Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been started for senior citizens (60 years and above) by Life Insurance Company Limited of India. This pension scheme is non-linked and non-participating and will be available to investors by 31 March 2023.
According to LIC, the scheme has a policy term of 10 years and the suspender can opt for monthly, quarterly, half-yearly or annual pension.
The rate of fixed deposit in banks are constantly fluctuating. In such situation, the scheme can be beneficial to the elderly people. At present, you can get an interest rate of 7.4 percent per annum on the amount deposited under this scheme till 31st March 2021. After this, the rate of interest will be determined later for the Financial Year 2022 - 2023.
The scheme has been started for senior citizens with minimum age of 60 years and above. A maximum amount of Rs 15 lakh can be deposited under this scheme and a maximum pension of Rs 9,250 will be given thereon.
If both husband and wife invest in this scheme, then they will have regular pension of Rs 18,500 per month for 10 years. Under this scheme, monthly, quarterly, half-yearly or yearly pension can be taken.
Direct link to apply
https://onlinesales.licindia.in/eSales/liconline
