India that aims to improve the quality of life and support them tackle challenges of old age. Through their various agecare programs, this community promotes the concern for Universal Pension, quality healthcare, and adequate action against elder abuse. They function at national, state and societal level with the Central and State governments. The NGO is registered under Societies’ Registration Act of 1860. The head office is located in New Delhi; however, they are accessible in major cities of India through their regional branches.

Due to their excellent work in the past, HelpAge is well recognized at the United Nations and have received several special testimonials from the topmost global organization that is dedicated solely to the purpose of maintaining peace and harmony among various societies and help in the development of the underprivileged. You can do your bit by donating to HelpAge India. These donations are eligible for 50% tax exemption under section 80G of the Income Tax Act, 1961.

2. Dignity Foundation:

 
This is among the many famous NGOs in India that is working towards the development of the elderly of our society. Dignity started in 1995 as a magazine named Dignity Dialogue that aimed to provide motivation, information, and inspiration for senior citizens to live a productive life. Over the years it grew bigger with the help of its various programmed like Dignity Helpline, Dignity Second Career, Dignity Dementia Day Care Centre, Dignity Donor Privilege Programme and more. In addition, they expanded across India and has offices in Mumbai, Bengaluru, Chennai, Pune and Kolkata. As per the manifesto, Dignity considers elders an “integral part of the society” that must not be ignored. Their philosophy is to empower the elderly to live their life to the fullest without having to struggle for the basic needs for survival. The foundation focuses on the overall well-being of the senior citizens and lay special emphasis on psychological health.

3. Agewell Foundation:

 
Among many other NGOs working for Senior Citizens in India, Agewell foundation is a prominent one. This not-for-profit organization was established in 1999 and since then it has been working for the welfare as well as empowerment of the oldies. Their vision is to transform Social attitudes towards senior citizens. They aim to bring about the change by increasing effective interaction between the generations and eventually visualize to create a friendly environment for the senior citizens. Considering its brilliant efforts as Non-Profit Organization for elderly people, the foundation has been granted Special Consultative Status at United Nations. They function in 640 districts of India with the help of a humungous network of 7500 primary and 80,000 secondary volunteers across India.

4. Harmony:

The Harmony for Silvers Foundation was launched in 2004 by Tina Ambani. This is one of the top NGOs in India working for the betterment of Senior Citizens it refers to as ‘Silver Citizens.’ Through its various initiatives like Harmony-Celebrate Age, the magazine, online portal, Harmony Interactive Centre in Mumbai, research and publications it aims to improve the quality of life of the elderlies.

5. Alzheimer’s and Related Disorders society of India (ARDSI):

Located in New Delhi, ARDSI is a one-of-its-kind national organization devoted to the betterment of the victims of Alzheimer’s and dementia and their families. The core objective is to create awareness, provide care and support to the victims, conduct training, and set up Memory clinic and camps. They aim to collaborate with government and other non-governmental organizations to achieve their objectives and integrate rehabilitation centers for persons suffering from it.

6. All India Senior Citizens’ Confederation (AISCCON):

 
It is one of the largest organizations of Senior Citizens in India with federation members and individual members numbering to more than 10 lakhs across India. It is the national level organization that is committed to working towards the research and advocacy of the issues concerning welfare and empowerment of Senior Citizens in India. In addition, some programs cater to provide healthcare services like physiotherapy and eye care. AISCCON is listed under the Societies Registration Act and the Bombay Public Trusts Act,. The donations to the organization are eligible for tax exemption.

Voluntary Services In India

7. The Family Welfare Agency:

 
The FWA has been doing NGO work in India since 1950. The head office is located in Mumbai and it aims to enhance the quality of life of senior citizens and provides assistance to those who are suffering from mental illness. The FWA is registered under registered under the Bombay Public Trust Act.

8. Silver Innings Foundation:

SIF a Not-for-Profit organization provides need-based services to the elderly and aims to create awareness about “Graceful Ageing.” The foundation was founded in 2008 to work with and for Elderly or persons above 50 years old. If need be, the foundation interacts with the family too. Their larger goal is to form an “elder-friendly” world.

9. Dada Dadi:

The Dada-Dadi is a non-profit service and advocacy organization that is set up in Chandigarh, India. This leading NGO for senior citizen voices out the concerns related to older people. Additionally, it brings together non-profit organizations, businesses, and government to invent creative solutions for the betterment of elderlies’ lives. They are advocates of social and economic justice, innovation, and respect and caring for all. They aim to create alliances, coalition and multi-sector partnerships to achieve their core objectives.

10. Nightingales Medical Trust (NMT):

This is one of the many NGOs Working for Senior Citizens In India that was established in 1998 in Bangalore as Nightingales Home Health Services (NHHS). They are dedicated to assisting senior citizens and their core mission is to improve healthcare and aging experience for the elderly. Also, it aims to eliminate the problems faced by the elderly in social setup. They work towards many aspects of aging like dementia care, respite care, home care, enrichment of the elderly, training, and awareness and advocacy. They have launched elder’s helpline and work to provide jobs suitable for elders.

These are the top 10 NGO India working towards the enrichment of elderlies’ lives. The common goal is to create an attitude of care and respect for elderly in Indian society. At the same time, they assist in helping the abandoned and underprivileged senior citizens lead an honorable life.