Former Late Finance Minister Arun Jaitley passed the proposal for the Senior Pension Insurance Scheme in the 2014-2015 budget. Earlier, this scheme was started by former Prime Minister Dr. Man Mohan Singh in 2003 – 2004. Just like the other Government Schemes for Old people like National Health Insurance Scheme, this Scheme too become famous.
To give big benefits to senior citizens, the Central Government has once again introduced this scheme. This scheme’s objective is to provide a fixed fee to senior citizens so that they do not have any problem running their expenses at an older age.
Senior Pension Scheme has been released on investment basis. Depending on the investment of citizens, they will be given an amount of Rs 500 to Rs 1000 under this scheme every month.
The largest insurance company of India, Life Insurance Corporation of India (LIC) has taken responsibility for this scheme. In this scheme, senior citizens will be given 8% benefit for 10 years by Life Insurance Corporation of India.
Some Important Points of Senior Pension Insurance Scheme.
- Only citizens whose age is 60 years or above can avail this scheme.
- After investing on the basis of the rules of this scheme, you can also take a loan after three years.
- The loan amount can be a maximum of 75% of the amount invested.
- In this scheme, you are only available for banking transactions, you can use ECS or NEFT for this.
- No senior citizen needs a health certificate to take advantage of this scheme.
- In this scheme, there is a provision to give all the amount invested by the citizen on the due date; in such a case, if the citizen’s death happens before the scheduled date, then his principal amount is provided to the citizen’s nominee.
- This step has been taken under the social security and financial inclusion program of the government. According to an official statement, the Union Cabinet has retrospectively approved the introduction of the Senior Pension Insurance Scheme 2017.
- Since the Life Insurance Corporation of India has taken the responsibility of this scheme, LIC will guarantee 8% for ten years to senior citizens who are availing the scheme.
- In this, the citizen has been given this exemption that the citizen can also choose to take pension on a monthly and quarterly and half-yearly basis as per his wish.
- The scheme will remain open for one year from the date of its implementation, after which the scheme will be stopped until further orders of the Central Government.
- According to some financial experts, interest rates are going to be lower in the next time. In such a situation, this is a great opportunity for senior citizens who can be taken advantage of this scheme.
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- Senior pension insurance scheme has been started by the central government, so you can invest in this scheme without fear.
- The important thing in this scheme is that even after some time the interest rates fall, even then the citizens will continue to get 8% base returns. In such a situation, if there is any loss of any kind to the company taking responsibility of this scheme, then it will be compensated by the government.
- Under this scheme, you can purchase a minimum policy of Rs 1,44,578 and a maximum of 7,50,000 policies! The government has now increased the maximum amount limit from 7. 5 lakh to 15 lakh in this scheme.
- If any policyholder commits suicide, he will not benefit from the policy, but his principal amount will be given to his nominee.
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How to apply for Senior Citizen Insurance Scheme ?
You can apply for this scheme both offline and online.
Offline Application Process
- To apply offline in this scheme, you will have to visit the official website of LIC (Life Insurance Corporation of India).
- Download the form and take out the printout and fill in the correct information of the policy holder
- After filling the form, put the necessary documents in it and submit it to any LIC office.
- You can also apply by contacting an agent of Life Insurance Corporation of India to apply offline.
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Online Application Process
- While applying online, you will have to fill a form in which you will have to fill the information like name, place of residence, Aadhar Card, PAN Card, Voter ID Card, Passport, mobile number, email, date of birth, PIN code etc.
- After filling the application form, you will get 9 digit access ID via email or mobile SMS.
- After putting the number in the ID box on the right side of the application form, you can choose the PMVVY scheme and complete the application process.
- At the end of the application process, you will be provided with the policy number and receipt number. With the help of which you can get information about your policy anytime.
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