Seniors have only a few months to register for Pradhan Mantri Vaya Vandana Yojana (PMVVY). It is a pension system administered by the Life Insurance Corporation for those age 60 or older.
Seniors who buy the plan with a total payment of Rs 15,000 will get a monthly, quarterly, semi-annual or annual pension. PMVVY will remain available until March 31, 2023.
according to LIC . siteThe PMVVY scheme is available to elderly residents of India aged 60 years (completed) or older. There is no maximum age to purchase the package.
One month, three months, six months or one year after the date of purchase, the first pension installment begins. All retirement, death and entitlement benefits are covered. For the policy period of 10 years, PMVVY provides a pension based on the participant’s choice of pension status.
If the pensioner survives the insurance period of 10 years, then the overdue pension will be paid (at the end of each period according to the specific situation).
The purchase price will be returned to the beneficiary in the event of the pensioner’s death within the 10-year policy period. The purchase price and final pension are payable if the retiree lives to the end of the 10-year policy term.
The interest rate on plans purchased through March 31, 2023 will be 7.40 percent annually, payable monthly.
PMVVY allows a minimum monthly pension of Rs 1,000 and a maximum monthly pension of Rs 9,250. For monthly, quarterly, semi-annual or annual annuities, the minimum purchase price under the scheme is Rs 1,62,162, Rs 1,61,074, Rs 1.59,574 and Rs 1,56,658 respectively.
The maximum purchase price of the scheme for monthly pensions is Rs 15,000, quarterly pensions Rs 14,89,933, semi-annual pensions Rs 14,76,064 and annual pensions Rs 14,49,086.
An elderly citizen cannot invest more than 15,000 rupees. For the duration of the term, the document may be waived at any time.