Pradhan Mantri Vaya Vandana Yojana
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- The Pradhan Mantri Vaya Vandana Yojana (PNVVY) was launched in May 2017 to provide social security during old age. This is a simplified version of the VPBY and will be implemented by the Life Insurance Corporation (LIC) of India.
- Under the scheme, on payment of an initial lump sum amount ranging from Rs 1,50,000 for a minimum pension of Rs 1000 per month to a maximum of Rs 7,50,000/- for a maximum pension of Rs 5,000 per month, subscribers will get an assured pension based on a guaranteed rate of return of 8% per annum payable monthly/quarterly/half-yearly/annually.
Varishtha Pension Bima Yojana (VPBY)
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- This scheme is run by the Ministry of Finance. The Varishtha Pension Bima Yojana (VPBY) was first launched in 2003 and then relaunched in 2014. Both are social security schemes for senior citizens intended to give an assured minimum pension on a guaranteed minimum return on the subscription amount.
Rashtriya Vayoshri Yojana (RVY)
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- This scheme is run by the Ministry of Social Justice and Empowerment. This is a central sector scheme funded from the Senior Citizens’ Welfare Fund. The fund was notified in the year 2016. All unclaimed amounts from small savings accounts, PPF and EPF are to be transferred to this fund.
Vayoshreshtha Samman
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- Conferred as a National award, and given to eminent senior citizens & institutions under various categories for their contributions on International day of older persons on 1st october.
Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
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- The Ministry of Rural Development runs the National Social Assistance Programme (NSAP) that extends social assistance for poor households for the aged, widows, disabled, and in cases of death where the breadwinner has passed away.
Integrated Programme for Older Persons (IPOP)
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- Ministry of Social Justice and Empowerment is a nodal agency for the welfare of elderly people. The main objective of the scheme is to improve the quality of life of older persons by providing basic amenities like shelter, food, medical care and entertainment opportunities, etc.
