The central government of India, under the leadership of Prime Minister Narendra Modi, has launched several social security initiatives. These programs are designed to enhance the financial stability of citizens and bolster the nation's economic growth. Below, we outline 8 essential government-backed social security and pension plans that allow individuals to invest in and secure their financial future.
These social security programs are highly significant for the general public, as they provide both a sense of protection and a foundation for a prosperous future. The schemes highlighted here were either introduced during Prime Minister Modi's administration or are currently active and delivering benefits to citizens.
Below is the detailed list of investment-focused social security initiatives launched by the current government.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a dedicated small savings program established by PM Narendra Modi to encourage education and financial planning for girl children. As a cornerstone of the "Beti Bachao, Beti Padhao" mission, it promotes the value of saving for every girl child. The government aims to demonstrate that proactive financial planning can secure a daughter's future. It remains a top choice for parents seeking a social security investment for their daughters.
Key points:
For whom (Beneficiaries) - SSY is designed for all parents of girl children, regardless of religion, caste, or social background.
Eligibility Criteria - The account can be opened for a girl child up to 10 years of age.
Costs Involved - A minimum of Rs. 250 and a maximum of Rs. 1,50,000 can be deposited annually. Additional deposits must be in multiples of Rs. 50. There is no restriction on the number of deposits allowed per month or year.