Pradhan Mantri Vaya Vandana Yojana (PMVVY Scheme) Explained: The most important thing needed after retirement from job is financial security. This is the reason why most senior citizens invest their money in retirement at such a place. Investment Want to do it, where they can get good returns.
By investing in the right pension plan, money remains safe and regular income is also generated. One such scheme is the Pradhan Mantri Vaya Vandana Yojana of the Modi Government. In this, the principal amount of the policy holder remains safe and along with this, returns are also received at regular intervals.
The best thing is that under this government scheme, when both husband and wife turn 60, they can together avail the guaranteed benefit of pension of Rs 18500 every month. The most important thing about this pension scheme is that after 10 years your entire investment will also be returned. Let us know about this scheme in detail –
What is Pradhan Mantri Vaya Vandan Yojana?
Keeping in mind the needs of senior citizens, Modi government has introduced Pradhan Mantri Vaya Vandana Yojana / PMVVY Scheme. This scheme is a social security scheme and pension plan. It has been introduced by the Government of India but is operated by Life Insurance Corporation of India (LIC).
Under PMVVY Scheme, senior citizens get more interest on investments as compared to other schemes. In this scheme, people aged 60 years or above can choose monthly or annual pension plan. The maximum investment limit under this scheme is Rs 15 lakh.
How much pension will I get? Where to apply?
Under the Pradhan Mantri Vaya Vandan Yojana, 8 percent interest is available on the monthly pension plan for 10 years. On the other hand, if you choose annual pension, you will get 8.3 percent interest for 10 years. Application for this government scheme can be made both online and offline.
You can also apply online by visiting the official website of LIC. Let us tell you that depending on the plan chosen, the first installment of pension will be received by the policy holder after 1 year, 6 months, 3 months or one month of depositing the amount. Depending on the investment, pension ranges from Rs 1000 to Rs 9250 per month.