Are you looking for a good retirement plan? Well the Pradhan Mantri Vaya Vandana Yojana (PMVVY) can come to your rescue owing to its attractive rate of pension. LIC of India is solely authorised to operate this pension scheme which was launched by the Centre.
Though its initial subscription was available till March 31, 2020, the last date was extended by the government till March 31, 2023.
“For Financial Year 2022-23, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023," LIC said in its website.
Eligibility Conditions and Other Restrictions:
Minimum Entry Age : 60 years (completed)
Maximum Entry Age : No limit
Policy Term : 10 years
Minimum Pension :
Rs 1,000 per month
Rs 3,000 per quarter
Rs 6,000 per half-year
Rs 12,000 per year
Maximum Pension :
Rs 9,250 per month
Rs 27,750 per quarter
Rs 55,500 per half-year
Rs 1,11,000 per year
The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price. A senior citizen cannot invest more than Rs 15 lakh.
The minimum and maximum Purchase Price under different modes of pension will be as under:
Yearly: Minimum purchase price (Rs 1,56,658), Maximum purchase price (Rs 14,49,086)
Half-yearly: Minimum purchase price (Rs 1,59,574), Maximum purchase price (Rs 14,76,064)
Quarterly: Minimum purchase price (Rs 1,61,074), Maximum purchase price (Rs 14,89,933)
Monthly: Minimum purchase price (Rs 1,62,162), Maximum purchase price (Rs 15,00,000)