5 Best Investment  Plans for  Senior  Citizens in India 2024

Enjoy your golden age without any worry of stable income with these 5 best investment options for senior citizens in India.

5 Best Investment Options in India 2024 for the Elderly

1. Pradhan Mantri Vaya Vandana Yojana:

2. Senior Citizen Fixed Deposits:

3. Senior Citizen Savings Scheme:

4. Post Office Monthly Income Scheme:

5. National Pension Plan:

Pradhan Mantri Vaya Vandana Yojana

This is one of the best investment options for seniors in India that was launched in 2017 by Life Insurance Corporation (LIC) of India. The scheme also serves as a pension plan ensuring a fixed amount of income to the elderly after they have chosen to invest a lump sum amount in the scheme.

Senior Citizen Fixed Deposits

Fixed deposits have always been the most preferred form of investment options in India for a large number of people. The elderly of the country too find it a safe bet, considering that the interest payout can be chosen to be monthly, quarterly, half-yearly, or annual. The scheme is meant for senior citizens who are 60 years and above.

Senior Citizen Savings Scheme

Yet another of the best investment options in India for the elderly population, this scheme has been offered by the Indian government since 2004. It is also usually regarded as one among the safe investment options in India, owing to its backing by the central government. Hence, there is no risk involved in this investment plan and 100% income assured to the investor throughout the term of the plan.

Post Office Monthly Income Scheme

Yet another safe investment option with considerably lower risk involved for the elderly. This scheme is backed by the Finance Ministry and guarantees a fixed amount of interest to the senior citizens every month. This is why this scheme is highly preferred by the elderly citizens for the time post retirement.

National Pension Plan

This scheme is open for all employees from the public and commercial sectors who can choose to invest in a pension account to enjoy its benefits post their retirement. The plan allows for withdrawal of a certain amount after retirement. The remainder is paid out as a pension every month.

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