Which are the Best Investment Plans for Indian Senior Citizens in 2022?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Which are the Best Investment Plans for Indian Senior Citizens in 2022?

Which are the Best Investment Plans for Indian Senior Citizens in 2022?
  • 15th Apr 2022 |
  • 5,045

After achieving all the milestones of your life, be it getting the best of education, landing that dream job, getting married to your better half and starting your own family watching your children grow, it has to be one of the most rewarding experiences life has to offer.

Although, what happens when now you get to experience the glorious golden years to enjoy in peace and tranquilly? It’s wonderful to be at this wonderful stage of life, but it’s also critical to identify the best investment options for senior citizens to maintain their financial security.

This post will discuss the best investment plan for senior citizens in 2022 to assist you in your search and make the best decision possible.

Which are the Best Investment Plans for Indian Senior Citizens in 2022?

  • Pradhan Mantri Vaya Vandana Yojana (PMYYY)

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is one of the best investment plans for senior citizens in 2022. It provides benefits for both retirement and pension under a single umbrella. The program is controlled and operated by the Life Insurance Corporation (LIC), which is under the control of the government. PMVYY provides a guaranteed return. The system will be in place for ten years. The scheme’s members must be at least 60 years old, with the upper and lower limits deposit amounts being ₹1,50,000 and ₹15,00,000.

  • Senior Citizen Saving Scheme (SCSS)

SCSS is the best investment option for senior citizens looking for a long-term savings account that offers security and other benefits. Across the country, the plan is offered at post offices and authorised banks. This plan gives a higher interest rate than traditional savings and fixed deposit bank accounts, but it also offers tax benefits of up to ₹1.5 lakh a year under Section 80C of the Income Tax Act, 1961. SCSS has a five-year time to maturity with a three-year extension available. It offers a 7.4% interest rate for the very first quarter of the fiscal year 2021-22.

  • Senior Citizen Saving Scheme (SCSS)

Traditional investing products for senior citizens include fixed deposits (FDs). Since they provide a guaranteed return, bank fixed deposits are the most popular investment choice. Also, because returns are assured in the form of investment, these are perceived as low-risk investment options for senior citizens. The interest rate on FDs varies between 3% and 7%. Furthermore, older folks receive a special FD interest rate from banks. Therefore, senior adults might earn up to 0.5% more interest on their fixed deposits. A bank FD calculator may determine prospective profits from bank FD investments.

Senior people have the option of setting their interest payment periods. In addition, they can receive interest payments regularly or at maturity.

  • Post Office Monthly Income Scheme (POMIS)

The Finance Ministry is in charge of the Post Office Monthly Income Scheme. This senior citizen investing option provides a set monthly interest rate. This low-risk monthly income plan provides significant capital protection during the early years after retirement.

As of June 2021, the interest rate on the Post Office MIS programme is 6.6% per year, and it adjusts every quarter. Though not as high as SCSS or PMVVY, it is important to remember that in today’s market, this is considered a healthy rate of interest.

  • Tax-Free Bonds

Tax-free bonds are issued by government infrastructure organizations like Housing and Development, NHAI, NTPC Limited, and Indian Railways Finance Corporation. The bond has a maturity of almost ten years. The asset is also subject to a lock-in period till maturity. The interest rate on these bonds ranges from 5.5% to 6.5% in the world of investment options for senior citizens.

After discussing all the best investment plans for senior citizens in 2022, we hope you find it easy to choose the right option for yourself and make the best choice.

Kotak e-Invest

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

Features

  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Top 5 Investment Options in 2022 for Healthy Returns

Are Money Back Policies Helpful? A Complete Guide

Which is Better – FD, Mutual Fund, SIP, or ULIP?

How to Fulfil Your Financial Goals in the Next 10 Years?

3 Tips to Buy Guaranteed Savings Plan

Top 6 Investment Plans Available in India

Why Do You Need A ULIP Plan - All You Need To Know

Best Long-Term Savings Plans in India in 2022

How To Track ULIP Performance?

