LIC Pension Scheme: Life Insurance Corporation of India LIC is a platform where natives invest their money to get good returns. The insurance giant offers a range of schemes.
Some of them offer lump sum amount and some give pension in the form of returns. Pradhan Mantri Vandana Vyas Yojana is one such scheme of LIC, which gives pension to the investors.
But, do you know that the government sets a time limit for investing in the scheme? And the deadline is fast approaching! Continue reading to know about other details including last date to invest, PM Vandana Vyaya Yojana benefits, return calculator, policy terms and premium chart.
LIC Pradhan Mantri Vandana Vaya Yojana (PMVVY)?
This scheme has been launched by the government in 2017 and provides financial security to older persons and helps them cover their post-retirement expenses. Natives of 60 years and above can get guaranteed pension from this scheme. Investors can invest in LIC Pradhan Mantri Vandana Vyaya Yojana till March 31, 2023. After this the scheme will be closed for investment.
Recently increasing the investment limit in this scheme from Rs 7.5 lakh to Rs 15 lakh got an agreement from the federal cabinet in 2018, which is chaired by Prime Minister Narendra Modi.
Benefits of PMVVY
Pension may vary according to the investments made. For example, if the investor wants Rs 12,000 per annum and a pension of Rs 1,62,162 for a minimum pension of Rs 1,000 per month under the scheme, the minimum investment is also raised to Rs 1,56,658.
Senior citizens can invest a lump sum amount in the PMVVY program and earn guaranteed income for ten years. Fixed pension rates under the system range from 7.40 percent to 7.66 percent per annum, depending on the form of pension payment selected (monthly, quarterly, 7.45 percent), half-yearly (7.52 percent), or annual).
