New Delhi: Life Insurance Corporation of India, LIC, the platform where native citizens park their money to get good returns. The insurance behemoth offers a slew of policies. Some of them offered a lump-sum amount and some gave a pension as a return. Pradhan Mantri Vandana Vyay Yojana is one such plan of LIC, which offers pensions to investors.
But, did you know that the government sets a deadline to invest in the scheme? And the deadline is approaching rapidly! Continue reading to know about the last date to make the investment, the benefits of PM Vandana Vyay Yojana, the return calculator, policy terms, and premium charts along with other details.
What is LIC Pradhan Mantri Vandana Vyay yojana (PMVVY)?
The scheme is introduced by the government in 2017 and offers older persons financial security and assists them in covering their post-retirement expenses. Natives of 60 years and above can get guaranteed pensions from this scheme.
Last Date To Make Investment In LIC Pradhan Mantri Vandana Vyay Yojana (PMVVY)
Investors can invest in LIC Pradhan Mantri Vandana Vyay Yojana till March 31, 2023. After this, this scheme will close for investment.
Benefits of LIC Pradhan Mantri Vandana Vyay Yojana (PMVVY)
The Government of India bears the differential return, or the difference between the return earned by LIC and the assured return per annum, as a subsidy on an annual basis.
Pension payments are made at the conclusion of each period during the 10-year policy’s life according to the frequency selected by the subscriber at the time of purchase: monthly, quarterly, half-yearly, or annually.
The increase in the investment threshold from Rs 7.5 lakhs to Rs 15 lakhs received an agreement from the Federal Cabinet in 2018, which is presided over by Prime Minister Narendra Modi.
LIC Pradhan Mantri Vandana Vyay Yojana (PMVVY) Return Calculator
The pension may vary as per the investment made. For instance, if investors seek pensions worth Rs 12,000 per year and Rs. 1,62,162/- for a minimum pension of Rs. 1000 per month under the scheme, the minimum investment was also raised to Rs. 1,56,658.
Seniors can invest a lump sum of money in the PMVVY programme and earn a guaranteed income for ten years. Depending on the form of pension payment selected (monthly, quarterly, 7.45 percent), half-yearly (7.52 percent), or annually), the fixed pension rates under the system range from 7.40 percent to 7.66 percent per annum.