Pension Schemes: The government offers several pension schemes to preserve financial security after retirement. In some guaranteed pension plans, you can also get benefits like tax deduction on the loan taken.
Pension Schemes: Senior citizens in India are supported with a variety of services and resources to help them lead a more comfortable and secure life, including pension planning, retirement benefits, health care and travel waivers.
The government offers several pension schemes to preserve financial security after retirement. In some guaranteed pension plans, you can also get benefits like tax deduction on the loan taken.
Some of the top government schemes for senior citizens in India include NPS to IGNOAPS and Atal Pension Yojana.
National pension system
The National Pension System (NPS) is a retirement savings and investment program set up by the Government of India to provide security to the citizens of India as they age. The main objectives of NPS include:
- Old age will provide income.
- Will give fair market based returns over the long term.
- The scheme extends old age security coverage to all citizens.
Any Indian citizen between the age of 60 to 65 years can also join NPS and remain a member till the age of 70 years. With the increase in the age of joining, subscribers who want to join NPS later in life will be able to avail the benefits of NPS.
