LIC of India is offering the Pradhan Mantri Vaya Vandana Yojana to the senior citizens in order to provide them with the monthly pension. This pension scheme is designed to pay a monthly pension of Rs. 1,000 to the subscribers. The policy is available for senior citizens aged 60 and above.
The Pradhan Mantri Vaya Vandana scheme is an organized investment scheme that is offered to the senior citizens of the country. The scheme was launched earlier this year. The scheme allows the elderly to invest up to 15,00,000 in the scheme. The initial investment cap was set at 7.5 lakh. Since then, the scheme has generated a total of 2,705 crore. The government of India has extended the scheme to March 2023.
The Pradhan Mantri Vaya Yojana provides the beneficiary with 7.40 percent annual interest for 10 years. The interest rate is tax-free, as per the existing tax laws. This scheme is offered by the Life Insurance Corporation of India (LIC). A person can invest up to 15 lakh and get a monthly pension. The pension payment will be made through the Aadhaar-enabled payment system. The pensioner can choose between monthly or quarterly payments. The amount will be withdrawn if the person dies before the end of the period. The purchase price is refundable after deducting the stamp duty charges.
Pradhan Mantri Vaya Vandana is a pension scheme that was launched in May 2017. It is a government-sponsored pension scheme. The scheme is operated by the Life Insurance Corporation of India (LIC). LIC has issued 58,152 PMVVY schemes so far. If you are interested in buying the scheme, you can go through the LIC portal. You can also purchase the scheme offline. You will be required to provide a valid identity proof and unique Aadhaar number to purchase the scheme. You can also opt for a free-look period of 30 days if you wish to check the policies before making a decision.
The Pradhan Mantri Vaya scheme has been extended to March 2023. The government has given a guarantee to the beneficiaries that the rate of the pension will be reviewed by the Ministry of Finance, Government of India. This is one of the reasons for the extension of the scheme. The government is also looking to reduce the unemployment rate in the country.
The government has also introduced the Premature Exit Option for the PMVVY scheme. This is designed to provide an early exit from the scheme if the subscriber experiences medical emergencies or critical illnesses. If the subscriber decides to exit the scheme, the company will refund the entire purchase price. The Premature Exit Option is applicable for the beneficiaries who are 60 and above. If the subscriber dies before the end of the policy, the company will refund the entire purchase price. This is a more attractive option compared to other post office senior citizen savings schemes.
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-sponsored pension scheme for the senior citizens of the country. The scheme is operated by the Life Insurance Company of India (LIC). A person can invest a minimum of Rs. 1.5 lakh in the scheme and get a monthly pension. If the person dies before the end of the policy, his/her family will be eligible for a refund.