Pension Scheme: After March 31, you will not be able to invest in a scheme that gives a monthly pension of Rs 18,500. Let us know the details of this scheme and the process of investing.
Pension Scheme: Every senior citizen is worried about how the household expenses will go after retirement. Even though then the source of income ends, but the expenses remain the same. In such a situation, the government keeps on launching different schemes to provide social security to the people. Today we are going to tell you about such a government pension scheme in which you can invest only till March 31, 2023.
This scheme will be closed in the financial year 2023-24, in which you get a pension of Rs 18,500 every month. The name of this scheme is Pradhan Mantri Vaya Vandana Yojana. Life Insurance Corporation of India runs this scheme. The special thing about this scheme is that along with regular income, the principal amount is also safe for the investors.
What is Pradhan Mantri Vaya Vandana Yojana?
This government pension scheme was launched by Life Insurance Corporation ie LIC on 4 May 2017. This scheme is getting lapsed from 1 April 2023. This scheme has been specially designed keeping in mind the needs of senior citizens. The maximum investment limit in this scheme is Rs 15 lakh. You can invest money in this scheme for a total of 10 years. This means that by investing in it, you can take advantage of pension for a total of 10 years. LIC will return the invested amount to you after maturity. Along with this, if you want to close this policy before 10 am, then you can also close it.
How to get pension?
The thing to note is that you will get pension facility only according to the amount invested. Along with this, you can choose the withdrawal of pension according to your need. You can get pension on monthly, quarterly, half yearly and yearly basis. You can choose this option as per your requirement. Investors do not need any kind of medical test to take advantage of this scheme.
Loan is available on the policy-
If a person is suffering from some serious illness, then he can withdraw money before time. Along with this, you can also withdraw money for your spouse. Along with this, if needed, you can also take a loan on it after 3 years of purchasing the policy. If a policy holder dies before the maturity of the scheme, then the invested amount will be given to the nominee.
Will get the benefit of pension of Rs 18,500-
The special thing about this scheme is that both husband and wife can invest in it. In this case, together with your spouse, you can invest up to Rs 30 lakh in total. In such a situation, a person will get a pension of Rs 9,250 every month on an investment of Rs 15 lakh. And two people will get a pension of Rs 18,500. For the application of this scheme, you can give the application by visiting the official website or branch of LIC. Only people above 60 years can invest in it.
