Senior Citizen Pension Scheme

LIC's Pradhan Mantri Vaya Vandana Yojana provides immediate pension for senior citizens of 60 years and above.

The government allowed "initially an assured rate of return of 7.40 per cent per annum for the year 2020-21 per annum and thereafter to be reset every year", according to an official release.

Senior citizens from across the country will stage a protest in the national capital on Sunday to draw the government's attention towards their measly pension of Rs 200 per month and to demand a universal social security scheme to cover all those aged 65 and above.

PPF account provides an investment avenue with decent returns coupled with income tax benefits.

Financial planners say PMVVY offers more avenues to senior citizens to earn a steady regular income at a time when fixed deposit interest rates are not that attractive.

Retirement planning leads to a steady flow of income during post-retirement years, say financial planners. Here's a comparison of National Pension System (NPS), Public Provident Fund (PPF), Pradhan Mantri Vaya Vandana Yojana (PMVVY) and Senior Citizen Savings Scheme (SCSS).

Under PMVVY (Pradhan Mantri Vaya Vandana Yojana), pension is payable as per the frequency chosen by the subscriber - monthly, quarterly, half-yearly or yearly - during the policy tenure of 10 years.

PMVVY offers more avenues to senior citizens to earn steady regular income at a time of falling interest rates.

Under PMVVY, senior citizens (60 years and above) will get a guaranteed interest of over 8 per cent for 10 years.

PMVVY is a pension scheme exclusively for senior citizens (aged 60 years and above) which is available from May 4, 2017 to May 3, 2018.

Financial planners say that this pension scheme will offer more avenues to senior citizens to earn steady regular income at a time of falling interest rates.

The pension scheme can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this scheme.

Though the pension amount is taxable in Pradhan Mantri Vaya Vandana and Senior Citizen Savings schemes, effective tax planning and higher tax slabs can greatly reduce the impact of tax, according to an expert.

Prime Minister Narendra Modi in his New Year's Eve address to the nation mentioned the government's plans for launching of such a scheme which provides a guaranteed interest rate to senior citizens.

Senior citizens can opt for pension on a monthly/quarterly/half-yearly or annual basis under the Varishtha Pension Bima Yojana 2017.

LIC's Pradhan Mantri Vaya Vandana Yojana provides immediate pension for senior citizens of 60 years and above.

The government allowed "initially an assured rate of return of 7.40 per cent per annum for the year 2020-21 per annum and thereafter to be reset every year", according to an official release.

Senior citizens from across the country will stage a protest in the national capital on Sunday to draw the government's attention towards their measly pension of Rs 200 per month and to demand a universal social security scheme to cover all those aged 65 and above.

PPF account provides an investment avenue with decent returns coupled with income tax benefits.

Financial planners say PMVVY offers more avenues to senior citizens to earn a steady regular income at a time when fixed deposit interest rates are not that attractive.

Retirement planning leads to a steady flow of income during post-retirement years, say financial planners. Here's a comparison of National Pension System (NPS), Public Provident Fund (PPF), Pradhan Mantri Vaya Vandana Yojana (PMVVY) and Senior Citizen Savings Scheme (SCSS).

Under PMVVY (Pradhan Mantri Vaya Vandana Yojana), pension is payable as per the frequency chosen by the subscriber - monthly, quarterly, half-yearly or yearly - during the policy tenure of 10 years.

PMVVY offers more avenues to senior citizens to earn steady regular income at a time of falling interest rates.

Under PMVVY, senior citizens (60 years and above) will get a guaranteed interest of over 8 per cent for 10 years.

PMVVY is a pension scheme exclusively for senior citizens (aged 60 years and above) which is available from May 4, 2017 to May 3, 2018.

Financial planners say that this pension scheme will offer more avenues to senior citizens to earn steady regular income at a time of falling interest rates.

The pension scheme can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this scheme.

Though the pension amount is taxable in Pradhan Mantri Vaya Vandana and Senior Citizen Savings schemes, effective tax planning and higher tax slabs can greatly reduce the impact of tax, according to an expert.

Prime Minister Narendra Modi in his New Year's Eve address to the nation mentioned the government's plans for launching of such a scheme which provides a guaranteed interest rate to senior citizens.

Senior citizens can opt for pension on a monthly/quarterly/half-yearly or annual basis under the Varishtha Pension Bima Yojana 2017.