Best Government Pension Scheme: Elderly will have to invest lump sum in Vaya Vandana Yojana for pension. Every year on 1st April, the government revises the returns of this scheme after reviewing. Pension can be taken on monthly, quarterly, half yearly or yearly basis.
If you want to get pension every month by investing lump sum, then ‘Pradhan Mantri Vaya Vandana Yojana’ is a government pension scheme for you. In fact, for senior citizens, their pension is the source of regular income, in such a situation, the Vaya Vandana scheme run by the government seems an attractive option for them.
Compared to all fixed deposit and pension schemes, ‘Pradhan Mantri Vaya Vandana Yojana’ is getting better interest. Although the interest rates of this scheme have been cut due to the Corona crisis, the interest rate has come down from eight percent interest to 7.4 percent now. In this, opting for annual pension gives an annual return of 7.66 percent.
Lump sum investment
Elderly will have to invest a lump sum in Vaya Vandana Yojana for pension. Every year on 1st April, the government revises the returns of this scheme after reviewing. Pension can be taken on monthly, quarterly, half yearly or yearly basis.
After the new amendments, the subscriber will have to invest a minimum of Rs 1.62 lakh for a monthly pension of Rs 1000. 1.61 lakh for quarterly pension, 1.59 lakh for half yearly pension and a minimum investment of Rs 1.56 lakh for annual pension.
The maximum monthly pension will be Rs 9250 in Vaya Vandana Yojana. When there is a provision to get quarterly pension of Rs 27,750, half yearly pension of Rs 55,500 and maximum annual pension of Rs 1,11,000. An investor can invest up to a maximum of Rs 15 lakh in this scheme.
If you invest Rs 15 lakh in 2021, then you will continue to get a fixed return of up to 7.4 percent annually till the year 2031. If the investor survives even after the policy term of 10 years then he will get back the invested amount along with the last installment of pension. On the other hand, if an investor dies during the term of the policy, then his nominee will get the entire investment amount.
Who is the plan for?
Under the Pradhan Mantri Vaya Vandana Yojana (PMVVY), pension arrangements are made for the elderly. This scheme has been placed under LIC. Being a pension scheme, it can be availed only after the age of 60 years. Now the deadline to join this scheme is till March 2023.
There are many benefits in this pension scheme. For example, if the investor dies midway, the purchase price is returned to the nominee. The amount deposited by the investor at the time of buying the policy is returned after the completion of the tenure of 10 years.
Loan facility is also available after 3 years of investment. Along with this, pre-mature withdrawal is allowed in certain circumstances. The important thing is that there is no need for medical examination in this pension scheme. (Photo: File)
What is the helpline number
For more information about Pradhan Mantri Vaya Vandana Yojana, you can call on the number 022-67819281 or 022-67819290. Apart from this, the benefits of the scheme can also be understood through toll free number – 1800-227-717 and email id – onlinedmc@licindia.com. Apart from this, you can understand about the scheme in detail by visiting the link https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do.
