YSR Pension Kanuka

YSR Pension Kanuka is formulated by Andhra Pradesh's State Government to financially support socially backward people and economically unstable people of the state. Under this scheme, a constant amount is fixed as incentives for the people from the backward community. Upon the implementation of this scheme, the life of economically unstable people has seen betterment.

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Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Under the YSR Pension plan, the people of Andhra Pradesh can be benefited in various categories. There are nearly 12 different categorizations that are established for the welfare of the people. About 16 lakh people of the state are benefited from this scheme. The main aim of this scheme is to provide financial assistance to the needy people of the state.

Eligibility Criteria for YSR Pension

There are some common criteria that have to be satisfied by the applicant for applying to any of the welfare plans under the YSR pension plan.

  • The applicant has to be below the poverty line.
  • The applicant has to be a resident of the state of Andhra Pradesh.
  • The applicant must not be enrolled on any other welfare schemes provided by the state.

Here are the specific criteria for various schemes under YSR pension status:

Old Age Pension

The applicant has to be 60 years or above. The applicant needs to have very few family members or no one to depend on.

Weavers’ Pension

According to the YSR Pension Kanuka status, the applicant has to meet the age limit of 50 years or above. The beneficiary should have a few relatives to rely on.

Widow Pension

The widow pension scheme will be sanctioned for those who have registered their marriage under the Marriage Act and should be 18 years or above.

Disabled Pension

By the YSR pension status, there is no limit for age under this scheme. The applicant should have a disability of a minimum of 40%.

Toddy Toppers Pension

The applicant's age limit under this scheme is 50 years and more than that. The members of Toddy Co-operative Society (TCS) or any individual registered under the Tree for Tapper's scheme are also eligible.

ART Pension

The applicant has no age limit under the YSR Pension Kanuka status. The beneficiary has to be subjected to Anti-Retroviral Therapy for a continuous period of six months.

CKDU Pension

The CKDU pension scheme has no limit for age. Patients who are suffering from Chronic Kidney Disease of Unknown Etiology and are taking continuous dialysis are eligible to apply for this scheme.

Transgender Pension

The age limit for applying this scheme is above 18 years concerning the YSR Pension Kanuka status.

Fishermen Pension

The fishermen below the poverty line and aged 50 or above can apply for this scheme.

Single Women Pension

  • If a married woman is separated or abandoned by her family, she is eligible for this scheme. The age limit is above 35 years. Another important point is that the period of separation has to be higher than one year.
  • If a woman is unmarried and is aged above 30 years living in rural areas, she is eligible for this scheme. The unmarried women living in urban areas have an age limit of 35 years, and they shouldn't have support from their family.

Traditional Cobblers' Pension

The age limit for applying to the scheme concerning the YSR pension status is above 40 years.

Dappu Artist Pension

The Dappu artist living below the poverty line and aged above 50 years are eligible to apply for this scheme.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Features of YSR Pension Kanuka

Here is a rundown of the key features of YSR Pension Kanuka:

  • With the YSR Pension Kanuka plan, the government of Andhra Pradesh provides financial assistance to needy people.
  • YSR Pension planprovides a way for the beneficiaries to be less dependent on others.
  • This plan is mainly launched for the welfare of the people below the poverty line and to help them lead a better life.
  • Using the YSR Pension Kanuka plan, the government assists various people who have their occupation as their only base.

Benefits of YSR Pension Kanuka

The benefits of the YSR pension scheme cover various categories of people.

  • Old Age Pension: The beneficiary of this scheme will receive a pension amount of Rs.2250.
  • Weavers’ Pension: Using this scheme, the government aims to uplift the life of weavers. The beneficiary of the weaver pension scheme under YSR Pension Kanuka will receive a pension amount of Rs.2250.
  • Disabled Pension: This scheme is specially designed to provide hands for persons with disabilities. Under the YSR Pension Kanuka Status, this scheme's beneficiary will receive Rs.3000 as their pension amount, which will help them.
  • Toddy Toppers Pension: Under this scheme, the beneficiary will receive a pension amount of Rs.2250, which can be used to lead their lives.
  • ART Pension: The government provides Rs.2250 as the pension amount for the persons undergoing Anti-retroviral therapy.
  • CKDU Pension: According to the YSR Pension Status, the beneficiary will receive a pension amount of Rs.10,000 every month. This amount will be useful for their treatment and to continue the dialysis process. Many patients are benefited from this scheme.
  • Transgender Pension: The government aims to give a better life to all its citizens. With the YSR Pension Status, the transgender beneficiary can avail of a pension amount of Rs.3000 each month.  
  • Fishermen Pension: With the YSR Pension Kanuka Status, the beneficiary can receive a pension amount of Rs. 2250 every month.
  • Single Women Pension: The applicant of this scheme will receive a pension amount of Rs. 2250.
  • Traditional Cobblers' Pension: The government is providing Rs.2250 according to the YSR Pension Status.
  • Dappu Artist Pension: The Dappu artists registered under this scheme will receive a pension amount of Rs.3000 every month.

Monthly Contribution

  • The YSR Pension scheme is purely established to provide financial support to the people in need.
  • The beneficiaries of this scheme do not need to contribute to the scheme.
  • Following the eligibility criteria when the scheme is applied, the government will provide the pension amount.  

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

How to apply for YSR Pension?

There are certain documents that are required to complete the application process.

  • Photocopy of applicant's AADHAR card
  • Photocopy of applicant's age proof
  • Photocopy of the applicant's bank passbook
  • Photocopy of the applicant's address proof
  • Applicant's passport size photograph

Application Process

Step 1: Visit the official website of the YSR Pension Kanuka scheme.

Step 2: Select the download option which is available on the home page.

Step 3: Now select YSR Pension Kanuka.

Step 4: Once the option is selected, the application forms for various schemes under this plan will be displayed.

Step 5: Download the form for which the applicant needs to apply and ensure that the eligibility criteria are met.

Step 6: Take a printout of the form and fill in all the details required.

Step 7: Attach the documents required and submit the application to the Gram Panchayat office.

Step 8: When the application has been successfully submitted, the following steps will be undergone by the authorities concerned to verify the application's status.

  • All the applications that lie according to the YSR Pension Kanuka status will be submitted to the Gram Panchayat office or the government offices.
  • Then, the application will be forwarded for the next level of approval and inspection to the Gram Sabha.
  • Once the Gram Sabha has verified and approved, the application forms will then be forwarded to the next stage to the MPO authorities concerned.
  • The verification will be completed in the MPO office or at the municipal office.
  • Once the verification is completed successfully under the YSR Pension status, the pension amount will be handed over to the government office or the Gram Panchayat, where the application has been submitted.
  • The pension amount will be given to the beneficiaries directly from the government office or the Gram Panchayat office.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

FAQs

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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