Senior citizens nationwide have a limited time to enroll in the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
Managed by the Life Insurance Corporation (LIC), this scheme is exclusively available to citizens aged 60 and above.
By investing a lump sum of Rs 15 lakh in this program, senior citizens can start receiving monthly, quarterly, half-yearly, or annual pension payments immediately.
The PMVVY will only be available until March 31, 2023.
According to LIC’s official website, the PMVVY is open to all individuals who have reached the age of 60 or above, without any upper age limit for investment.
Upon investing, the first pension installment will be received after one month, three months, six months, or one year, depending on the subscriber’s chosen mode of pension.
The selected mode will continue throughout the 10-year policy period.
In the unfortunate event of the pensioner’s demise during the policy term, the invested amount will be returned to the beneficiary.
If the pensioner survives until the end of the policy term, both the invested amount and the final pension will be paid to the investor.
For policies purchased until March 31, 2023, the annual interest rate will be 7.4%, with monthly pension payments.
The minimum monthly pension under the PMVVY is Rs 1,000, while the maximum amount can reach Rs 9,250.
The minimum investment amounts for monthly, quarterly, half-yearly, and annual pensions are Rs 1,62,162, Rs 1,61,074, Rs 1,59,574, and Rs 1,56,658, respectively.
Investors can contribute a maximum of Rs 15,00,000 to receive monthly pension payments.
For quarterly pension, the maximum investment amount is Rs 14,89,933, for half-yearly pension it is Rs 14,76,064, and for annual pension it is Rs 14,49,086.
It is important to note that no senior citizen can invest more than Rs 15,00,000 in this scheme.
Policy surrender is allowed at any time during the plan’s entire term.
