The government has started Pradhan Mantri Vaya Vandana Yojana (PMVVY) for citizens of 60 and above, which you can buy online from LIC’s website. It is an immediate pension plan that can be purchased online by paying the entire amount in one go. It provides pension for a policy term of 10 years. The special thing is that the money (purchase price) of the scheme is returned after 10 years.
Under the PMVVY scheme, senior citizens get a pension of Rs 9250 every month by investing Rs 15 lakh. Not only this, on completion of 10 years, the entire money of the scheme i.e. Rs 15 lakh is returned.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) has the facility of monthly, quarterly and yearly pension mode. The payment is made to the subscriber under the payment mode chosen by him. If one has selected monthly mode, then pension starts the next month. Senior citizens can subscribe till 31 March 2023. Only Indian citizens living in the country can take advantage of this scheme.
Medical examination & loan facility
The subscriber does not need any medical examination for the PMVVY scheme. There is also a loan facility on completion of three years of the scheme. In this, a loan can be taken up to 75 percent of the purchase price.
Minimum and maximum price plans (Minimum, maximum purchase price and pension)
In this, Rs 1,62,162 will have to be invested for a monthly pension of Rs 1000. In this scheme, a monthly pension of Rs 9250 will be available for 10 years on maximum investment of Rs 15 lakh. At the same time, the entire amount invested is returned after 10 years. There are many options of pension plan in this, but once selected, the payment option cannot be changed.
How to buy
You can buy it online from LIC’s website
