Pension Schemes

THE INDIRA GANDHI OLD AGE PENSION SCHEME (IGNOAPS) is a component of the National Social Assistance Program. (NSAP) is implemented by Ministry of Rural Development. As per the criteria by Government of India, under IGNOAPS, those elders Below Poverty Line (BPL) household are entitled to Central assistance of Rs. 200 per month in the age group of 60-79 years and Rs. 500 per month to those 80 years and above. State/UTs have been requested to contribute at least the same amount under the scheme.  The state wise pension entitlements are given at the end of the document.

NATIONAL PENSION SYSTEM (NPS) is a voluntary, defined contribution retirement savings scheme. Under the NPS, individual savings are pooled into a Pension Fund, which are then invested by the Pension Fund Regulatory and Development Authority (PFRDA) regulated professional fund managers, as per the approved investment guidelines, into diversified portfolios comprising of government bonds, bills, corporate debentures and shares.

The subscriber can simply open an account with NPS which provides a unique Permanent Retirement Account Number (PRAN). It provides seamless portability across jobs and locations.

  • The scheme is structured into two Tiers:

I: permanent non-withdrawal account
II: Voluntary withdrawal account for using funds and when needed.

There are few models of the scheme: For All Citizens, Government Sector, Corporate, NPS Swavlamban and Atal Pension Yojana.

LIC JEEVAN AKSHAY is an Immediate Annuity Pension Plan. That is, there is no accumulation phase. It can be purchased by paying a lumpsum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

ING GOLDEN YEARS RETIREMENT POLICY is a Regular Payment Deferred Variable Annuity Plan. It is a Non-linked Plan from ING Life Insurance Company.

MAX NEW YORK - SMART INVEST PENSION (unit linked pension plan) gives an option to let premiums automatically increase at a fixed rate and helps combat inflation and effectively preserve the objective of a secure retirement.

PNB PERSONAL LOAN SCHEME FOR PENSIONERS offers loans at low interest rates, such as Personal Loan Scheme for ‘Pensioners’ to meet immediate requirements like medical expenses.

 

INDIRA GANDHI OLD AGE PENSION - STATE WISE


State

Central Contribution
(in Rs.)

State Contribution
(in Rs.)

TOTAL PENSION

Bihar

200

0

200

Chandigarh

200

0

200

J & K

200

0

200

MP

200

0

200

Assam

200

50

250

Punjab

200

50

250

Chhattisgarh

200

100

300

Jharkhand

200

100

300

Odisha

200

100

300

Uttar Pradesh

200

100

300

Gujarat

200

200

400

Karnataka

200

300

500

Rajasthan

200

300

500

HP

200

400

600

Kerala

200

400

600

Maharashtra

200

400

600

West Bengal

200

550

750

Uttarakhand

200

600

800

AP

200

800

1000

Delhi

200

800

1000

Tamil Nadu

200

800

1000

Telangana

200

800

1000

Haryana

200

1000

1200

Goa

200

1800

2000

Puducherry

200

1800

2000