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Tuesday, September 29, 2020

Government Financial Assistance Scheme for destitute elderly

State Government Financial Assistance Scheme for destitute elderly

  • Homeless elderly people aged 50 years and above
  • Must not have a son aged 21 or over.

Objective of the scheme: To provide financial assistance to the elderly under the National Social Assistance Program (NSAP).

Eligibility standards

  • Applicant must be over 30 years of age.
  • Included in the BPL list in the score of 0 to 12.
  • Benefits / Assistance of the scheme
  • Monthly assistance of Rs.500 / - for 50 to 6 years (Rs.500 / - Government of India and Rs.500 / - State Government)
  • Monthly assistance to those above 60 years of age (Rs. 500 / - Government of India 500 / - State Government)
  • Process
  • The taluka mamlatdar has to be fixed.

Up to Rs 15 lakh can be invested

Notably, GST is exempted in this scheme. The scheme has been implemented in collaboration with LIC (Life Insurance Corporation of India) to ensure that senior citizens are not harassed. This is a good plan for retirees living on a pensioner for their basic expenses. A maximum of Rs 15 lakh can be invested in it. On an investment of Rs 15 lakh, you will get a pension of Rs 10,000 per month.

Essentials attached to the scheme

Income Tax: Under Section 80-c of the Income Tax Act, 1961, the amount deposited in this scheme is completely tax free, but the policyholder will have to pay income tax on the interest earned on the amount deposited.
Interest: If you want to get a pension every month, you will get 8% interest. If you want to get a pension every year, you will get it at an interest rate of 8.3 per cent.

  • Spouses: The limit of investment in the scheme is per senior citizen, not per family. If the husband and wife want, they can invest Rs 30 lakh together.
  • Payment Option: The term of the policy is 10 years. There is an option to get pension every month, quarterly, semi-monthly or annually.
  • No medical test required: No medical test is required to avail benefits under this scheme.




Having a 21 year old son.

As the annual income increases

On the death of the beneficiary

Provision of appeal

There is a provision to appeal to the Province Officer if the application is denied.

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