The need for greater economic security systems for the elderly has been made clear by the increased aging of India’s population, migration out of rural areas, and the ongoing concentration of the working population in the informal sector. Traditional family relationships in India have been essential in maintaining the financial security among elderly. The rise of nuclear families and longer lifespans are increasing the cost of care for the elderly. Therefore, elderly are now more likely to be disadvantaged or experience poverty. Given this background, the primary focus of this study is to investigate the population having a pension or expecting to have a pension in the organized sector. This study also looks at the population covered by Indira Gandhi National Old Age Pension Scheme (IGNOAPS) and widow pension schemes and highlight the possible challenges for beneficiaries and nonbeneficiaries. We used data from Longitudinal Aging Study in India (LASI) conducted from 2017 to 2019. Data were collected from 72,250 older adults. This study is focused explicitly on the sample of 31,646 elderly population, with 15,098 male and 16,366 female elderly. The results highlight the low coverage of pension in organized sector. One-fifth of India’s elderly are covered under pension schemes from the organized sector. Central and state government pension schemes cover a significant section (20.65%) of the elderly population. In contrast, pension schemes from the private sector (employer-funded pension scheme) cover a very small proportion of the population (2.1%) of the elderly in India. Social determinants play a significant role in determining pension coverage in India. Our study found that more than one-third of eligible IGNOAPS beneficiaries, who still need to receive the pension, mentioned the cumbersome process of getting the pension as the major reason for not availing the IGNOAPS. Pension plays a crucial support role among the elderly in India. Coverage of national, state, and employer-funded pensions is very small since a large section of the population works in the informal sector in the country. There is an urgent need to evaluate and regulate these schemes so that pension scheme benefits reach needy beneficiaries.