If you or any of your relatives is a senior citizen then you must know this New Pension Plan, today we will fill you up with this new plan. In this, the principal money remains safe and returns and the person can avail it at regular intervals. The best part of this scheme is that both the husband and wife exceeding the age of 60 can get the guaranteed benefit of pension of Rs 18500 every month. Another best part is that after 10 years your entire investment will also be returned thereafter. This scheme is operated by LIC (Life insurance company).
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme:-
In the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme, the government provides a subsidized pension scheme for citizens exceeding the age of 60 years. This scheme provides the beneficiary (the person getting the pension or pensioner) with immediate monthly, quarterly, half-yearly or annual pension facility. The beneficiary must pay a lump sum of Rs 15 lakh to take advantage of this scheme. (New Pension Plan)
Hurry up! Last date for availing the New Pension Plan is on 31st march 2023:-
Any person of 60 years or above can invest in this scheme within March 31, 2023. This offer is closing soon hurry up and apply ASAP. Now, it’s time take a look at the benefits, eligibility and how much pension senior citizens can get by subscribing to this scheme. (New Pension Plan)
Eligibility criteria for PMVVY scheme:-
According to the LIC website and following it’s notices and announcements concludes that there is no upper age limit to buy this plan. (New Pension Plan)
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Pension Payment and PMVVY Scheme Term:-
Senior citizens can avail it’s benefits for 10 years (duration of this scheme). This scheme provides the beneficiary with the opportunity to choose the Pension payment i.e, monthly/ quarterly/ half yearly or yearly basis. The first installment of pension starts after 1 year, 6 months, 3 months or 1 month from the date of purchase of this plan. For example, if someone opted for monthly mode of pension payment and he/she buys the plan now then the pension cycle will start after 1 month. (New Pension Plan)
Pension Purchase Price of PMVVY scheme:-
The minimum pension allowed PMVVY is Rs 1000 per month while the maximum pension rate is Rs 9250 per month.
The minimum purchase price available under the scheme:-
- Rs 1,62,162 for monthly pension,
- Rs 1,61,074 for quarterly pension,
- Rs 1,59,574 for half yearly pension and
- Rs 1,56,658 for annual pension.
The maximum purchase price available under the scheme is:-
- Rs 15 lakh for monthly pension,
- Rs 14,89,933 for quarterly pension,
- Rs 14,76,064 for half yearly pension and
- Rs 14,49,086 for annual pension.
Interest Rate on PMVVY scheme:-
The Scheme shall provide an assured pension of 7.40% p.a. payable monthly for the financial year 2022-23. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.”
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