Life Insurance Corporation of India (LIC) has made changes in the Prime Minister’s Vandana Yojana (PMVVY). Recently, the Ministry of Finance has extended the duration of this scheme till 31 March 2023. Under this scheme, the rate of interest is 7.40 per cent per annum.
New Delhi The Prime Minister’s Expenditure Vandana Yojana (PMVVY) of the Central Government is operated by the Life Insurance Corporation of India (LIC). It is a non-linked and non-participating scheme for the elderly aged 60 years or more, subsidized by the central government. Recently, the Ministry of Finance has extended its period for three years to 31 March 2023. During the financial year 2020-21, under this scheme, interest will be given at the rate of 7.40 per cent. Under this pension scheme, a guarantee of pension of about 10 thousand rupees per month for 10 years.
The government has extended the duration of this scheme for the second time
Initially, the Central Government had opened this scheme for a short period, after which it was extended till 31 March 2020. Now once again the period of this scheme has been extended till 31 March 2020. LIC said about this scheme that for the next two financial years, at the beginning of the year, the Finance Ministry will review the Interest Rate on PMVVY and decide it.
The duration of this scheme will be for 10 years. If you want to take advantage of this scheme even after completing 10 years, then you will have to buy this scheme again. If the pensioner survives for 10 years of this scheme, arrears will be given at the end of whichever pension period is chosen.
Benefit of Death Benefit also,
if the pensioner dies before the completion of the term of this scheme, the purchase amount will be returned to the beneficiary. At the same time, after the completion of this policy term, the pensioner remains alive, then for this, they will be given the purchase amount of this policy along with the final pension installment.
What is the qualification?
Any senior snake of 60 years and above can take benefit of this central government scheme. There is no maximum age limit for this scheme.
>> This scheme can be purchased online or offline from LIC.
>> In the current financial year, the interest rate on this scheme will be 7.40% per annum. In such a situation, if you invest this year, then you will get interest at the rate of 7.40 percent every year.
>>In this you will have the option to receive pension on monthly, quarterly, half yearly or yearly basis. You can choose the right option according to your need.
>> Based on the amount invested in this scheme, senior citizens can get a pension of at least 1 thousand rupees every month. However, you also have to note that the maximum pension per month under this scheme will be Rs 9,250.
Loan is also available
In this case, premature withdrawal is also available in certain cases. The person availing this scheme or their spouse gets this facility for any serious illness. However, in such cases only the 98% surrender value of the purchase price is refunded. The special feature of this scheme is that after three years, the facility of loan is also available. The loan amount cannot exceed 75 percent of the purchase price.