The last jet of LIC’s Pradhan Mantri Vaya Vandan Yojana is 31 March 2023. Explain that in this scheme of the government, senior citizens get the benefit of guaranteed pension along with higher interest rate.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched by the Government of India in the year 2017. In this scheme, senior citizens who are above 60 years of age get the benefit of guaranteed pension.
PMVVY scheme: If you come under the category of senior citizen, then there is an important update for you. In fact , the last date of Pradhan Mantri Vaya Vandan Yojana (PMVVY), the pension scheme of Life Insurance Corporation of India (LIC), is near. The last date of LIC’s Pradhan Mantri Vaya Vandan Yojana is 31 March 2023. Explain that in this scheme of the government, senior citizens get the benefit of guaranteed pension along with higher interest rate. Let us know the rest of the details related to this scheme.
Government of India started this scheme
Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched by the Government of India in the year 2017. In this scheme, senior citizens above the age of 60 years get the benefit of guaranteed pension. Explain that the objective of this scheme is to help meet the expenses of senior citizens after retirement. LIC is running this scheme. Senior citizens can invest up to Rs 15 lakh in this.
What are the terms and conditions
The minimum age limit to invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY) should be 60 years. The term of this policy has been fixed for 10 years. In this scheme of LIC, senior citizens are given the benefit of a minimum pension of Rs 1,000 every month, Rs 3,000 on a quarterly basis, Rs 6,000 on a half-yearly basis and Rs 12,000 on an annual basis. On the other hand, if we talk about the maximum pension, then it will get the benefit of Rs 9,250 every month, Rs 27,750 on quarterly, Rs 55,500 on half-yearly and annual pension.
How much interest is received
LIC’s Pradhan Mantri Vaya Vandana Yojana (PMVVY) offers the benefit of 7.4 per cent interest annually. People above 60 years of age can invest Rs 15 lakh in this scheme. If both husband and wife invest Rs 15 lakh each, then both will get the benefit of Rs 18,300 pension. If only Rs 15 lakh is invested in it, then Rs 9,250 will be received.
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