This scheme is for 10 years and the minimum entry age is 60 years.
If you want to spend your life in a happy way, it is important to protect old age along with youth. If in old age you are getting money as pension at regular interval, then life will be cut easily. Therefore, the work of securing the future should start in the youth itself. For the elderly, the Modi government has launched the Pradhan Mantri vaya vandana yojana, which can be availed by 31 March 2023.
In this article, you will tell everything about Pradhan Mantri vaya vandana scheme. Investing in this pension scheme gives an annual return of 7.66 percent. This scheme is for 10 years and the minimum entry age is 60 years. There is no rule regarding maximum entry age. Under this scheme, pension is provided on monthly, quarterly, half-yearly and yearly basis.
Under this scheme, the minimum pension will be 100 rupees monthly and 12000 rupees annually. Maximum pension will be Rs 9250 monthly and Rs 1 lakh 11 thousand annually. If you want a monthly pension of 1000 then you have to deposit at least 1.62 lakh rupees. On taking a pension of 12 thousand per annum, you will have to deposit 1.56 lakh rupees. If the Monthly want a pension of 9250 thousand rupees, then they will have to deposit 15 lakh rupees and if they want a pension of 1.11 lakh rupees annually, then they will have to deposit 14.50 rupees.
This pension scheme has three main advantages. If the pensioner stays alive for 10 years, he will continue to receive pension. Penson mode can be monthly, quarterly, half-yearly and annually. If he dies during 10 years, then the purchase price will be returned to the nominee. If the pensioner remains alive for 10 years, meaning the policy matures, then the pension price is returned to the pensioner.
Loan is also available in this policy of LIC. However, it is available on completion of 3 years of the policy. Maximum loan amount can be 75% of the purchase price. By April 30, 2021, the interest rate is 9.5 per cent per annum on loan issuance. If a policy holder does not like this scheme, then he can return this policy within 15 days of the corporation. If you buy the policy online, you will get 30 days.
According to the information available on LIC website (updated on 24 March 2021), your pension depends on how much you have invested. At present, monthly pension is Rs 74 per thousand investment, quarterly pension is Rs 74.50, half year pension is Rs 75.20 and annual pension is Rs 76.60. For example, A invested 3 lakh rupees in this scheme and he selects the pension mode annually. The annual pension on the investment of 1000 is currently 76.60 rupees. According to this, on depositing 3 lakhs, he will get Rs 22980 as annual pension and Rs 1915 monthly. (300000/1000 * 76.60 = 22980 annual pension and monthly pension 22980/12 = 1915)