PMVVY: No More Money Worries in Old Age, Government is Offering Monthly Pension

PM Vaya Vandana Yojana: If you have an elderly person in your household who is about to retire, the central government is running a special scheme for this purpose. This scheme is called the PM Vaya Vandana Scheme. This scheme is specifically designed for the elderly. It provides a regular pension to those aged 60 and above. This scheme is operated by the country’s largest insurance company, LIC. The primary objective of this scheme is to keep people financially secure.

Learn about the benefits of this scheme

Under this government scheme, the policyholder receives an annual return of 8%. If the policyholder survives the full term, the entire amount is paid as a pension. If the policyholder passes away before the end of the term, the invested amount is given to their nominee. This scheme is also popular for obtaining loans. Three years after purchasing the policy, you can take a loan under this scheme, which will attract 10% annual interest. The scheme can be purchased online and can be cancelled within 15 days of purchase.

Learn the Pension Amount

If you want to receive a pension of Rs 1,000 per month, you will need to invest Rs 1.62 lakh. The maximum pension available under this scheme is Rs 9,250 per month, which requires an investment of Rs 1.5 lakh.

Who Can Benefit

Only those aged 60 years or above can avail the benefits of this scheme. There is no maximum age limit for this scheme. The maturity period of the scheme is 10 years, and the pension can be withdrawn on a monthly, quarterly, half-yearly, or annual basis.

How to Apply for the PM Vaya Vandana Yojana

First, visit the official LIC website and click on the “Buy Policy Online” option. Then, click on the “Click Here to Buy” option below and select the PMVVY scheme. You can purchase the plan by selecting the online purchase option. Fill in all the required information in the form. Then, upload your documents and submit them online.