Anyone 60 or older may invest in the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme. There is no age of entry.
Anyone aged 60 or older can invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme You can purchase PMVVY scheme from Life Insurance Corp. of India.
Pradhan Mantri Vaya Vandana Yojana (PMVVY), a senior citizens benefit pension scheme, is available until March 31st. Pradhan Mantri Vaya Vandana Yojana, which was launched in 2017, offers a guaranteed monthly income of up to about 10,000 years.
This LIC pension scheme is an attractive investment option for those over 60 years old, with a good return and death benefit. Senior citizens currently have time till the end of March to take advantage of this scheme.
Eligibility: Any person 60 years of age or over may invest in the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme. There is no age of entry.
How to buy: Life Insurance Corp. of India can buy PMVVY scheme. This pension scheme is available in offline as well as online mode. To purchase this annuity scheme you can visit the nearest LIC branch or log in to the official LIC website. A policyholder has the option of returning the policy within 15 days of buying. The free look period is 30 days, if the policy is purchased online.
Investment: This LIC scheme can be purchased by senior citizens through investment of a lump sum. Under the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme, one can invest a maximum amount of 15 lakh. Policy tenure is fixed at 10 years.
Return: The scheme provides an assured return of 8% to 8.30% per annum, depending on how you choose to receive your payout. Depending on the amount invested in the scheme, senior citizens can earn a minimum pension of 1,000 a month. The maximum amount of the pension is limited to about 10,000 a month. The insurance company will receive a pension amount based on an individual's bonus.
Pension payment method: Senior citizens will have the option of receiving the pension in four ways— monthly, quarterly, semi-annually, and annually. The first pension installment shall be paid after one year, six months, three months or one month from the purchase date of the same, depending on the mode of payment of the pension. One is paid the pension through NEFT or Aadhaar-enabled payment system.
Additional benefits: The benefits will be forwarded to the nominees if the pensioner passes away during the policy tenure.
Any individual may apply for loans after three years have elapsed. The maximum loan to be granted is 75 percent of the purchase price. The interest on the loan will be recouped from the payment of the pension made through the payment system enabled by NEFT or Aadhaar.
Tax benefits: The Pradhan Mantri Vaya Vandana Yojana scheme (PMVVY) does not provide tax deduction benefits under section 80C of the Income Tax Act. Returns from this scheme shall be taxed in accordance with existing tax laws. The scheme is exempt from Goods and Services Tax (GST). Read | No ATM or Net Banking-Bank withdrawal option only for customers with Yes Bank Also Read | SAIL Technician Apprentice Recruitment 2020
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