PM Vaya Vandana Scheme: If you are planning to invest in a pension scheme, in which money is safe and returns are guaranteed, then LIC’s Pradhan Mantri Vaya Vandana Yojana (PMVVY) can be a good option for you. Pradhan Mantri Vaya Vandana Yojana can prove to be a stick of old age for you. Because in this scheme, the guaranteed amount for 10 years is available in the form of pension.
Invest in this scheme before March 31, so that for 10 years, a fixed amount is received every month at the rate of 7.4 percent annually. Although this scheme will continue till March 31, 2023 next year, but its interest rates may change in the coming time. At present, the rate of monthly pension for 10 years on this scheme has been fixed at 7.40 per cent per annum.
If you want to get pension every month by investing a lump sum amount, then for this ‘PM Vaya Vandana Yojana’ is a great scheme. This is a government pension scheme scheme. This scheme is being run by Life Insurance Corporation of India- LIC. On May 4, 2017, the Central Government had launched ‘Pradhan Mantri Vaya Vandana Yojana’ keeping in mind the senior citizens of the country.
Higher Interest Rate (PMVVY Interest Rate)
Pension is available for 10 years at the same rate as the interest rate at the time of purchasing a PMVVY policy. If you compare it with the FDs of banks now, then LIC’s policy is better because most of the leading banks are giving interest at the rate of about 6.5 percent on FD schemes of 1-10 years duration. Under the Pradhan Mantri Vaya Vandana Yojana, there is an option to choose annual, half yearly, quarterly or monthly pension and depending on this, the interest rate can be 7.4 to 7.6 percent per annum.
The monthly interest rate on this scheme is 7.40 percent. The quarterly interest rate is 7.45 percent, half yearly 7.52 and the annual interest rate is 7.66 percent.
lump sum investment plan
Under the Pradhan Mantri Vaya Vandana Yojana, the lump sum amount is deposited for 10 years and in this one can choose monthly, quarterly, half yearly or yearly option for pension. The amount that is invested is the purchase price of the policy. You can invest a maximum of Rs 15 lakh in this scheme. With an investment of Rs 15 lakh, a pension of Rs 9250 can be obtained every month. One can invest in this scheme after 60 years
If both husband and wife are above 60 years (minimum age to buy the policy), then by taking two policies of Rs.15 lakh each, a pension of Rs.18,500 per month can be obtained for 10 years.
Benefits of PMVVY
One can invest in Pradhan Mantri Vaya Vandana Scheme even after 60 years. No medical examination is required for this scheme. If the investor dies in the middle of the plan, then the nominee will get the full amount back. There is also a facility to take loan after three years in the scheme. In case of emergency, you can withdraw money even before the maturity of the plan.