If you are looking for a good pension scheme then we are going to help you. We are telling you about such pension scheme of LIC, which will be very beneficial for you. Its name is Pradhan Mantri Vaya Vandana Yojana (PMVVY). This scheme gives you a fixed monthly pension for 10 years.
Minimum age 60 years
This scheme is for senior citizens. Minimum age should be 60 years, while there is no maximum age limit. This policy will be for 10 years. During this, the minimum pension of a person can be Rs 1000 per month and the maximum can be Rs 9,250.
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Pension will be available for 10 years
One can invest in this scheme till March 31, 2023. However, if you buy this scheme before March 31, 2022, LIC is guaranteeing a minimum return of 7.4 per cent per annum. At this rate, the return will be available for the total term of the policy i.e. 10 years.
A person can invest up to Rs 15 lakh
One can invest in this scheme with a lump sum amount. However, the pensioner will have a choice to choose between the pension amount or the purchase price. The maximum amount that can be invested in this scheme is Rs 15 lakh. This means that if elderly spouses want, they can invest up to Rs 30 lakh in this scheme and get a fixed monthly pension of Rs 18,500 per month for 10 years.
There are many pension options available
The pensioner has the option of taking monthly, quarterly and half-yearly pension. The rate of interest on monthly pension will be 7.4%. The interest rate on quarterly pension will be 7.45 percent and on half-yearly pension this rate will be 7.52 percent.
The money will be returned on the death of the pensioner
Pension payment in PMVVY will be done through NEFT or Aadhaar enabled payment system. Unique Aadhaar number validation will be necessary to invest in this scheme. If the pensioner dies within a period of 10 years, the purchase price will be returned to the beneficiary. If the pensioner survives after 10 years, he will be paid the purchase price as well as the final pension installment.
Loan facility in the scheme
There is also a loan facility in this scheme. This benefit can be availed after completing the policy for 3 years. The maximum loan amount will be 75% of the purchase price. The interest rate on the loan is determined on a timely basis. Withdrawals from this scheme are also allowed in case of emergency.
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