It’s common knowledge that an effective financial plan is the key to saving for your future life goals. But for people who have a low income, having a financial plan to save money may seem a distant dream. However, it actually is possible to start saving some money with the help of different government schemes.
These government-backed schemes have been specially designed to help lower income groups build their savings. Here’s a list of government-backed social schemes.
Under this scheme, an 18-year old will only have to contribute Rs. 42 every month for 40 years and for a 40-year old, the monthly investment amount is Rs. 291 for a period of 20 years. At the time of maturity, one can earn a pension amount of Rs. 1,000 to Rs. 5,000 every month. Anybody within the age group of 18 to 40 years, can contribute towards this scheme until the age of retirement.
This is a Term Life Insurance policy which covers the policyholder for an amount of up to Rs. 2 lakh. The premium amount is as low as Rs. 330 in a year and anybody within the age group of 18-70 years with a Savings Account in a bank can apply for this scheme. It’s an accidental insurance cover which helps the policyholder’s family in case of the accidental death of the policyholder.
As the name suggests, this scheme offers accidental death and disability cover up to Rs. 2 lakh. The yearly premium is as low as Rs. 12 and anybody with a Savings Account in a bank can apply for this scheme. This scheme mainly suits newspaper vendors, drivers, security guards, and others who are exposed more to the risk of accidental death or permanent disability or illness.
This Savings Account gives the benefit of maintaining no minimum balance. The ATM-cum-Debit Card associated with this account comes with an inbuilt accident and life cover of Rs. 1 lakh and Rs. 30,000 respectively. This scheme is ideal for all those who are working in the unorganised sector and belong to the economically weaker section of the society. It is definitely a must for all your staff and domestic help so that they can have some funds for the future in their bank accounts.
This scheme offers a lucrative 8.7% interest rate and doubles the investment amount in 100 months. The minimum investment amount is Rs. 1,000 and there is no maximum limit. The Kisan Vikas Patra scheme is ideal for all your domestic workers and neighbourhood vendors and can help them fund their short or medium-term investment plans.
This scheme offers guaranteed annual returns of 9.2% and the minimum contribution is Rs. 1,000 in a year. This scheme is ideal for all those domestic workers who tend to take their daughters out of school due to lack of funds for her education. This scheme should ideally help them build funds for their daughters’ education or marriage plans.
There are many Health Insurance policies which have a premium amount of Rs. 500-700 for a year and offer a cover up to Rs. 50,000. It’s ideal for workers or domestic staff members who earn a decent income so that their medical expenses are covered during an emergency and they don’t have to depend on their friends, relatives, or on their savings.
Now that you know a little more about these schemes, how about taking it one step further and educating people in need about these schemes? You’ll definitely feel happier having helped someone save!
Looking for a financial product for yourself?