Best Senior Citizen Pension Schemes 2024 by Union Government

The central government is implementing various schemes to benefit almost every section of society, including pension schemes that provide financial security for old age. Four such schemes are Atal Pension Yojana, Mandhan Yojana, Jeevan Jyoti Bima Yojana, and Pradhan Mantri Vaya Vandana Yojana.

Atal Pension Yojana allows you to invest between the ages of 18 and 40 and receive a monthly pension of Rs. 1000 to Rs. 5000, depending on the premium paid. The minimum premium is Rs. 210, while the maximum is Rs. 1454.

Pradhan Mantri Jeevan Jyoti Bima Yojana is for people aged between 18 and 50, and the annual premium is only Rs. 436. The deposit must be made between June 1 and May 31 for the insurance to be renewed.

Pradhan Mantri Karmayogi Mandhan Yojana is for small traders, shopkeepers, and GST-registered traders with a turnover of Rs. 1.5 crore. Those aged between 18 and 40 will receive a pension of Rs. 3,000 after the age of 60. The premium ranges from Rs. 55 to Rs. 200.

Pradhan Mantri Vaya Vandana Yojana is for senior citizens who are 60 years of age or older. They can opt for this scheme and receive a return of 8% interest for ten years. The investment amount ranges from Rs. 7.5 lakh to Rs. 15 lakhs, and if they choose the annual plan, they will receive 8.3% interest for ten years.


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