EPFO is one of the largest Social Security provider through administration of provident, Insurance, Pension. EPFO ensures Social Security of the stakeholders.

Under para 68NN, EPF members can withdraw up to 90 per cent of the amount standing at his/her credit, at any time after attainment of the age of 54 years by the member of within one year before his actual retirement on superannuation whichever is later.

Under 68NNN, Partial withdrawal before retirement can be done. Members can withdraw up to 90 per cent of the accruals to invest in Varishtha Pension Bima Yojana.

Follow us on :-
Instagram:
Twitter:
Facebook:
Koo:
Public App:

#epfo #epf #epfonewstoday #government #governmentofindia #governmentschemes #pf #pension #insurance #claim #help #advance #money #epfowithyou #providentfund #provident #fund #employee #employerprovidentfund #employees #loan #pfadvance #retirement #retirementplanning #retirementinvesting #scheme #schemeforyou #schemes #oldagepension #yojana #investing #investment…(read more)

LEARN MORE ABOUT: Retirement Pension Plans

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

EPF Advance | One year before Retirement 68NN | Investment in Varistha Pension Bima Yojana 68NNN

As retirement approaches, individuals usually start to consider various investment options that can provide them with a stable income and financial security during their golden years. One such investment avenue is the Varistha Pension Bima Yojana 68NNN, a government-backed scheme that offers a guaranteed pension for senior citizens.

But before diving into this investment, it is crucial to understand the concept of EPF (Employee Provident Fund) Advance and how it can benefit individuals within one year of their retirement, especially those who are 68 years old.

EPF Advance is a facility provided by the Employee Provident Fund Organization (EPFO), enabling individuals to withdraw a portion of their accumulated EPF balance before retirement. The facility is available one year prior to the retirement age of 58 or 60, depending on the organization’s policy.

As for those turning 68, the Varistha Pension Bima Yojana (VPBY) 68NNN can be an excellent option for securing a regular income stream during retirement. Launched by the Government of India, VPBY is a non-linked, non-participating pension scheme aimed at senior citizens. The scheme has been specifically designed to cater to those aged 60 years or above, providing them with a means to invest their retirement savings and receive a guaranteed pension throughout their lifetime.

Key features of the Varistha Pension Bima Yojana 68NNN include:

1. Guaranteed Pension: The scheme offers a guaranteed pension payable for the lifetime of the annuitant. The pension can be received monthly, quarterly, half-yearly, or annually, as per the annuitant’s preference.

2. High Investment Limit: The maximum investment amount permitted under the scheme is Rs. 15 lakhs. This ensures that senior citizens can allocate a significant portion of their retirement savings to the scheme, thereby securing a substantial pension.

3. Joint Life Option: The scheme also offers a joint life option, wherein, with a 50% reduction in the pension amount, the pension will continue to be paid to the surviving spouse upon the annuitant’s demise.

4. Inflation Protection: VPBY provides protection against inflation through its yearly reset option. This allows annuitants to increase their pension amount by opting for a lower purchase price.

5. Loan Facility: In case of emergencies, the annuitants can avail of a loan against their policy after three policy years, up to a maximum of 75% of the policy’s purchase price.

By investing in the Varistha Pension Bima Yojana 68NNN, individuals turning 68 can ensure a secure and stable income post-retirement. The scheme’s government-backed nature eliminates any financial risks and provides peace of mind to retirees, who can rely on a regular pension without worrying about market fluctuations or unpredictable financial conditions.

Furthermore, the EPF Advance facility allows individuals to withdraw a portion of their EPF balance before retirement, providing a valuable source of funds to invest in schemes like VPBY 68NNN. This combination of EPF Advance and VPBY allows retirees to make the most of their accumulated savings and create a strong financial foundation for their retirement years.

It is advised for individuals approaching the age of 68 to consult with financial advisors or visit the EPF office to understand the EPF Advance facility and the Varistha Pension Bima Yojana 68NNN in detail. This will ensure they make informed decisions based on their specific needs and financial goals.

In conclusion, the combination of EPF Advance and investment in the Varistha Pension Bima Yojana 68NNN can be a wise move for individuals within one year of retirement at the age of 68. By utilizing their EPF balance and investing in a guaranteed pension scheme, they can secure a steady income stream and enjoy a worry-free retirement.