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LIC Pension Scheme: Get a pension of up to 10 thousand rupees every month, with a chance to get a lump sum along with interest on maturity.

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PM Vay Vandana Yojana is a beneficial scheme for senior citizens. In this, along with income tax rebate, there is also the benefit of refund of the prescription price.

Pension scheme

After retirement, it is very important to have a pension to meet the daily expenses. So to secure your future you can invest in Pradhan Mantri Vaya Vandana Yojana. This scheme of the Central Government is operated on behalf of LIC. By investing in this scheme, you can get a pension of up to 10 thousand rupees every month.

Not only this, if the policy holder survives for 10 years, he will get the pension as well as the purchase price. That is, in addition to the interest on maturity, a lump sum paid on your behalf will also be returned. At the same time, if the policyholder dies during the investment period, the purchase price will be returned to the amount nominee. So what is the process of investing in this scheme and know how beneficial is the process.

Special things related to the scheme.

Pradhan Mantri Vay Vandana Yojana is for senior citizens. People 60 years of age and above can invest in it. Under the scheme, a person can invest up to a maximum of Rs 15 lakhs. Applicants can invest a lump sum in this. In this, pension can be taken on monthly, quarterly, half-yearly or yearly basis. The facility of premature withdrawal is also available in the PMVVY scheme.

Benefits of the scheme

1. In PM Vyandana Yojana, you get loan facility. However, it is necessary to have a policy for three years. In this, the maximum loan amount is up to 75 percent of the purchase price.
2. In this scheme tax is exempted from the Income Tax Department.
3. Not only will you get pension in this scheme, you will also get back the money you have invested.
4. If your spouse or you are seriously ill yourself, then you can take money from it. In this case, you will have to pay only 98% of the purchase price as surrender value.

Investment process

For investment under Pradhan Mantri Vayu Vandan Yojana, you will have to apply for it. For this, you go to the official website of the scheme pmvvymain.do. Complete formalities here. During this time, the applicant will need photocopy of PAN card, proof of address (Aadhaar, copy of passport) and copy of bank passbook containing the pension of the account holder.

How much will be the pension

If someone wants a pension of up to 9,250 rupees or about 10 thousand rupees every month, then an investment of about 15 lakh rupees will have to be made. At the same time, if you want the amount in yearly, then you will get Rs 1,11,000. At the same time, a pension of Rs 3333 will be made on the investment of Rs 5 lakh in this scheme and Rs 4,1500 on an annual basis. If you deposit 3 lakh rupees, then on monthly basis your pension will be 2000 rupees.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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