There is good news for lakhs of pensioners. In fact, preparations are being made to bring them under the purview of the Guaranteed Pension Scheme. For this, they will get the benefit of subsidized pension scheme under PMVVY. Under this pension scheme, they will be provided monthly, quarterly, half-yearly and annual pension.
Earlier the maximum limit under the same scheme was seven and a half lakhs. Which has been increased to Rs 15 lakh. For this, applications can be made both online and offline. Under this, the first installment of pension is made available after 1 year, 6 months, 3 months, 1 month after depositing the amount. On the basis of the same investment, pension of Rs 1000 to Rs 9250 per month is provided to the pensioners.
Apart from this, on buying a policy of Rs 15 lakh, pensioners will get a monthly pension of Rs 9250 for 10 years. The scheme will provide an annual pension of Rs 1,11,000 for a purchase price of Rs 14,49,086.
Age Range
As per the information, senior citizens of 60 years and above can buy PMVVY scheme. There is no upper age limit to buy this plan.
think of it as
- If you subscribe to the scheme for a monthly pension of Rs 9250 by paying Rs 15 lakh, then in 10 years the plan will return Rs 9250 x 12 x 10 = Rs 1,110,000 as monthly pension.
- If you survive the policy term of 10 years then the original purchase price of Rs 15 lakh will also be returned.
Plan Term and Payment
- The duration of this scheme for senior citizens is 10 years.
- The scheme is a social security scheme and pension scheme
- Pension under PMVVY can be paid on monthly/quarterly/half yearly or yearly basis depending upon the mode chosen by the buyer.
- It has been introduced by the Government of India. Although it is operated by Life Insurance Corporation of India (LIC).
- The first installment of pension under PMVVY starts after 1 year, 6 months, 3 months or 1 month from the date of purchase of the scheme.
- PMVVY provides pension, death benefit and maturity benefit.
- Depending on the pension mode chosen by the subscriber, PMVVY provides pension for a policy term of 10 years.
- In case of death of the pensioner during the policy term of 10 years, the purchase price of the policy is returned to the beneficiary.
- If the subscriber survives the policy term of 10 years then the purchase price along with the last installment is refunded.
Rate of interest
- The interest rate applicable on the scheme will be 7.40% per annum payable monthly
- This assured interest rate will be payable for the full policy term of 10 years for all policies purchased up to March 31, 2023.
