Investments can be made by opening an account in a post office.
Investments need to be in multiples of Rs 1, 000 and should not exceed Rs 15 lakh.
Tenure - 5 years and can extend to 3 years,
Returns - around 7%-9% p.a.
Tax benefits only if form 15G or 15H is submitted.

Mutual funds with an insurance component, returns depend on scheme, qualify for tax deductions irrespective of plan

Click here for some more insurance and pension schemes...

Image: Elderly people participate in a senior citizens run in New Delhi. | Photograph: B Mathur/Reuters

Also read: RBI knows banking better than US Fed: Stiglitz

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