The scheme, which is handled by Life Corporation of India (LIC), aims to offer an assured minimum pension to senior citizens based on their purchase price or subscription amount.
New Delhi: If you’re planning for your retirement and looking for a safe investment option, then you can consider putting your money in the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a state-run scheme aimed at offering social security to Indian citizens in their old age.
Explained: Pradhan Mantri Vaya Vandana Yojana
The scheme, which is handled by Life Corporation of India (LIC), aims to offer an assured minimum pension to senior citizens based on their purchase price or subscription amount. Investors can start receiving pensions as soon as they turn 60 under the Pradhan Mantri Vaya Vandana Yojana.
Under the PMVVY scheme, investors have been assured a return of 7.40 % per annum for the ongoing financial year. The government decides whether to revise the interest rate or not at the end of every fiscal.
How to get a Rs 9250 monthly pension?
Investors need to invest a minimum of Rs 15 lakh to receive a monthly pension of Rs 9250 for 10 years. After the period of 10 years is complete, PMVVY will return the Rs 15 lakh order to the subscriber.
Moreover, both husband and wife can co-invest in PMVVY to get the maximum benefits from the central government scheme. In cases of the death of the investor, the nominee will get the invested money. Deposits are also given to the nominee in case of the suicide of the investor.
How to invest in PMVVY?
You can invest in the PMVVY scheme online by visiting the official LIC website. You can also invest in the scheme offline by visiting a nearby LIC office or contacting a LIC agent. Investors can also pull out of the scheme within 15 to 30 days of buying insurance.
