1. Senior Citizens Savings Scheme (SCSS): A government-backed retirement savings program in India designed to provide financial security for senior citizens. It offers attractive interest rates and tax benefits and is available to individuals aged 60 and above.
2. Pradhan Mantri Vaya Vandana Yojana (PMVVY): A government-backed pension scheme in India, primarily designed for senior citizens aged 60 and above. This scheme is offered by the Life Insurance Corporation of India (LIC) and provides regular pension income to beneficiaries. It offers a guaranteed pension payment for ten years, with the option to receive payments monthly, quarterly, semi-annually, or annually. PMVVY is aimed at providing financial security and support to senior citizens during their retirement years.
3. Varishtha Pension Bima Yojana: A lumpsum deposit scheme which gives a monthly pension at a guaranteed rate per annum.
4. Indira Gandhi National Old Age Pension Scheme (IGNOAPS): A part of the National Social Assistance Programme (NSAP) in India, it grants monthly pensions to citizens aged 60 and above who belong to the Below Poverty Line (BPL) category.
5. Atal Pension Yojana (APY): Any Indian citizen between the ages of 18 and 40 years can enroll and the contributions need to be made by the enrolled member at least for 20 years. The pension returns are given after the subscriber turns 60.
6. Senior Citizens’ Welfare Fund: The Fund has been created to be utilized for the promotion of the welfare of senior citizens. The fund is administered by an Inter-Ministerial Committee, comprising of Depart¬ment of Financial Services, the Ministry of Health and Family Welfare, the Min¬istry of Rural Development, the Ministry of Housing & Urban Affairs, and the Ministry of Labour and Employment, with the Ministry of Social Justice and Empowerment as the Nodal Ministry for the administration of the Fund.
7. Reverse Mortgage: Scheme for senior citizens to assist them to mortgage their property and earn out of the same subject to a limit of 60% of the value of the residential prop¬erty and in a time limit.
8. Artisans Scheme: Scheme under The Ministry of Textile which provides financial assistance per month handicrafts awardee artisans above 60 years of age.
9. Scheme for Financial Assistance to Veteran Artists: Scheme under The Ministry of Culture which provides financial assistance per month to artistes aged 60 years and above.