The government is running several schemes to social security and to make people financially strong. You can financially secure by investing in these schemes. Many people often worry about their retirement. Through the Pradhan Mantri Vaya Vandana Yojana (PMVVY), they can get rid of this tention. Retirement can be secured by investing in this scheme.
What is Pradhan Mantri Vaya Vandana Yojana?
Senior citizens can get pension by investing in this scheme. A maximum of Rs. 15 lakh can be invested in it. But both husband and wife are over 60 years of age so they both can get benefit from the scheme. You can invest in it for a maximum of ten years. You can also avail the loan facility after 3 years. The scheme was launched in 2017. This central government's scheme is handled by LIC.
To whom the money is given after the death of pensioners?
After completion of 10 years term of the policy, pension is also given to the pensioner along with the amount deposited. But if the pensioner dies in between, the deposit is refunded to the nominee from him. The deposit is also refunded in case the pensioner suicide.
How to Investment
You have to visit LIC's official website or LIC office to make investments in this scheme. You can also contact to Lic agent for the same. Here, the policy can also be returned. A time of 15 days is given for buying insurance offline and 1 month for buying online.
What are the plans in this?
This is a onetime investment scheme. If a person invests Rs. 1,62,162, he will get a pension of Rs. 1,000 per month for 10 years. On the other hand, investing Rs 15 lakh will get Rs 9,250 per month. It has to be noted that once the payment option is selected, it cannot be changed.