Senior individuals can avail pension under this scheme by depositing a lump sum amount up to a maximum of Rs 15 lakh.
Life Insurance Corporation of India (LIC) offers insurance plans for every category. In these schemes, people get insurance as well as investment opportunity and can also raise good funds with low investment. Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been started by LIC for elderly persons.
It is a pension scheme , which can be opted till 31 March 2023. People of 60 years and above can take advantage of this pension scheme. Senior individuals can avail pension under this scheme by depositing a lump sum amount up to a maximum of Rs 15 lakh . After depositing the money they will get immediate monthly, quarterly, half yearly or annual pension. PMVVY will be available till March 31, 2023.
According to the LIC website, the PMVVY scheme is for the elderly residents of India who are 60 years (completed) or above. There is no upper age limit for purchasing the plan. After one month, three months, six months or one year from the date of purchase under this scheme, the first pension installment starts.
Pension, death and maturity benefits are all covered under the PMVVY scheme. For the policy term of 10 years, pension is paid based on the subscriber opting for PMVVY pension mode. If the pensioners survive the policy term of 10 years, then the arrears of pension is paid.
If the pensioner dies within the policy term of 10 years, the purchase prize will be returned to the beneficiary. Whereas, if the pensioner survives till the end of the policy term of 10 years, then the purchase price and final pension payment will be paid. The interest rate for the plan purchased till March 31, 2023 will be 7.40 per cent per annum, which will be paid every month.
PMVVY allows a minimum monthly pension of Rs 1,000 and a maximum monthly pension of Rs 9,250. To get pension on monthly, quarterly, half yearly and yearly basis, the minimum investment required by the investors under this scheme is Rs 1,62,162, Rs 1,61,074, Rs 1,59,574 and Rs 1,56,658 respectively. The maximum purchase price of the scheme for monthly pension is Rs 15 lakh, quarterly pension is Rs 14,89,933, half yearly pension is Rs 14,76,064 and annual pension is Rs 14,49,086. This pension scheme can be surrendered at any time.