LIC’s Pradhan Mantri Vaya Vandana Yojana will continue next year till 31 March 2023 but its interest rate may change in the next financial year.
If you are thinking of investing money in a pension scheme, then invest in LIC’s Pradhan Mantri Vaya Vandana Yojana (PMVVY) before March 31, so that for 10 years, a fixed amount is received every month at the rate of 7.4 percent annually. The country’s largest life insurance company LIC’s Pradhan Mantri Vaya Vandana Yojana will continue till March 31, 2023 next year, but its interest rate may change in the next financial year. In the current financial year 2021-22, the rate of monthly pension for 10 years under this scheme has been fixed at 7.40 per cent per annum. If you take this policy after March 31, 2022, then whether you will get pension, it will be known in the next financial year.
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Pension will continue to be available for the policy term i.e. 10 years at the same rate as at the time of buying the policy. If you compare it with the FDs of banks now, then LIC’s policy is better because most of the leading banks are giving interest at the rate of about 6.5 percent on FD schemes of 1-10 years duration. Under the Pradhan Mantri Vaya Vandana Yojana, there is an option to choose annual, half yearly, quarterly or monthly pension and based on this, the interest rate can be 7.4-7.6 percent per annum.
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This pension scheme of LIC is a lump sum investment scheme
Under the Pradhan Mantri Vaya Vandana Yojana, the lump sum amount is deposited for 10 years and the pension period i.e. monthly, quarterly, half yearly or yearly option is selected. The amount that is invested is the purchase price of the policy and can be up to Rs.15 lakhs. An investment of Rs 15 lakh can get a pension of Rs 9250 per month i.e. if both husband and wife are above 60 years (minimum age to buy the policy) then 18500 every month by taking two policies of Rs 15 lakh each Pension of Rs. can be obtained up to 10 years.
(Article: Sunil Dhawan)
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