Launched in 2017, implemented by Life Insurance Corporation of India.
Its objective it to provide social security and ensure financial independence for senior citizens through a guaranteed pension scheme.
Indian Citizens aged 60 years or above are eligible. The policy term is 10 years and assured rate of 7.4% per annum and revised periodically. The return is fixed, unlike market-linked pension plans. Pension is paid regularly, helping meet daily expenses of elderly citizens. Return of the entire purchase price on maturity or death, making it a low-risk option.
It fills the gap in India’s limited pension infrastructure. It particularly beneficial as many have no independent income.
