PM Vaya Vandana Scheme: After retirement, life is cut comfortably, for this, everyone tries in their own way. After retirement, there is no financial problem of any kind, for this, pension plan or retirement planning is advised. The law is that when you start your professional life, then you should start planning for retirement.
If you have not prepared a retirement plan while doing business or job, then you will have to do jobs in old age too. Today there are many government and private schemes in the market which are providing good retirement plan. If you want to invest money in a safe place, then Pradhan Mantri Vaya Vandana Yojana can be a great option for you. Your money will be safe in PM Vaya Vandana Yojana and by investing you will get a fixed pension every month.
If you want to get pension every month by investing lump sum, then ‘PM Vaya Vandana Yojana’ is a government pension scheme scheme for you. This scheme is being run by Life Insurance Corporation of India (LIC-LIC). On May 4, 2017, the Government of India had launched ‘Pradhan Mantri Vaya Vandana Yojana’ keeping in mind the senior citizens of the country.
In comparison to all fixed deposits and pension schemes, ‘Pradhan Mantri Vaya Vandana Yojana’ is getting good interest. At present, interest is being given in the PMPPY scheme at the rate of 7.40 percent per annum. In this scheme, you can get a fixed pension every month by depositing a lump sum amount.
Lump sum deposit
Elderly will have to invest a lump sum in Vaya Vandana Yojana for pension. Every year on 1 April, the government reviews and changes the interest of the scheme. The maximum limit to invest under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs.
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, Rs 1.59 lakh for half yearly pension and at least Rs 1.56 lakh will have to be invested for annual pension.
Will get pension of Rs 9250 every month
The maximum monthly pension amount under PM Vaya Vandana Yojana is Rs 9250. You can take it as half yearly pension of Rs 27,750 and if you want annual pension then you will get Rs 1.11 lakh. But for this you have to deposit 15 lakh rupees in PMVVS scheme. The maturity of this scheme is 10 years.
If the husband and wife are investing together in the scheme and the investment amount is 30 lakh rupees, then 18,500 thousand rupees will be received every month as pension.
What are the advantages
One can invest in PM Vaya Vandana Scheme even after 60 years. The special thing is that you do not need any kind of medical examination for this scheme. If the investor dies in the middle of the plan, then the nominee will get the full amount back. There is also a facility to take loan after three years in this scheme. In case of emergency, you can withdraw your money even before the maturity of this plan.
More information about PM Vaya Vandana Yojana can be obtained from LIC’s link https://licindia.in/Products/Pension-Plans/Pradhan-Mantri-Vaya-Vandana-Yojana1.
One can apply for this scheme both online and offline. You can apply online by visiting LIC’s website and you can apply offline by visiting LIC’s branch.
Vaya Vandana Yojana Free Look Period
If a policyholder is not satisfied with the terms and conditions of the Pradhan Mantri Vaya Vandana Yojana, he can return the policy within 15 days of taking the policy. If the policy is purchased offline then it can be returned within 15 days and if the policy is purchased online it can be returned within 30 days.
You can invest till March 31, 2023
The government has extended the last period of investment under this scheme to 31 March 2023. Under this scheme, senior citizens will have to invest Rs 1,56,658 for a minimum pension of Rs 12,000 per annum and Rs 1,62,162 to get a minimum pension amount of Rs 1000 per month.
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