New Pension Plan – Under new pension plan Pradhan Mantri Vaya Vandana Yojana, the beneficiary will get monthly pension. Life Insurance Corporation of India is managing this scheme. People aged 60 years and above can opt for this new pension plan.
PMVVY – This new pension plan brings hope to the people!
In order to invest a maximum of Rs.15 lakh in this scheme, both the husband and wife has to cross the age of 60. Earlier the investment limit was Rs7.5 lakh.
Under this scheme, investors will get 7.4% annual interest. If you invest Rs.8,10,812 then you will get a monthly pension of Rs.5000.
|Types of pension||Monthly, quarterly, half-yearly, yearly|
This policy provides the facility of termination of the policy before maturity under certain circumstances where the pensioner needs the money for critical illness. In that case, the return money will be 98% of the purchase price.
In case of suicide there will be no money deducted. In that circumstances, full purchase price will be refunded.
Pension is available in this scheme from Rs 1,000 – Rs 9,250 at an interest rate of 7.4% per annum. All the people in India above 60 years of age can invest up to Rs.15 lakh in this scheme before March 31, 2023.
The monthly pension depends on this investment amount. As per this scheme, citizens are given a pension of Rs 1000 – 9250 per month.
Written and edited by Rajeshwari.