LIC Scheme: Fixed pension will be available every month for 10 years, know how to take benefit of the scheme
new Delhi. No one will have to be obedient in old age, nor will there be any need to worry about expenses in this stage. Because the government has come out with a special scheme for Senior Citizen. Whose name is Pradhan Mantri Vaya Vandana Yojana. In this, senior citizens get guaranteed pension at a fixed rate for 10 years by opting for Monthly Pension. Not only this, on completion of maturity date, the pensioner also gets good returns when he is alive. This scheme is operated by Life Insurance Corporation, ie LIC. Recently, the government has extended the duration of the scheme to 31 March 2023.
This scheme is for senior citizens. It has a minimum entry age of 60 years. That is, people 60 years or older can invest in it. There is no maximum age limit in this plan. A person can invest a maximum of Rs 15 lakh in the scheme.
How to apply
To take advantage of this scheme, an application form has to be filled. It can be downloaded from the site https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do. You can apply it both online and offline. If you are giving a hard copy, then the necessary documents have to be attached with the form. Under the application process, the applicant will have to copy photocopy of PAN card, proof of address (Aadhaar, copy of passport) and copy of bank passbook containing the pension of the account holder.
Special features related to policy
Lump sum can be invested in this scheme. Applicants can opt for monthly, quarterly, half-yearly or yearly options for payment of pension. The minimum purchase price for an annual pension is Rs 1,44,578. While the maximum purchase rate is Rs 14,45,783. By the way, the minimum purchase rate for the payment of monthly pension is 1.5 lakh and maximum is Rs 15 lakh. The PMVVY scheme also provides facility of premature withdrawal. Although it does have some conditions. Under this, this facility is provided in case of spouse or serious illness. Also, only 98% of the purchase price is paid as surrender value.