Retirement Planning: If you are planning for your retirement and want to get pension every month, then it is important for you to invest in those schemes which give good returns. This will secure you a regular income source and also accumulate a significant lump sum amount to ensure a comfortable old age. A large lump sum will provide financial security, while the monthly income will cover daily expenses.

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Here are five schemes that offer a reliable monthly pension, ensuring you do not have to depend on anyone in your later years.

1. Atal Pension Yojana

If you are not a taxpayer, you can arrange for a regular income in your old age through the Atal Pension Yojana. This scheme is available for individuals aged 18 to 40. Participants must make small monthly contributions until they reach 60. After that, they receive a monthly pension ranging from Rs 1,000 to Rs 5,000, depending on their contributions.

2. National Pension System (NPS)

The National Pension System is another viable option for obtaining a monthly pension. Any Indian citizen between 18 and 70 years old can enroll. The NPS is a market-linked government scheme requiring investments until the age of 60. In case of emergency, you can withdraw up to 60% of your contributions, with 40% allocated to an annuity, which determines your pension amount. The larger the annuity, the higher your pension.

3. Systematic Withdrawal Plan (SWP)

A Systematic Withdrawal Plan allows investors to receive a fixed monthly amount from a mutual fund scheme. To benefit from this, you need to have substantial funds invested through a Systematic Investment Plan (SIP) or other schemes during your working years. You can use your retirement funds for an SWP, where you receive monthly payments by selling mutual fund units. Once the fund is exhausted, the SWP stops. You must specify the withdrawal frequency and provide necessary details to activate the SWP.

4. Employee Provident Fund Organization (EPFO)

If you are a salaried employee and contributing to the Employee Provident Fund Organization (EPFO), you are likely familiar with the Employee Pension Scheme (EPS). This scheme provides social security for private sector employees post-retirement. To be eligible for a pension from EPFO, you must have contributed to EPS for at least 10 consecutive years. The pension amount depends on your contributions and is available upon retirement.

5. Post Office Monthly Income Scheme (POMIS)

The Post Office Monthly Income Scheme offers a government-guaranteed deposit option for earning a monthly income. You can open single or joint accounts, with maximum deposits of Rs 9 lakh for single accounts and Rs 15 lakh for joint accounts. The deposit term is five years, and you earn interest, ensuring the safety of your principal amount. At the current interest rate of 7.4%, a joint account can earn up to Rs 9,250 per month. After five years, you can renew the scheme by opening a new account.