New Delhi, Business Desk. Pension for senior citizens is not less than a boon, if pension is good enough, then what is the matter. Pensions prove to be very helpful in meeting the post-retirement needs. It is for these reasons that the Modi government launched Pradhan Mantri Vaya Vandana Yojana for senior citizens. The scheme provides guaranteed pension at a fixed rate. Customers can get a fixed amount every month by paying a lump sum amount to Life Insurance Corporation of India. Pradhan Mantri Vay Vandana Yojana is open till 31 March 2020.
These people will get pension
The minimum age of investment in Pradhan Mantri Vaya Vandana Yojana i.e. PMVVY is 60 years and there is no maximum age limit for investment. Customers can invest up to Rs 15 lakh in this scheme.
Apply this way
To apply for Pradhan Mantri Vay Vandana Yojana, customers (Life Insurance Corporation of India) must visit the link of LIC website https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do. From here, customers can take the plan form, attach their necessary documents with it and submit it to any LIC office. Online investment facility has also been provided in this scheme.
Customers will have to submit the following documents to invest in PMVVY scheme –
1.Address proof copy
2. Copy of PAN card
3.Check copy or copy of first page of bank passbook
This will be pension
Pension is given under this scheme for a minimum of Rs 1,000 and a maximum of Rs 10,000. If customers want a pension of Rs 1,000 per month, then they have to deposit Rs 1,50,000. At the same time, if they want to get a pension of Rs 10,000 per month, then they have to deposit Rs 15,00,000 for this.
Know how much return will be earned
The members of the Pradhan Mantri Vaya Vandana Yojana get returns of 8 to 8.30 percent annually. Returns depend on whether the customer wants the pension to be paid on a monthly, quarterly, half-yearly or yearly basis.
Loan is also available
In this scheme, when the customer gets invested for three years, then they also get the facility of loan. The maximum loan amount can be up to 75 percent of the purchase price. At the same time, the rate of interest on the loan is fixed periodically. Here, let us tell you that the interest of the loan is deducted from the pension amount and the outstanding loan is made at the time of withdrawal from the recovery scheme.
Know when you get the deposit
The deposit is also returned to the member along with the final payment of pension after 10 years of investing in this scheme. At the same time, the pensioner dies before 10 years, the deposit amount is refunded to the nominated person.
