There are many investment options available in the market. But no doubt, you are looking for the option from where you can get a safe, secure, and maximum return. So, here’s the government’s scheme Pradhan Mantri Vaya Vandana Yojana. Continue reading to find out the complete details including each and every pro and con of the plan.
New Delhi: Maintaining economical balance in today’s era calls for careful financial planning. For an economically secure future, one needs to invest at the time of earning as after retirement it will give economical support. Investing somewhere has also become the go-to method.
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There are many investment options available in the market. No doubt, you are looking for the option from where you can get a safe, secure, and maximum return. So, here’s the government’s scheme Pradhan Mantri Vaya Vandana Yojana. Here are the complete details including each and every pro and con of the plan.
What is Pradhan Mantri Vaya Vandana Yojana?
Pradhan Mantri Vaya Vandana Yojana is a social security scheme. Under which the beneficiary will get a monthly pension. It has been brought by the Government of India on May 26, 2020, while the scheme is being operated by the Life Insurance Corporation of India (LIC). Those who have crossed 60 years of age can invest a maximum of Rs 15 lakh.
Earlier the investment limit was Rs 7.5 lakh, which has now been doubled. Compared to other schemes, senior citizens get more interest in this scheme. In this scheme, people of 60 years or above can choose a monthly or annual pension plan.
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Investment plans
Under the scheme, you will get 7.40 percent annual interest. Accordingly, the annual interest on the investment will be Rs 111000. If it is divided into 12 months, an amount of Rs 9250 is formed, which you will get as a monthly pension. If you want to take a monthly pension of 1000 rupees, you will have to invest 1 lakh 50 thousand rupees.
Amount refund
This plan is for 10 years. A monthly pension will continue to be received on your deposited money. If you remain in the scheme for 10 years, your invested money will be returned to you. You can surrender this scheme at any time.
