Pension Schemes
Swavalamban Yojana - Security for the Unorganized Sector
Swavalamban Yojana
Swavalamban Yojana is a pension scheme introduced by the Government of India in 2010, designed specifically for citizens in the unorganized sector. It is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Life Insurance Corporation of India (LIC) serves as the Aggregator, and COFFED acts as a facilitator and collector (NLCC NO.- NPS0184563) to ensure the benefits reach the fishing community and other unorganized workers in Bihar.
The Scheme Features
- Voluntary: Open to all eligible citizens.
- Simple: Easy to understand and manage.
- Uniform: A single investment plan for all.
- Portable: Operable from anywhere in the country.
- Safe: Regulated by PFRDA for your security.
- Affordable: Investment as low as ₹100 per month.
Objective & Eligibility
Objective: To provide old age pension for unorganized sector workers from age 60 until death.
Eligibility:
- Citizens in the unorganized sector.
- Age between 18 - 55 years.
- Should not be a member of EPF or other pension schemes.
How to Apply
| Step | Action / Document Required |
|---|---|
| 1. Registration | Fill and sign the Requisite Registration Form. |
| 2. KYC Documents | Colored passport size photograph, Proof of Identity, Proof of Residence, and Age Proof. |
| 3. Initial Contribution | Submit the form along with the initial contribution at the designated COFFED collection center. |
Contributions
- Minimum per contribution: ₹100
- Minimum per year: ₹1,000
- Maximum per year: ₹12,000
- Government Contribution: ₹1,000 per year (subject to scheme terms and initial enrollment years).
Pension Benefits
Benefits depend on the amount of corpus at age 60 and annuity rates at that time.
- At age 60: Withdraw 60% as lumpsum; 40% annuitized for monthly pension.
- Death Benefit: Heirs can withdraw the entire money immediately.
- Identity: Each subscriber receives a PRAN Card as membership identity.
Secure your future with the Swavalamban Yojana. COFFED is here to facilitate your journey towards a dignified retirement.