Senior citizens have just two months left to sign up for the Pradhan Mantri Vaya Vandana Yojana (PMVVY). This Life Insurance Corporation of India (LIC) pension scheme is for senior citizens. A total of 7.4% annual interest payment on your investment is provided every month. You can take advantage of this pension rate through March 31, 2023.
The LIC PMVVY (Plan No. 856) can no longer be purchased after March 31, 2023. Unless the Government extends the deadline in the upcoming Budget 2023.
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People who want to benefit from the PMVVY scheme should know the important details — Any participant in this scheme must be at least 60 years old to enrol. Additionally, there is no upper age limit for entrance. The policy has a ten-year term. You can do this monthly, quarterly, biannually, or annually. Additionally, the minimum pension is available in increments of Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half-year, and Rs. 12,000 per year. The maximum pension that may be earned is Rs. 10,000 per month, Rs. 30, Rs. 60,000 half-yearly, and Rs. 1,20,000 annually.
The Pradhan Mantri Vaya Vandana pension scheme was launched by the central government on May 4, 2017, but you can now get its benefits through March 31, 2023. The central government increased the maximum limit under the Pradhan Mantri Vaya Vandana Yojana from Rs 7.50 lakh to Rs 15 lakh in the budget address for the fiscal year 2018-2019.
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Other details:
This plan is available through LIC. This scheme is available from LIC both online and offline. This program’s primary goal is to provide senior individuals with regular pension payments while interest rates are falling.
Age is the age of the Pensioner at the time of the commencement of the policy in completed years. For the purchase of this policy, the minimum age is 60 years completed.
The Pensioner shall submit the Life Certificate in the proforma of the Corporation or online “Jeevan Pramaan” or in any other manner as enabled by Corporation in this regard at the time intervals as prescribed from time to time. The pension payments shall be released only on receipt of the LifeCertificate.
