A micro-pension scheme for women,a joint venture of UTI,Ujjivan and Invest India Micro Pension Service Private Limited (IIMPS),launched on Monday is aimed at benefiting the urban poor. Women from the lower income groups would benefit. The scheme works on principle of micro-financing beneficiaries deposit a monthly premium. After fixed years of payment,they would get pension. Jolly Zachariah,chief operating officer (COO) of Ujjivan Financial Services,said the old age pension would help in alleviation of urban poverty. Development happens when we integrate today with tomorrow, he said.
Gautam Bharadwaj,MD and co-founder of IIMPS,said,”The scheme of micro-pension offers financial security for the urban poor. To simply the process,the card is the only document to be maintained.” Beneficiaries are enrolled on the spot after verification of documents,and a card is given to them. The card would be used to update monthly contribution and to disburse pension that would reach banks accounts of depositors.