As the old age comes, the biggest concern is regular income. When the body does not support, the job is over and the source of earning is not left, then there is a need for a scheme which not only gives pension not only every month, but also gives better returns from the market. At such a time, the government’s pension -based scheme comes out as a strong support. Especially for those who work in the unorganized sector or who have no pension system after private jobs. The government has launched many such schemes in the last few years that make old age financially safe. The most talked about and trusted schemes are Pradhan Mantri Vay Vandana Yojana (PMVVY) and Atal Pension Yojana (APY).

Pradhan Mantri Vy Vandana Yojana (PMVVY)

This scheme is especially for those who are 60 years or older. It is run through LIC. Investing in this, you get guaranteed pension for 10 years. You can choose monthly, quarterly, half -yearly or annual pension. It is currently getting a guarantee of about 7.4%. If a person invests a maximum of Rs 15 lakh, then he can get a pension of about Rs 9,250 every month.

Atal Pension Yojana (APY)

This scheme has been brought to the workers of the unorganized sector, especially. People between the ages of 18 to 40 years can join it. The sooner you join, the less premium and the more benefit. Under the scheme, after the age of 60, monthly pension from Rs 1,000 to Rs 5,000 is received. Both investors and government contribute in this. Those who do not pay income tax, they also get government contribution in this scheme.

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How to apply

If you want to apply for Pradhan Mantri Vay Vandana Yojana (PMVVY), then you can fill the form by going to the nearest LIC office or you can also be applied online by visiting the official website of LIC. For this, Aadhaar card, PAN card, age proof and bank account details are necessary.

At the same time, you can apply for Atal Pension Yojana (APY) by going to your nearest bank branch or post office. For this you must have a savings account. The bank will give you APY form which will have to be filled and submitted. You can also register in this scheme through net banking or mobile banking. Once the registration is done, according to your pension amount, the contribution prescribed every month will be deducted from your account automatically.

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