Everything You need to Know about Punjab Pension Scheme

You think about having a secure future. Individuals should invest in plans that are financially stable and can hold up to their retirement security. Several retirement schemes are covered under Section 80C of the Income Tax Act 1961,  where the person is entitled to a tax rebate as well. You should not be confused about investing in different schemes to secure your future. Any strategy that you should be using must be lined with investment objectives. For instance; if you want to retire early, there should be sufficient funds to sustain your living. The object is to find the appropriate retirement plans that perfectly suit your needs.

One of them is the Punjab pension scheme. It aims to give social security and financial stability to the people who are below the poverty line. The Punjab pension scheme covers not just senior citizens but economically brings disadvantages to people as well. The monthly stipend under this pension scheme is rupees 750 only. Senior citizens having less than 60000 income that includes business, interest, and rental income are eligible to apply for the Punjab Pension Scheme.

Eligibility Criteria For Punjab Pension Scheme

The State Government of Punjab helps people regularly by implementing different policies and schemes. Now, the new scheme that has been followed up to provide financial assistance is Punjab Pension Scheme. The state government came up with a new scheme to make it beneficial for the senior citizens and help them in their time of retirement.

Here are the eligibility criteria for the Punjab Pension Scheme:

1. A resident of Punjab State is only eligible to be registered under this scheme. Candidates should have ID proof and must be a citizen by birth.
2. The person under this scheme should be 58 years (women) and 65 years (men) at the time of registration under the Punjab Pension Scheme.
3. Punjab Pension Scheme is only for the unemployed. Hence, a person applying under this scheme should not be employed in any private sector.
4. Any person who has commercial property under his name is not eligible for this scheme.
5. The scheme is not valid for the person who is self-employed and has a source of income of more than Rs 60000 annually.
6. If a beneficiary is a legal taxpayer, he will not be eligible for this scheme.

How You Can Apply for this Scheme?

The person applying under this scheme can submit the form both ways. For the online procedure, you have to visit the official website i.e. Punjab.gov.in from a web browser. There you find the online and offline options. According to your preference, you can choose it.

Be sure to take all the required documents before filing the form. The form once submitted won't be allowed to be rectified. 

Conclusion

The government of the state wants to offer the benefits to the senior citizens so that they can enjoy their retirement benefits. This pension scheme will help them to be financially stable after their retirement.

Aslo Read: 7 Things You Should Know Before Purchasing Life Insurance