The government has started many such schemes in the last few years which make old age financially secure. The most popular and reliable schemes among these are Pradhan Mantri Vaya Vandana Yojana and Atal Pension Yojana.

As old age approaches, the biggest concern is of regular income. When the body does not support, the job ends and there is no source of income left, then there is a need for a scheme which not only gives a fixed pension every month, but also gives better returns than the market. At such a time, the pension based schemes of the government come forward as a strong support. Especially for those people who work in the unorganized sector or who do not have any pension arrangement after a private job. The government has started many such schemes in the last few years which make old age financially secure. The most popular and reliable schemes among these are Pradhan Mantri Vaya Vandana Yojana (PMVVY) and Atal Pension Yojana (APY).

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

This scheme is especially for those aged 60 years or above. It is run through LIC. Investing in it gives guaranteed pension for 10 years. You can choose monthly, quarterly, half-yearly or annual pension. Currently, it is getting a guaranteed return 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 especially for the workers of the unorganized sector. People between the ages of 18 and 40 can join it. The sooner you join it, the lower the premium and the more benefits you will get. Under the scheme, after the age of 60, a monthly pension of Rs 1,000 to Rs 5,000 is available. Both the investor and the government contribute to it. Those who do not pay income tax also get government contribution in this scheme.

How to apply

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

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