It is absolutely essential to invest your money in the right avenues so that your retirement remains independent. Pensioners have a multitude of options when it comes to investing their hard earned money or finances. With the government coming up with thoughtful schemes and savings programs, pensioners will have the opportunity to make meaningful investments.
Investing in the right scheme is critical to earning more interest amounts. You must choose the right investment scheme that can maximize your profits to a great extent. The main idea behind launching these schemes is to strengthen the financial stability of individuals.
Whether it’s a health emergency, or simply old-age support, these government schemes will ensure good benefits for you. Take a look to know more about these savings schemes.
Schemes for pensioners
Although the common notion says that life comes to a standstill when you retire, it can get better with age. Choosing the right retirement plan and insurance policies plays a vital role in this context. Here are some of the most popular ones:
1. National Health Protection Scheme
Under this particular scheme, those living below the poverty line will get complete health protection. Launched by the central government, this particular scheme will benefit poor people to a great extent. Some of the exclusive features of this highlight include:
Financial assistance for families where the single earning member has died because of natural calamities or accidents.
Protection against health hazards and long-term diseases.
The scheme aims to protect nearly 10 Crore families living below the poverty line.
The Indian government decided to launch this scheme in the 2016-17 financial year. As a positive initiative by the ‘Central Health Ministry, this particular scheme offers coverage up to Rs.1 lakh. The entire span for this scheme is five years, and the Indian government plans to offer a total budget of Rs.24,000 Crore.
2. Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
When it comes to doing well in the professional sector, skills play a highly crucial part. With the ever-increasing market competition, it has become imperative to achieve certifications. The job sector has come up with unique opportunities and new openings for potential candidates, and it’s right here that they need certified skills.
Apart from that, quite a few small business owners also lack the desired expertise to run their business. As a consequence, they fail miserably when it comes to taking their dream ventures forward.
Details of the scheme
The government of India took note of these situations and launched the PMKVY or Pradhan Mantri Kaushal Vikas Yojana for better skill training. Through this particular scheme, the government plans to ensure a better living for people across the country.
Objectives of the scheme
Through this particular scheme, the government wants to secure the future of India’s youth as well as self-employed professionals. Pensioners can also reap the benefits of this scheme if they choose entrepreneurship. The key objectives of the scheme include:
Initiating a registered certification process for trainees.
Mobilizing people towards honing their professional skills thus helping them achieve better living opportunities.
Rewards and incentives for active participation.
The scheme ensures numerous benefits for the beneficiaries. Some of the important highlights of this scheme include:
The total budget allocated by the central government for this scheme is around 1500 Crore.
The estimated or probable beneficiaries could be around 24 lakhs.
Under this scheme, the government will launch 2300 training centers across the country.
Beneficiaries completing their training can opt for better opportunities and can take up nearly 416 job roles.
The government will also maintain a portal for grievances and enquiries.
The scheme receives positive support from some of the other Government initiatives including Swacch Bharat, Make in India, and Digital India.
These schemes ensure numerous benefits for the beneficiary. As an Indian citizen, you will have the opportunity to grow and start a new life even after retiring from work. From health protection to old age coverage, the government plans to secure every important aspect of one’s life. If you want your life to begin when you reach 60 years of age, here’s how you can secure it now!