PM Vaya Vandana Yojana: Fixed pension will be given every month even after retirement, know the process of investment
new Delhi. After retirement, people often get tense due to reduced salary. The government has launched the Pradhan Mantri Vaya Vandana Yojana (PM Vaya Vandana Yojana) to manage the expenses incurred in treatment, including managing household expenses. Through this, you can take a pension of up to 10 thousand rupees every month by choosing the option of monthly pension. In this, the pensioner also gets good returns when the maturity date is completed. Through this scheme operated by Life Insurance Corporation, LIC, you can secure your future.
Who can apply
This scheme is for senior citizens. People 60 years of age and above can invest in it. There is no maximum age limit in this scheme. A person can invest a maximum of Rs 15 lakh in the scheme.
Special things related to the scheme
Applicants can invest a lump sum in it. You can choose 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. The PMVVY scheme also provides facility of premature withdrawal. If your spouse or you are seriously ill then you can take advantage of this option. In such a situation only 98% of the purchase price will be paid as surrender value. After three years of policy, PMVVY provides loan facility. The maximum loan amount is 75% of the purchase price. The scheme does not provide tax exemption like other pension schemes of the government.
To take advantage of Pradhan Mantri Vaya Vandan Yojana, visit its official website pmvvymain.do. Here you can apply both online and offline. Under the application process, the applicant will have to submit photocopy of PAN card, proof of address (Aadhaar, copy of passport) and copy of bank passbook containing pension of account holder.