PMVVY Scheme is a social security scheme and pension plan. It is introduced by the Government of India but is operated by Life Insurance Corporation of India (LIC). Let’s know about this scheme in detail-
Pradhan Mantri Vaya Vandana Yojana (PMVVY Scheme) : Wants low financial security after retirement. For this, most senior citizens want to invest the money received in retirement in such a place, where they can get good returns, so that their money is also safe and they can also have regular income. One such scheme is the Modi Government Pradhan Mantri Vaya Vandana Yojana. In this your principal money remains safe and returns are also available at regular intervals. The best part is that under this government scheme, both husband and wife together after the age of 60 can avail the guaranteed benefit of pension of Rs 18500 every month. The best part is that after 10 years your entire investment will also be returned. Let’s know about this scheme in detail-
What is Pradhan Mantri Vaya Vandana Yojana?
Pradhan Mantri Vaya Vandana Yojana / PMVVY Scheme has been introduced by the Modi government keeping in mind the needs of senior citizens. This scheme is a social security scheme and pension plan. It is introduced by the Government of India but is operated by Life Insurance Corporation of India (LIC). Under the PMVVY scheme, senior citizens get more interest on investment than other schemes. In this scheme, people of 60 years of age or above can choose a monthly or annual pension plan. The maximum investment limit under this scheme is Rs 15 lakh.
How much will you get pension? Where to apply?
Under the Pradhan Mantri Vaya Vandana Yojana, the monthly pension plan will get 8 percent interest for 10 years. On the other hand, opting for annual pension will fetch an interest of 8.3 percent for 10 years. In this government scheme, application can be made both online and offline. At the same time, you can apply online by visiting the official website of LIC. Explain that depending on the plan chosen, the first installment of pension will be received after 1 year, 6 months, 3 months or one month after depositing the amount by the policyholder. Depending on the investment, a pension of 1000 to 9250 rupees is available per month. Investment can be made in this scheme till 31 March 2023.