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Check Your Old Age Pension Status: A Step-by-Step Guide

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Check Your Old Age Pension Status
October 09, 2024

Table of Content

 

What is an Old Age Pension?

An old-age pension plan is typically an investment plan with an annuity feature in it. It is a scheme in which you invest money for a specific period to generate a stable and regular income post-retirement. Some pension plans offer the added advantage of life insurance, providing a safety net for your loved ones. A pension plan usually comes with a lock-in period, restricting withdrawals as long as the plan accumulates capital. This helps in maintaining a disciplined saving routine and makes it easier to build a substantial corpus.

NPS (National Pension Scheme) is among the most popular fund schemes introduced in 2003 which is regulated by PFRDA (Pension Fund Regulatory and Development Authority). In an NPS, investors’ funds get pooled into a portfolio of assets which are managed by professionals. With time, it leverages the compounding effect and grows into a substantial amount.

How Does an Old Age Pension Work?

Typically, an old age pension plan is nothing but an investment plan to receive a fixed annuity post-retirement. The pension plan invests in a diversified portfolio comprising equity shares, government bonds, debentures, etc.

The NPS or National Pension Scheme comes with an Auto Choice option, which provides different investment options based on your risk appetite. You can also choose the one from the following that best suits you:

  • Aggressive Life Cycle Fund
  • Moderate Life Cycle Fund
  • Conservative Life Cycle Fund

Moreover, apart from its auto-choice option, there is another feature called the Active Choice option. In the Active Choice option, you, as an investor, will be able to choose asset class along with the proportion for each asset class. Here are the asset classes which are named for convenience:

  • Asset Class E is comprised of equity and equity-related instruments
  • Asset Class C is comprised of investments in fixed-income instruments except government securities
  • Asset Class G is comprised of investments in government securities
  • Asset Class A is comprised of investments in alternative investment schemes

Who can apply for an old age pension?

Under the National Pension Scheme (NPS), individuals from both corporate and government sectors can apply for this scheme. Here are some of the key points to remember:

  • Any Indian resident/non-resident or even an overseas citizen can apply.
  • The age of the applicant must be between 18 to 70 years.
  • KYC (Know Your Customer) compliance is mandatory.

Please note that NPS is an individual pension scheme, and one cannot open it on behalf of a third person. Also, HUFs (Hindu Undivided Families) are not eligible for an NPS.

How to apply for old age pension

Here is the step-by-step guide assisting you in applying for an old age pension scheme:

Step 1: To start with, visit the nearest Social Welfare Department and obtain an application form.

Step 2: Then, you will have to fill in some of the basic details such as beneficiary name and address details like district, state, etc. Other essential details include legal heirs, DOB, gender, annual income, age, voter ID number and more.

Step 3: Revise the application form and ensure that all the details entered are correct. Next, attach the application form along with other required documents and submit it to the officer in charge of Tehsil Social Welfare. If you are residing in an urban area, you can directly send your application to the relevant District Social Welfare Officer.

Step 4: Finally, the relevant officers will review your application and give you an update shortly.

Documents Needed for Old Age Pension Application

Listed below are the documents required at the time of application for this scheme:

1. Passport-size photograph of the applicant

2. Identity Proof: Aadhaar card, passport, voter ID card, driving licence (any)

3. Age Proof: Birth certificate, voter ID card, passport, driving licence (any)

4. Address Proof: Aadhaar card, voter ID card, passport, driving licence (any)

5. Income proof: Income tax returns (ITR)

6. Other documents include:

  • Domicile certificate (photocopy)
  • Caste certificate (photocopy)
  • House agreement, school passing certificate or any other relevant documents (photocopies)

How to check old age pension online

Here are the steps guiding you to check the status of your old age pension application:

Step 1: To start with, navigate to the PFRDA website or your state pension’s website.

Step 2: Then, enter your PRAN number and select the relevant year.

Step 3: Then, click on Search to check the application status.

Moreover, you can check the balance in your pension account by simply logging into the NSDL portal; there, you can track the pension corpus and its current valuation.

Are Tax Benefits Available Under the Old-Age Pension Scheme?

Yes, several tax benefits are available for old age retirement and pension schemes under the Section 80C of the IT Act. There are also additional benefits available u/s 80CCD and 80CCC.