Investments Options to Buy a house in India

ULIP as an Investment for Your Child

Investment Options for NRIs in India

ULIP Benefits You Can Avail from Early Investing

How to Cancel ULIP Policy?

Top 5 Principles That Need to be Followed for Wealth Creation

Early Investing and the Power of Compounding

Factors Affecting Stock Markets

Short Term and Long Term ULIP Plans for Wealth Creation

Why ULIP is Better Investment for Long-Term Wealth Creation?

How to Make Your Financial Portfolio?

How to Plan Your Child's Education - A Step by Step Guide

Learn About Safe Investments with High Returns in India

ULIP Plan as a Gift

Savings Plan for Grandchildren

What are Tax-Deferred Savings Plans?

Building wealth through regular investing

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

Do You Know the Difference Between Savings and Investment?

How to Increase Net Worth Along with Family Protection

Best One-Time Investment Plans in India

How Much Wealth Can You Create from ULIP in 10 years?

Basics of Guaranteed Savings Plan

What is a Savings Plan and What are is Benefits?

How to Plan your Investment to Achieve Periodic Financial Goals?

What are the Best Investment Options for Beginners or Amateur Investors in India?

Receiving regular payouts at various stages of life

Safe Investment Options with High Returns for FY 2018-19

Why Should Parents Invest in Endowment Plan?

Endowment Plan vs Fixed Deposit?

What's Better for Your Child's Education? Child Plans or Mutual Funds?

Asset Allocations in ULIP - Know the Top Benefits

What are Mutual Funds?

Who Should Invest in Savings Plan?

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Can ULIP Help in Achieving Short-Term Financial Goals?

What are the Best Investment Options for Students in India?

Planning for Your Child's Higher Education? Explore These Investment Options

How Does an Endowment Plan Work?

What is Fund Switch in ULIP? And ULIP Fund Switching Techniques

ULIP Investment Strategy: Top Tips to Improve Your ULIP Gains

Important Questions You Must Ask Yourself When Buying a ULIP Plan

Creating a second source of income with life insurance

Why Should You Invest in Term Insurance And ULIP?

Benefits of ULIP as a Child Insurance Plan

How to Manage Your Portfolio Like a Professional?

How Do One-Time Investment Plans Work?

Different Types of Endowment Plans

4 Benefits of ULIP Fund-Switching Feature

Which is a Better Investment - Mutual Funds Or ULIP?

What is the Importance of Saving Money?

Top 10 Investment Strategies to Create Wealth

4 Important Tips to Maximize Gains with ULIP Investments

What is better - Guaranteed Savings Plan or Fixed Deposit?

Planning Financial Goals and Objectives of Financial Planning

Is This The Right Time To Invest In ULIP? Why or Why Not?

What are the Best Investment Options for Young Adults?

How to Manage Inheritance Money?

What are Some of the Safest Investment Options in India?

Why Should You Consider Guaranteed Savings Plan for Long-Term Investment?

Beginner's Guide to Wealth Creation: Meaning, Strategies, & Importance

How Can a Legal Nominee Claim ULIP Benefits are the Policyholder’s Death?

Importance of Portfolio Management

Complete Savings Plan for Low Income Earners

How To Diversify Portfolio In 2022?

What are the Best Short-Term Investment Plans with High Returns?

What are Deferred Savings Plans?

What is ULIP Renewal?

Why is Portfolio Diversification Important? How to Diversify Your Portfolio?

ULIP vs FD - Which is Better and Why?

What are the Best Investment Options For Females?

How to Plan Savings from Salary?

How to Start Saving Money in 10 Simple Ways?

Difference Between Guaranteed Savings Plan and ULIP

Successful Financial Planning for Urban Women

Difference Between Passive and Active Investing

Debt ULIPs vs. Debt Mutual Funds: What's the Difference?

Best Investment Options in India in 2022

Things to Know Before Buying an Endowment Plan

How is Compoud Annual Growth Rate (CAGR) Calculated in ULIP?

Learn About Safe Investments with High Returns in India

Customising investments to manage your wealth

Best Investment Options to Cover Your Child's Education

Are Gains from ULIP Sale Taxable?