Top 6 Government-backed pension plans for seniors citizen in India

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Atal Pension Yojana (APY)

APY is a government scheme for unorganized sector workers, providing a pension from age 60 based on contributions starting from age 18. Image credits: Freepik

National Pension System (NPS)

NPS offers a unique retirement account with flexible investment in equities and government securities, and tax deductions up to Rs 2,00,000. Image credits: Freepik

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

PMVVY provides monthly pensions for seniors over 60, with a 10-year term and loan options after three years. Image credits: Freepik

Indira Gandhi National Old Age Pension Scheme (IGNOAPS)

IGNOAPS provides a non-contributory monthly pension to seniors, widows, and the disabled, with Rs 200 or Rs 500 monthly payments. Image credits: Freepik

Employee Pension Scheme (EPS)

EPS offers pensions to organized sector employees from age 58, with contributions from salaries, starting after a minimum of 10 years of service. Image credits: Freepik

Varishtha Pension Bima Yojana (VPBY)

VPBY, managed by LIC, provides senior citizens with a guaranteed 8% return pension, with premium payment options and regular payouts. Image credits: Freepik Find Next One