New Delhi: Life Insurance Corporation of India offers a slew of policies eyeing the seek of the commoners. Some policy grants a lump-sump amount after maturity and some offer monthly, quarterly, half-yearly, or yearly pension. LIC’s Pradhan Mantri Vaya Vandana Yojana (PMVVY) is one such scheme that offers pensions after a certain period.
What is LIC Pradhan Mantri Vandana Vyay yojana (PMVVY)?
The Indian government introduced the Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension programme in 2017. The scheme offers seniors 60 years of age and older a guaranteed pension. The programme seeks to give older persons financial security and assist them in covering their post-retirement expenses.
Last Date/Availability of LIC Pradhan Mantri Vandana Vyay Yojana (PMVVY)
The programme is now valid through March 31, 2023.
Features of Pradhan Mantri Vandana Vyay Yojana (PMVVY)
The Government of India bears the differential return, or the difference between the return earned by LIC and the assured return per annum, as a subsidy on an annual basis.
Pension payments are made at the conclusion of each period during the 10-year policy’s life according to the frequency selected by the subscriber at the time of purchase: monthly, quarterly, half-yearly, or annually.
The increase in the investment threshold from Rs 7.5 lakhs to Rs 15 lakhs received an agreement from the Federal Cabinet in 2018, which is presided over by Prime Minister Narendra Modi.
LIC Pradhan Mantri Vandana Vyay Yojana (PMVVY) Return Calculator
For pensions worth Rs. 12,000 per year and Rs. 1,62,162/- for a minimum pension of Rs. 1000 per month under the scheme, the minimum investment was also raised to Rs. 1,56,658.
Seniors can invest a lump sum of money in the PMVVY programme and earn a guaranteed income for ten years. Depending on the form of pension payment selected (monthly, quarterly, 7.45 percent), half-yearly (7.52 percent), or annually), the fixed pension rates under the system range from 7.40 percent to 7.66 percent per annum.