Punjab Pension Scheme

The government of Punjab provides pension schemes to their people who fall under the senior citizen category. The women who are 58 years of age and above and men who are 65 years of age and above are eligible for receiving the Punjab Pension scheme.

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The eligibility of the Punjab Pension Scheme and other features and benefits of this scheme are discussed in brief below.

What is the Punjab Pension Scheme?

Punjab Pension is only applicable to senior citizens whose annual income is less than Rs 60,000, including rental, business, and interest incomes of the individual. The allowance under this pension is Rs 750 per month. 

Apart from the senior citizens, economically backward individuals are also covered under the Punjab Pension Scheme. The main objective of the Punjab Pension scheme is to provide social security and financial aid to people who fall under the poverty line of the state.

Different Schemes under Punjab Pension

Various schemes of Punjab Pension are listed below:

  • Indira Gandhi National Old Age Pension
  • Indira Gandhi National Widow Pension
  • Indira Gandhi National Disability Pension
  • Pension scheme for Widow or Destitute or Single Women
  1. Indira Gandhi National Widow Pension

    Indira Gandhi National Widow Pension is provided for women who got married when they were 18 years of age and above and then got into widowhood above 30 years of age. Widows must have certain eligibility for getting benefits under this plan. 

    The pensioner must be a permanent resident of Punjab, which means that the person should have lived in Punjab for at least ten years and fall under the state's poverty line.

    This pension provides economic support and social security to widows in Punjab. The amount provided under this scheme can be used as a source of income for a widow.

  2. Indira Gandhi National Old Age Pension

    Indira Gandhi National Old Age Pension provides financial and social security to old age people in Punjab. Senior citizens who don't get any pension from any source after their retirement are eligible. A person must be economically poor to get benefits under this pension scheme.

  3. Indira Gandhi National Disability Pension

    Indira Gandhi National Disabled Pension is provided for disabled people in Rajasthan who have attained 80% disability. Mentally disabled people are also eligible for gaining benefits under this plan if they have attained a mental disability of 40%. 

    This pension provides financial aid to people who are physically challenged or mentally challenged in Punjab. The pension amount that is provided monthly can act as a great source of income replacement. The amount can also be used for the medical expenses of the pensioner.

  4. Pension Scheme for Widow/Destitute/Single Women

    This pension provides financial support to a widow, destitute and single woman in Punjab. The woman must be destitute, deserted, single, or divorced. The woman must be a permanent resident of Punjab. She should not have an annual income of more than Rs.50,000/-. The woman should not be a government employee.

    The woman must also fall under the poverty line of the state. The pension amount provided under this plan can act as a great source of income replacement to these women for helping them with their day-to-day expenses and financial aids like medical expenses etc.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Features of Punjab Pension Scheme

Punjab Pension schemes are provided by the Social Security and Women and Child Development Department of Punjab. The key feature of these schemes are:

  • Punjab Pension provides a particular amount as a monthly income to the senior citizen, which can be used as an additional source of income for the individual.
  • The senior citizen can use this additional source of income for meeting with their everyday expenses or even medical expenses.
  • Once the person who pays social security attains the age limit of senior citizens (both men and women), they can get these pension benefits as a social security benefit.

Benefits of Punjab Pension Scheme

Having a Punjab Pension scheme has lots of benefits that help the customers pay their social security without struggle. Some of these benefits are provided below:

  • The interest rate provided by Punjab Pension starts at Rs.750/- per month. Thus, the customer doesn’t have to worry about paying the amount. 
  • The processing for applying is simple and easy, so the customer can easily take up this pension plan without undergoing tons of procedures.
  • This pension scheme is easy to understand, and thus the customer can know clearly about their social security plan. 

Eligibility Criteria

The eligibility criteria for taking up the Punjab Pension plan is provided below:

  • Any Indian Senior Citizen in Punjab whose annual income is less than or equal to 60,000/- INR, including any rental, business, or interest income, are eligible to get this plan.
  • Individuals who have a minimum of 2.5 acres of Chahi or Nehri land or a maximum of 5 acres of ownership of barani land or 5 acres of land in a waterlogged area are also eligible for this pension.

The Department of Revenues fixes these criteria. Thus, the landowner eligibility is also provided in the report of the Revenue Department (Patwari).

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Documents Required for Application

For buying a Punjab Pension scheme, a set of documents are required that one must keep handy. These are:

  • Voter ID
  • Birth Certificate
  • Secondary School Leaving Certificate
  • Scanned copy of Proof of BPL
  • Scanned copy of Proof of SECC
  • Self-Declaration Form
  • Report from Patwari regarding the Property
  • Signature of the Applicant

Applicants should make sure to carry both photocopies and originals of all documents as mentioned above to apply for this procedure. 

* Originals will be collected only for reference purposes. Only photocopies will be accepted along with the application form. Any originals collected will be returned to the applicant immediately. 

Who Will the Pension Scheme Benefit?

This scheme will benefit any individual who pays their social security regularly. Since the rate of this pension plan is very low, customers who pay for this will get a nice amount during their old age. 

Since the retirement period is also known as the golden years of an individual's life, this scheme will help cope with the day-to-day necessities of an individual. The social security amount will be paid monthly as an income amount for the customer and thus acts as the best income replacement during retirement.


*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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