India is idealized as a welfare state, however, after India’s liberalization in the early 1990s, there has been an advent of neoliberal ideas. India now estimated to be the world’s most populous country will soon be entering into an aging society as its demographic dividend wanes out. To meet the needs of an aging society, it is pertinent to universalize old age pensions. Market-based model of old age pensions as advocated by neoliberalism even provides for individual choice and efficiency but also comes with market uncertainties which could increase the vulnerability of the elderly. In India, where most of the workers are engaged in the informal sector with meager income most likely cannot save enough for old age. Market-based models also cannot guarantee sufficient retirement security, and at the same market uncertainty could adversely impact informal workers keeping them financially vulnerable. Thus an apparent need for a state-backed minimum support program for old age. In contemporary times, there have been numerous protests against neoliberal pension policies across the globe and there were calls for a welfare state with an equitable and publicly managed pension system. The chapter reviews India’s National Social Assistance Programme and makes a case for universalizing old age pension in a graded manner. Given India is a developing country and there is a need for fiscal prudence, the highest economic vulnerable sections need to be brought into the safety net first and subsequently can be universalized.