PM Vaya Vandana Yojana: The government is running a pension scheme for senior citizens. In this scheme, they can get pension every month by investing once. Vaya Vandan Yojana caters to the needs of post-retirement financial planning.
We all invest in various types of savings schemes to secure our future financially. Many people are not able to plan for their retirement while in job. The government runs a scheme for such people. By investing once in this scheme, any person can arrange pension for himself every month. The name of this scheme of the government is Vaya Vandana Yojana. Both husband and wife can invest in this scheme together.
LIC operates
Vaya Vandan Yojana caters to the needs of post-retirement financial planning. Individuals above 60 years of age can take advantage of this scheme. Vaya Vandan was earlier available only from 4 May 2017 to 31 March 2020. Then later the government had extended this scheme till 31 March 2023. Vaya Vandan Yojana is a pension scheme with an insurance policy, which provides security to the senior citizens of the country. Life Insurance Corporation (LIC) operates this pension scheme.
How much interest is received
Under this pension scheme, the beneficiary of monthly pension gets an interest of 7.40% per annum for 10 years on his investment. Under this scheme, any senior citizen can invest up to Rs 15 lakh. Earlier the maximum investment limit was Rs.7.5 lakh.
How much to invest for a pension of 9 thousand rupees
If a 60-year-old senior citizen wants a pension of Rs 1,000 per month, then Rs 1.62 lakh will have to be invested at one go. The amount of pension can also be taken on an annual basis. Under this scheme, a maximum monthly pension of Rs 9250 is taken. For this, senior citizens will have to invest Rs 15 lakh. The main objective of Vaya Vandana Scheme is to provide pension to the senior citizens of the country.
Tax exemption on income is not available
Those who invest in Pradhan Mantri Vaya Vandan Yojana do not get any kind of exemption on income. If a senior citizen wants to invest in this scheme, then the last date for this is 31 March 2023. GST is exempted in this scheme and the facility of taking pension both monthly and annually is available.
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