The government has recently revived the “VARISHTHA PENSION BIMA YOJANA” for senior citizens. Minimum and maximum payment is Rs. 66,665/- and 6,66,665/- respectively, which gives a pension of Rs. 500/month and Rs.5000/month respectively.

I need to know 2 things.

1. How do you rate this plan and please share its pros and cons.

2. Is the pension amount taxable?

Hoping for your valuable inputs.

Regards, Anurag Batra