New Delhi: One needs to devise an efficient financial plan to save money as the majority of people want to spend a quality life that calls for an expensive endeavour. Sustain retired life has become the go-to method for paying for the chores. Here are the details of one of the government schemes where you can invest and get secure returns from there. Let us figure out why one should invest in the scheme.
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What is Pradhan Mantri Vaya Vandana Yojana?
Pradhan Mantri Vaya Vandana Yojana is being run by the central government. Under this, a monthly pension is guaranteed for married couples. This scheme was started by the central government on May 26, 2020. Couples have the option to invest till March 31, 2023.
The social security scheme has been brought by the Government of India and operated by the Life Insurance Corporation of India (LIC). To invest in the scheme, couples have to cross the age of 60 years. They can invest a maximum of Rs 15 lakh. Earlier the investment limit was Rs 7.5 lakh, which was doubled later. Compared to other schemes, senior citizens get more interest here.
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Investment plan
Couples have to invest Rs 8,10,811 individually. It means the overall investment will amount to Rs 16, 21, 622. The rate of interest offered here is 7.40 per cent annually. There is a provision under which you will get 10 thousand rupees as a monthly pension.
If only one person invests in this social security scheme, he/she will get Rs 5,000 as a monthly pension and their investment amount would be Rs 8,11,811. The maturity period of this scheme is 10 years. After completing the policy term, you will get your money back.
