Pension is given to senior citizens under the Pradhan Mantri Vaya Vandana Yojana launched by the Central Government.
You can arrange a monthly pension of up to 10 thousand rupees for your parents. For this, you can invest a lump sum in the Pradhan Mantri Vaya Vandana Yojana launched by the Central Government. The central government has extended the deadline of this scheme till 31 March 2023.
Applications for this scheme can be made by visiting the official website of Prime Minister Vay Vandana Yojana and Life Insurance Corporation of India. You have to fill an application form, in which all the necessary information has to be given. Some certificates have to be submitted along with the application form. Senior citizens can apply online under this scheme.
These documents will require
a copy of the applicant’s PAN card, Aadhaar card or passport copy to show the home address, a copy of the first page of the passbook.
Scheme benefits –
Senior citizens will get pension for ten years continuously. This pension will be given at a rate and it will be guaranteed.
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– Under this scheme, you can take pension on monthly, quarterly, half-yearly or even yearly basis, the term of this policy is for a maximum period of ten years.
After ten years, along with the final payment of pension, the deposit is also returned.
-Tax exemption is not available on this plan.
– Under this scheme you can invest 15 lakh rupees, besides senior citizens of 60 years or more can also invest in it.
– The minimum pension will be one thousand rupees, while the maximum pension will be Rs 10,000.
Death benefit is also available under the scheme. Under this, the amount is returned to the nominee and it gets a fixed return of eight percent.
