LIC – Great news for those 60 years or more. In fact, now people above 60 years of age will get a pension of Rs 9250 every month. Stay tuned till the end to know the complete details related to the scheme.
There is an important news for crores of policy holders investing in life insurance policy of Life Insurance Corporation of India. LIC is going to close an important pension scheme and the last date to invest in it is 31st March.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme was launched in 2017 with the aim of providing better benefits after retirement to senior citizens. In this policy of LIC, guaranteed pension is given to senior citizens of 60 years and above.
The pension under the PMVVY scheme is paid on the basis of the pay-out option chosen by the investor. There are monthly, quarterly, half-yearly or annual options available. Interest is provided at the rate of 7.4 percent per annum in Pradhan Mantri Vaya Vandana Yojana. Service tax and GST are not applicable on the premium of this scheme.
Return of the invested amount after pension for 10 years-
The duration of Pradhan Mantri Vaya Vandana Yojana is 10 years. Any person who is 60 years or older can invest in this scheme. The invested amount is returned after 10 years with the final payment of pension. At the same time, the policy can be surrendered anytime in between. You are also given the option of monthly, quarterly, half-yearly and annually to receive pension under the scheme. Another specialty of this scheme is that it does not require medical test.
How much pension will be received every month?
According to this scheme, to get a pension of Rs 1,000 per month, you have to invest Rs 1,50,000 in it. Similarly, to get a pension of Rs 10,000 per month, Rs 1,500,000 will have to be invested.
Suppose you invest Rs 15 lakh in this scheme, then you will get an annual interest of 7.40 percent, which will be Rs 1,11,000 in total. If you divide this amount in 12 parts, then a total of Rs 9,250 will be made. In this way, every month Rs 9,250 will be received as pension. If both husband and wife together invest Rs 15 lakh in this scheme, then the pension they will get every month will be Rs 18,500.
Eligibility conditions attached to the policy-
– The age of the applicant should be 60 years (completed)
– There is no upper age limit in this scheme.
– The applicant must be an Indian citizen.
– The minimum term of the policy is 10 years.
How to apply?
Senior citizens can invest in PMVVY both online and offline. For this you can contact the nearest LIC office or agent.
