PMVVY Scheme: The Pradhan Mantri Vaya Vandana Yojana (PMVVY scheme) of Life Insurance Corporation of India (LIC) is a non-linked, non-participating pension scheme.
Pradhan Mantri Vay Vandana Yojana
In the Corona crisis, people have come to understand the importance of life insurance. In this difficult time, it has come a lot of work for those who have taken life insurance. On the death of Corona, financial assistance will be provided from his family’s life insurance. The Pradhan Mantri Vaya Vandana Yojana (PMVVY scheme) of the country’s largest insurance company Life Insurance Corporation of India (LIC) is a non-linked, non-participating pension scheme.
Senior citizens 60 years or older can take this scheme online from the LIC website. It is an instant pension scheme which can be purchased online by paying a lump sum amount. Currently, it has been started for three years. Investments can be made by March 31, 2023.
Special features of PMVVY scheme
>> Pradhan Mantri Vaya Vandana Yojana is for 10 years.
>> After 10 years of investing in it, the deposit is also returned along with the final payment of pension.
>> You can take pension on monthly, quarterly, half-yearly or even yearly basis.
9250 rupees pension every month
Under PMVVY, a senior citizen subscriber can get a monthly pension of Rs 9,250 for 10 years by purchasing a plan of Rs 15 lakh. After the completion of 10 years, the subscriber will be refunded 15 lakh rupees.
Who can buy the plan
Senior citizens can subscribe to PMVVY by 31 March 2023. Only resident Indians can buy this scheme. No medical examination of the customer is required to subscribe to the scheme. Under the scheme, loan facility is available on completion of 3 years. You can take a loan up to 75 percent of the purchase price.
Under PMVVY, the minimum charge price for monthly pension is Rs 1,62,162. Under this, you will get 1000 rupees pension every month while the subscription amount will be returned after 10 years.
For a maximum pension of 9,250 rupees every month, you will have to invest 15 lakh rupees. The amount deposited in this scheme is completely tax free, but you will have to pay income tax on the interest earned from it.
read this also- Taxpayers Alert! E-filing website will not work till June 1-6, the way of filing income tax returns will change from June