Self-Contribution

  • Section 80CCD(1): Tax deduction of up to 10% of salary (Basic + DA), with a limit of up to Rs. 1.50 lakh under combined limit of Section 80CCE(80C + 80CCC + 80CCD(1)). Benefit of this deduction is available only under old regime.
  • Section 80CCD(1B): Additional tax deduction of up to Rs. 50,000, over and above the Rs. 1.50 lakh limit under Section 80CCE.

Purchasing an Annuity

  • Section 80CCD (5): Tax exemption on the purchase of an annuity upon reaching the age of 60 or superannuation.

For Self-Employed Individuals

  • Section 80CCD (1): Tax deduction up to a limit of 20% of your gross income, with a overall ceiling limit of up to Rs. 1.50 lakh under Section 80CCE.
  • Section 80CCD (1B): Additional tax deduction of up to Rs. 50,000, over and above the Rs. 1.50 lakh limit under Section 80CCE.

Lump Sum Withdrawal/Maturity

  • Section 10 (12A): Tax exemption on lump sum withdrawal in case of NPS to the extent of 60% of accumulated corpus when you choose to opt out of the scheme.
  • Section 10(10A) : Tax Exemption on the commuted amount of pension received from Central Government/Employer/Insurance Company

Online Platforms for Pension Status Check

Here are some of the online platforms through which you can also check old age pension status:

  • National Pension System (NPS) Trust website
  • EPFO Portal
  • UMANG App
  • Respective state government portals
  • Central Pension Accounting Office (CPAO) Portal for central government pensioners

How to Check Old Age Pension Status Offline

You can also check the application status of your old age pension scheme via. SMS. All you have to do is send an SMS to 9002481874 from your registered mobile number in the format given below:

WBEPEN < Space > USER ID

Example: WBEPEN XYZ1234

Moreover, you can visit your nearest Social Welfare Department Office and enquire about your application for Old Age Pension. The concerned officer might ask you for some details like PRAN or other relevant details. Hence, keep the acknowledgement receipt and other relevant documents handy.

Conclusion

Retirement planning forms a vital component of personal finance, and it’s always advisable to start early by investing in a pension plan and life insurance. Life insurance not only provides financial protection for your loved ones but can also serve as a savings tool that contributes to your retirement corpus.

By now, you have clarity on how to check old age pension status; the process is quite simple and convenient. Along with checking your pension status, using a pension calculator can help you estimate the retirement income you will receive. Following the steps mentioned, you can easily access your pension details from the comfort of your home. Staying updated on your pension status, alongside your life insurance coverage, helps you plan your finances better and ensures that you receive your retirement benefits without any issues.

FAQs on Old Age Pension Status Check

1. How to check the status of old age online?

To check your old age pension status online, simply visit the PFRDA's website, enter your PRAN number along with the financial year and click on "Search". Your application status will appear on your screen.

2. What is the process for checking old age pension status offline?

You can check old-age pension status offline by simply sending an SMS to 9002481874 from the registered mobile number. Write WBEPEN < Space > USER ID and send it to 9002481874. Within a few minutes, you will receive an SMS on the current status of your application.

3. Is there any age requirement for applying for an old age pension in Inda?

For NPS (National Pension Scheme), the age of the applicant must be between 18 to 70 years.

4. What documents do I need to apply for an old age pension?

Some of the important documents required for applying for an old age pension scheme include an Aadhaar card, voter ID card, birth certificate, income tax returns, domicile certificate, caste certificate, etc. Please note that other documents might be required as per applicability, such as a house agreement, school passing certificate, or any other relevant documents.

5. How do I check the status of my Indira Gandhi Old Age Pension?

To check the status of your Indira Gandhi Old Age Pension application, simply visit the NSAP (National Social Assistance Program) website. Then, click on the "Report" option from the home page and click on "Application Tracker" under the 'Beneficiary search, track and payment details' tab. Enter your application number along with the CAPTCHA code and submit. The status of your application will appear on your screen.

6. What is the PPO number?

PPO or Pension Payment Order number is a unique 12-digit number provided to each and every pensioner under the Employee Provident Fund (EPF). It acts as a reference number for transactions or communication associated with a particular EPS.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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