The central government of India led by PM Narendra Modi has already initiated a number of social security schemes. These schemes will boost the financial stability of citizens and reinforce the economic development of the nation. Here we are providing you a list of 8 most important Indian government social security schemes including latest pension schemes in which people can invest and secure their future.
List of Social Security Schemes to Make Investment in India
All of these social security schemes have a huge significance for general public. This is because these schemes not only ensures a comfortable future but also provides sense of security. The schemes present in this list are only those which are either launched during the Pradhan Mantri Modi’s tenure or are presently running and providing benefits.
The complete list of such social security scheme to invest launched by PM Narendra Modi government is shown below.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a small scale savings scheme launched by PM Narendra Modi to promote daughter’s education and marriage. This scheme is a part of government’s “Beti Bachao and Beti Padhao mission” and reinforce the idea of “Save for every girl child”. The central government wants to send a message that if any parent makes a proper plan for their girl child, then they can surely improve and secure their daughter’s future. It is one of the major Social Security Schemes for investment by parents who have a daughter.
For whom (Beneficiaries) – SSY is suitable for every parent having a girl child without any discrimination on the basis of caste, color, religion.
Eligibility Criteria – Sukanya Samridhi Yojana Account is suitable for daughter upto 10 years of age.
Costs Involved – Minimum Rs. 250/- and Maximum Rs. 1,50,000/- in a financial year. Subsequent deposit in multiple of Rs. 50/-. People can make deposits in lump-sum and there is no limit on number of deposits either in a month or in a financial year.
Benefits – This social security scheme provides an annual return of 7.6%
Pradhan Mantri Jan Dhan Yojana (PMJDY)
PM Jan Dhan Yojana is a national mission for financial inclusion of poor people into the mainstream. PMJDY is suitable for the economically weaker sections of the society who does not have bank accounts. This sarkari yojana offers basic financial services like a savings account, deposit account, insurance, pension, remittances & credit. It is one of the major social security schemes to benefit poor people.
For whom (Beneficiaries) – All the individuals who does not have any access to basic financial services. This PMJDY social security scheme is suitable for individuals working in an unorganized sector.
Eligibility Criteria – Any person belonging to the weaker section of the society.
Costs involved – No minimum and maximum contributions for this scheme.
Benefits – Facility of zero balance savings account, debit card, interest on debit, overdraft facility, accidental coverage of Rs. 1 lakh and life cover of Rs. 30,000.
Public Provident Fund (PPF)
Public Provident Fund (PPF) is a savings cum tax saving long term investment option. This social security scheme aims to benefit self employed people to make savings for their retirement. People will get tax benefit under 80 C of Income Tax Act and provides tax free return on maturity. People can also open PPF account for their wife and children. It is one of the major social security schemes to benefit employed people.
For whom (Beneficiaries) – PPF social security scheme is suitable for salaried class people and small business owners.
Eligibility – Any adult can open the account on his / her own name or on behalf of a minor.
Costs involved – Minimum contribution is Rs. 500 p.a and maximum limit is Rs. 1,50,000.
Benefits – Tax-free interest on maturity and provides an annual return of 7.1%.
4. National Savings Certificate (NSC)
National Savings Certificate is a small scale saving and tax savings investment in India. NSC is a govt. savings bond issued for a duration of 5 & 10 years and is popular among rural people. People can purchase this bond from any post office in India and can be kept as a collateral security to get loans from banks.
For whom – Most suitable for govt. employees, businessmen and other salaried classes who are Income Tax assesses.
Eligibility – A single holder type certificate can be purchased by, an adult for himself or on behalf of a minor or by a minor.
Costs involved – Minimum investment is Rs. 1000 and in multiples of Rs. 100 and no maximum limit. Moreover, investment upto Rs. 1 lakh qualifies for IT rebate section 80C.
Benefits – Provides annualized return of 6.8% and qualifies for IT rebate under 80C.
