PMVVY scheme particulars: Senior citizens aged 60 or above can subscribe to Pradhan Mantri Vaya Vandana Yojana (PMVVY) by way of the LIC site on the web. This is an quick pension strategy which can be bought on the web by paying a lump sum quantity. It supplies a stated quantity as pension for the policy term of 10 years. The obtain cost is returned to the subscriber at the finish of 10 years.
Under PMVVY, a senior citizen subscriber can get a month-to-month pension of Rs 9250 for 10 years by getting the strategy for Rs 15 lakh. After the completion of the 10 years, the getting cost of Rs 15 lakh will be returned to the subscriber.
Pension modes
Pension beneath PMVVY is supplied in month-to-month, quarterly and yearly modes. The pension payment beneath this strategy is made at the finish of every single period as per the payment mode selected by the subscriber.
In case month-to-month mode is chosen, pension begins as early as next month.
Last date to apply
Senior citizens can subscribe to PMVVY till 31st March 2023. This strategy can be bought only by resident Indians.
Medical examination
No health-related examination of the subscriber is necessary to subscribe to the scheme.
Loan facility
Loan facility is offered beneath the strategy following the completion of 3 years. The maximum loan supplied will be 75% of the obtain cost.
Minimum and maximum obtain cost and pension
Under PMVVY, the minimum obtain cost for a month-to-month pension is Rs 1,62,162. This will prove a month-to-month pension of Rs 1000 per month even though the subscription quantity will be returned following 10 years.
The maximum obtain cost for month-to-month pension beneath PMVVY is Rs 15 lakh. This will make certain a month-to-month pension of Rs 9250 for 10 years even though the original subscription quantity will be returned following 10 years.
There are a number of other cost possibilities (see beneath). It ought to be noted that the payment alternative when selected can not be altered.
How to get
You can obtain the PMVVY strategy on the web on the LIC site.