Overview

• A social security scheme of Government of India aimed at a 100% pensioned society
• A social security pension scheme introduced by Government of India
• Five Plans to choose from, based on the monthly assured pension – 1000, 2000, 3000, 4000 & 5000
• Three premium paying options – Monthly, Quarterly and Half Yearly
• Premium will be auto-debited from the subscriber’s account
• Monthly Pension is available for the subscriber since attaining 60 years of age
• After the demise of the subscriber, same amount of pension is available to the spouse
• After the demise of both the subscriber and the spouse, the accumulated corpus is returned to the Nominee
• The indicative corpus is Rs. 1,70,000/- for the Plan 1000, and the proportionate multiples for other plans
• Subscriber needs to pay the premium till attaining 60 years of age
• In the event of subscriber’s demise before attaining 60 years of age, spouse can either transfer the subscription in his/her name or withdraw the corpus by terminating the subscription
• If the spouse opts for transfer the subscription in his/her name, he/she need to pay the premium till the time the original subscriber would have attained 60 years of age
• Option is available to the subscriber once in every year (currently during the month of April) to alter the financial parameters like Plan, Premium frequency etc.