New Delhi, Business Desk. Pradhan Mantri Vaya Vandana Yojana, a Pradhan Mantri Vaya Vandana Yojana operated by the Life Insurance Corporation of India (LIC), is a very beneficial social security scheme for senior citizens. It is a non-linked, non-participating pension scheme. The Government of India has given subsidy in this scheme. Recently LIC has launched a modified version of the scheme. The plan is available for sale until 31 March 2023.
This is the interest rate
Customers can purchase LIC Pradhan Mantri Vantana Yojana (LIC Pradhan Mantri Vaya Vandana Yojana) by paying it outright. The term of the policy in the plan is 10 years. Also, a guaranteed return is obtained at the rate of 7.40 per cent per annum. It is paid monthly over the entire period of 10 years. In this way, this return is equal to 7.66 percent annually. A special advantage is that the scheme can be availed after three policy years.
Pension amount
In this scheme, the customer has to choose the amount of pension and the amount of lump sum payment. Customers can choose monthly, quarterly, half-yearly or yearly pension as per their choice. Under the scheme, the customer can get maximum monthly pension of Rs 9,250, maximum quarterly pension of Rs 27,750, maximum half year pension of Rs 55,500 and maximum annual pension of Rs 1,11,000.
amount of payment
If customers want to take a monthly pension plan, then they have to make a minimum payment of Rs 1,62,162 simultaneously. If they want to buy a quarterly plan, they will have to pay a minimum lump sum of Rs 1,61,074. Similarly, a customer has to pay a minimum of Rs 1,59,574 to buy a half-year pension plan and a minimum lump sum of Rs 1,56,658 to purchase an annual pension plan.
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