Meritorious Sportsperson Pension Scheme
Meritorious Sportsperson Pension Scheme
Department of Sports and Ministry of Youth Affairs & Sports, Government of India has launched pension scheme for Sportsperson in the year 1994. This scheme is called as Sports Fund for Pension to Meritorious Sportsperson. Key focus of this scheme is to provide additional financial security to Indian sportsperson post retirement from active sports career in the form of life time pension. In this article we will look at Sports Fund for Pension to Meritorious Sportsperson in detail.
Objective of Meritorious Sportspersons Pension Scheme is listed as follows.
- This scheme is formed to attract and retain the best sporting talent in our country to achieve excellence in sports
- To provide incentive as well as financial security to meritorious sportspersons in recognition of their outstanding performance in international competitions.
Feature of the Scheme
The need for assured monthly income through annuity for outstanding sportspersons has become imperative due to the fact that sportspersons spend prime of their youth in pursuit of intensive training, sacrificing other beneficial opportunities normally available. The assured monthly income will be a compensation for the opportunities spurned by them in pursuit of their high ambition and achievement in sports.
Sources of the Fund
Pension scheme will be operated through a Fund, called as Sports Fund for Pension to Meritorious Sportspersons. Sources of funds are listed below.
- Government Grant
- By contribution to the Funds from National Welfare Fund for Sportspersons
- By contribution and donations received from Private and Public Corporate Companies/Institutions
Beneficiaries under Sportsperson Pension Scheme
Beneficiaries of Sports Fund for Pension to Meritorious Sportspersons are mentioned below.
Sport persons who have won Gold, Silver or Bronze medals in following international competition will get monthly pension under this scheme.
- Olympic Games
- World Cup in Olympics
- Asian Games disciplines
- Asian Games
- Commonwealth Games
- Para-Olympic Games
Rate of monthly pension
Monthly pension amount for all eligible meritorious sportsperson are tabulated here.
|S.No||Category of meritorious sportspersons||Rate of Monthly Pension|
|1||Medallists at the Olympic Games / Para Olympic Games||Rs. 20000|
|2||Gold medallists at the World Cup/World Championship* in Olympic and Asian Games disciplines||Rs.16000|
|3||Silver or Bronze medallists at the World Cup in Olympic and Asian Games disciplines||Rs.14000|
|4||Gold medallists of the Asian/Commonwealth Games/Para Asian Games||Rs.14000|
|5||Silver or Bronze medallists of the Asian/Commonwealth Games/ Para Asian Games||Rs.12000|
Eligibility Criteria for Pension Scheme
Eligibility Criteria to receive pension under Sports Fund for Pension to Meritorious Sportspersons is described in detail here.
- Sportspersons who are Indian citizens can avail the benefit of this scheme.
- The pension will be payable to all meritorious sportsperson on his or her attaining the age of 30 years or date of retirement from active sports whichever is later and will continue during his/her life time.
Note: The sportsperson at the time of applying such pension would have retired from an active sports career.
- The meritorious sportsperson will be eligible for only one pension under this scheme corresponding to the highest sports achievement.
Document required for applying Sports Fund for Pension to Meritorious Sportspersons is explained in detail below.
- To get pension under this scheme Adhar card need to be submitted.
- The eligible beneficiaries under this scheme need to submit their life certificate as and when demanded by the concerned agency or LIC.
- Age proof – Birth Certificate or SSLC book can be submitted.
- Application Form
- Bank account details in prescribed format
- Cheque (Photocopy) along with the verification obtained from bank need to submitted
To get the pension benefits under this scheme all eligible sportspersons have to submit an application in prescribed format along with submits bank account details and all other required documents to concern Department of Sports, Ministry of Youth Affairs & Sports.
Note: 3 number of application need to be submitted.
The mandate form for applying pension under sportspersons pension scheme is reproduced here.
Payment of Pension Amount
Once the application is approved, Monthly Pension amount will be credited to beneficiary’s bank account.
Post by Renu Suresh
Renu is experience content writer specialised in compliances and company rules.