While many government schemes are available to the citizens, one of these government schemes is also a scheme that can prove beneficial to you. If you invest in this scheme, you will not have any concern for money after retirement because you will get a pension facility every month. You will also get a loan facility. Let’s know about it.
Life Insurance Corporation of India (LIC) introduced the revised Pradhan Mantri Vaya Vandan Yojana (PMVVY) on Monday. The central government provides grants for this pension scheme. The revised scheme is available for purchase from Tuesday. The central government has revised the scheme and changed the rates for people aged 60 years and above.
Get so much interest:
The maturity period of this scheme is 10 years. It will provide an assured return of 7.40 percent in the first year. It will be given monthly. This means that it equals 7.66 percent annually. The rate of pension that will be sold after 31st March 2021 will be reviewed later.
Pension up to Rs 9,250 per month:
Customers can also purchase the scheme by making a lump sum payment. The pensioner can choose monthly, quarterly, half-yearly, or annual pension at the time of purchase. The maximum pension can be 9,250 per month. The quarter may be Rs 27,750, Rs 55,500 in half, and Rs 1,11000 per annum.
How you can buy the plan:
It may be known that Finance Minister Nirmala Sitharaman had extended the Vaya Vandana scheme for three years during the economic package. So, the LIC has also increased it. Lic has the monopoly to run this scheme. Lic said in a statement that the revised plan will be available for purchase from Tuesday to three financial years, i.e., March 2023. The company said it can be purchased online from offline, as well as its website.
The loan facility will also be available:
If the pensioner dies during the policy term, the purchase price will be refunded to his nominee or legal heir. Under the government scheme, a loan of the purchase price up to 75 percent can also be taken after three policy years. At the same time, money can also be derived from serious diseases. Its surrender value will be 98 percent of the purchase price.
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