5. Atal Pension Yojana
Atal Pension Yojana (previously Swavalamban Yojana) is a government backed pension scheme which provides a defined pension depending on the contribution and its period. This scheme is targeted towards the unorganized sector and provides pension benefits with a minimum contribution per month. Under APY, subscribers are entitled to get fixed minimum pension of Rs. 1000, Rs. 2,000, Rs. 3,000, Rs. 4,000, Rs. 5,000 per month at the age of 60 years which depends on their contributions.
Central govt. would contribute 50% of total contribution or Rs. 1,000 per annum (whichever is lower) to each subscriber account on every contribution made for 5 years. But the subscriber has to contribute for a period of 20 years or more.
For whom (Beneficiaries)– The beneficiaries of APY are primarily those who belongs to lower income group like maids, drivers or security guards and are not part of the Income Tax bracket.
Eligibility– Most suitable for all individuals lying in the age group of 18 to 40 years.
Costs involved – To avail monthly pension of Rs. 1000, an individual of 18 years of age will have to make contribution of Rs. 42 per month for 42 years while any 40 year old person will have to contribute Rs. 291 per month for 20 years.
Benefits – Govt. provides fixed monthly pension between Rs. 1000 to Rs. 5000 on attaining retirement age.
6. Pradhan Mantri Jeevan Jyoti Bima Yojana
PM Jeevan Jyoti Bima Yojana is a life insurance backed by the government of India. PMJJBY scheme aims to increase the number of insurers in India which is currently very low. It is one of the major social security schemes which benefits people by providing life insurance coverage.
For whom (Beneficiaries) – All the individuals who are the sole earning member of the family and have dependents under him / her.
Eligibility – Any person who has bank account and falls under the age group between 18 to 50 years can avail the PMJJBY scheme.
Cost involved – The premium for PM Jeevan Jyoti Bima Yojana is Rs. 330 every year.
Benefits – There is a term insurance cover of Rs. 2 lakh to the dependents in case of death of the policy holders.
7. Pradhan Mantri Vaya Vandana Yojana
PM Vaya Vandana Yojana (PMVVY) is a new pension scheme for senior citizens. All the old age people above the age of 60 years would get interest of 8% for 10 years. PMVVY scheme is being implemented by Life Insurance Corporation (LIC) of India. It is one of the major social security schemes to benefit elderly people.
For Whom (Beneficiaries) – All the individuals who attains the age of 60 years will get pension amount at end of each time period.
Eligibility – The minimum age of entry is 60 years while there is no maximum limit for age.
Cost involved – Pensioner can choose either the amount of pension or the purchase price. Minimum pension under the scheme is Rs. 1000 and maximum pension amount is Rs. 5000 per month.
Benefits – The modes of pension payment are monthly, quarterly, half-yearly & yearly. All senior citizens will get payment shall be through NEFT or Aadhaar Enabled Payment System.
8. Pradhan Mantri Shram Yogi Maan-dhan Yojana
PM Shram Yogi Maan-dhan Yojana is meant for old age protection and social security of unorganized workers. On attaining the age of 60 years, govt. will provide Rs. 3,000 as monthly pension to enrolled workers in unorganized sector. Around 42 crore unorganized sector workers in the country would get benefitted. It is one of the major social security schemes to benefit labourers in unorganised sector.
For whom (Beneficiaries) – Mostly those people who are engaged as rickshaw pullers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, home-based workers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers or in similar other occupations can avail PM-SYM scheme benefits.
Eligibility – All the unorganized sector workers in the age group of 18 to 40 years with monthly income less than Rs. 15,000 are eligible.
Cost involved – Pensioner can choose either the amount of pension or the purchase price. Minimum pension under this social security scheme is Rs. 1000 and maximum pension amount is Rs. 5000 per month.
Benefits – PM-SYM is a voluntary and contributory pension scheme where subscriber would get minimum assured pension of Rs. 3000 per month on attaining the age of 60 years. In case the subscriber dies, the spouse of beneficiaries would receive 50% of pension as family pension and this family pension is applicable only to spouse.
Read the complete list of social security schemes to invest in India before making any investment. This information is now made available to the citizens by Niti Aayog at https://niti.gov.in/