TomorrowMakers

Women have progressed a lot in India since the independence. Women are working in jobs, and many self-employed and entrepreneurial women are also leading businesses. Many top jobs and business positions are occupied by women now, which was unimaginable a couple of generations ago. This growth in women’s fortunes has allowed women to save their money for future needs. 

Saving is a necessary task that everyone, including women, should undertake. If you are earning a good income in your prime years, you also need to save some money for the future. Thus you should invest in stocks, mutual funds, fixed deposits, etc. But this blog focuses on the government pension schemes specifically for you. 

 Also read the Different types of Pension Plans and their tax benefits 

Pension schemes for women

Although some pension schemes are specifically for women, we suggest you use the general pension schemes for maximum benefit. Some specific pension schemes for women can help you in your state schemes, but the general pension schemes are at an Indian level, and any Indian citizen can make use of those pension schemes.

Some of the pension schemes are: -

• National Pension Scheme- This scheme was launched in 2004 by the PFRDA, one of India's most popular pension schemes. This scheme provides financial security to the investors in their old age after they retire from work. The minimum contribution is Rs 6000 per year, and you can also pay Rs 500 monthly. You can also make partial withdrawals from the scheme depending on the emergency. 
   
• Atal Pension Yojana- This scheme targets people from the unorganized sector, and you must make a monthly contribution to the scheme. Your contribution to the scheme is matched by 50% by the government up to a maximum of Rs 1000 per year. This scheme encourages voluntary savings from the workers in the unorganized sector. 
   
• Pradhan Mantri Vaya Vandana Yojana (PMVVY)- This scheme provides an assured rate of return post-retirement, which is offered by the LIC of India. The current assured rate of return on the scheme is 8% per annum, much higher than other schemes. A maximum of Rs 15 Lakhs can be invested in this scheme. 
   
• Indira Gandhi National Old Age Pension Scheme (IGNOAPS)- The main aim of this scheme is to provide old age pension, widow pension, and pension for disabled people. The scheme was introduced by the Ministry of Rural Development of India in 2007 and is popularly known as the National Social Assistance Programme (NSAP).
   
• Pension for Old Age, Widows, Deserted Women, Unmarried Women and Transgender, Puducherry- This scheme provides Rs 1500 to widows, deserted women, unmarried women and transgenders. 
   
• Indira Gandhi National Widow Pension Scheme (IGNWPS)- The Ministry of Rural Development offers this scheme. This is operated for widows and elderly people below the poverty line. 

Related: Latest news about PFRDA to govern all pension funds 

Women in India are rising in financial independence, and with the correct pension schemes, they should secure their retirement so that they do not need to depend on others in their old age. It is not just women; men should also invest in pension funds to secure their future. Some pension funds are specifically designed for women to help the women in need. Read more about Retirement Planning