GOVERNMENT OF INDIA
MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT
LOK SABHA
UNSTARRED QUESTION NO: 4503
ANSWERED ON: 08.01.2019
Social Security Pension to Senior Citizens
RANJEET RANJAN
RAJESH RANJAN (PAPPU YADAV)
Will the Minister of
MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT
LOK SABHA
UNSTARRED QUESTION NO: 4503
ANSWERED ON: 08.01.2019
Social Security Pension to Senior Citizens
RANJEET RANJAN
RAJESH RANJAN (PAPPU YADAV)
Will the Minister of
SOCIAL JUSTICE AND EMPOWERMENT be pleased to state:-
(a) whether the Government proposes to provide social security pension to all the senior citizens who are economically weak in the country and if so, the details thereof;
(b) whether the Government has any data on the population of senior citizens in the country;
(c) if so, the details thereof, State-wise;
(d) whether the Government has ensured that every senior citizen in the country has a Bank Account; and
(e) if so, the details thereof and if not, the reasons therefor?
ANSWER
MINISTER OF STATE FOR SOCIAL JUSTICE AND EMPOWERMENT
(SHRI VIJAY SAMPLA)
As per the information received from the Department of Financial Services, Government has launched a scheme namely “Pradhan Mantri Vaya Vandan Yojana (PMVVY)” to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market condition, as also to provide social security during old age. The Scheme is being implemented through Life Insurance Corporation (LIC) of India. The Scheme provides an assured return of 8% per annum payable monthly for 10 years. The differential return i.e. the difference between return generated by LIC and the assured return of 8 % per annum would be borne by Government of India as subsidy on annual basis. The Scheme was open for subscription for a period of one year i.e. from 4th May, 2017 to 3rd May, 2018. The minimum purchase price under the Scheme was Rs. 1.5 lakh per family for a minimum pension of Rs. 1,000/- per month and the maximum purchase price was Rs. 7.5 lakh per family for a maximum pension of Rs. 5,000/- per month. In pursuance to Budget Announcement 2018-19, Pradhan Mantri Vaya Vandana Yojana has extended up to 31st March, 2020 and limit of maximum purchase price of Rs. 7.5 lakh per family under the Scheme has also been enhanced to Rs. 15 lakh per senior citizen. A total number of 3,34,450 subscribers are being benefitted under PMVVY as on 17.12.2018.
Further, as per the information received from the Department of Financial Services, Pursuant to the Budget announcement in 2015-16, the Atal Pension Yojana (APY) was launched by the Government in May, 2015, with the aim to provide old age security especially to the poor and the under-privileged. The salient features of the APY are as under:
(i) Indian Citizens between the age group of 18 to 40 years are eligible to join APY through their saving bank account or post office saving bank account.
(ii) Depending upon the pension plan selected, each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until his/her death.
(iii) After the subscriber’s demise, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of such spouse.
(iv) After the demise of both the subscriber and his/her spouse, the nominee of the subscriber so named shall be entitled to receive the pension wealth accumulated till attaining the age of 60 years by the subscriber.
(v) If the actual returns during the accumulation phase are higher than the assumed returns for minimum guaranteed pension, such excess will be passed on to the subscriber.
(b) & (c): As per the Census of 2011, the population of senior citizens in the country, State-wise, is annexed at Annexure.
(d): Data in this regard is not maintained centrally.
(e): Does not arise.
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