The government has launched a pension scheme for senior citizens with assured return of 8%, known as Pradhan Mantri Vaya Vandana Yojna (PMVVY). The scheme was earlier announced in the union budget 2017-18.
The scheme is open to senior citizens aged 60 years and above. It can be purchased through the LIC of India. The scheme can be purchased by making a one time payment. The scheme is available till May 3, 2018.
During the period of 10 years, the pension can be received as – monthly, quarterly, half-yearly or yearly, as desired by the pensioner.
THE INVESTMENT SCHEME
|Periodicity||Minimum investment||Maximum investment||Minimum pension||Maximum pension|
|Quarterly||1,49,068||7, 45, 342||3,000||15,000|
Note-7.5 lakh can get you Rs. 5,000=per month pension for 10 years
One can avail a loan up to 75% of the purchase price after 3 years of the policy. The scheme also allows for premature exit for the treatment of any critical illness of the pensioner or spouse.
On the death of the pensioner during the policy period, the purchase price will be paid to the beneficiary. If the pensioner survives to the end of the policy term of 10 years, the purchase price along with the final pension instalment, will be paid to the pensioner.
Source: The Times of India