Today I would like to tell you about the importance of the investment in Pradhan Mantri Vaya Vandana Yojana(PMVVY). The scheme is mainly useful to senior citizens above age 6o, in this schemes,, they will get a high rate returns, assured interest rate is 7.4% per annum. The PMVVY provide a pension income payable to senior citizens for monthly, quarterly, half-yearly, and yearly. the scheme provides a minimum pension amount is Rs 1000 and the maximum pension amount is 9250 per month.
Minimum and Maximum rates under PMVVY scheme:
The maximum amount of investment is 1500000. The tenure of the scheme is 10 years. The scheme is available till March 31, 2023. At maturity, the investment amount is repaid to the senior citizen. In the event of the death of a senior citizen, the money will be paid to the nominee. this scheme is highly preferable to senior citizens.
How to invest: This scheme is offered only by LIC for senior citizens (age 60 years and above). Those who want to invest in the scheme can do so online via the LIC website licIndia.in. You can also purchase the scheme offline by visiting the nearest LIC office
Pension payout: PMVVY gives a guaranteed payout of pension at a specified rate for 10 years. It also offers a death benefit in the form of a return of purchase price to the nominee.
If the pensioner lives through the policy term, that is, till 10 years, then he/she will get the purchase price and the final pension installment. However, on the death of the pensioner during the policy term, the purchase price is refunded and is payable to the nominee or the legal heirs.
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