Pradhan Mantri Vaya Vandana Yojana : Rs 18,500/Month Pension For Senior Citizens With This Scheme
The plan in discussion is the Pradhan Mantri Vaya Vandana Yojana or PMVVY.
As per this scheme, citizens over the ages of 60 years will have to invest an amount and the senior citizens will be provided with the pension facility on an immediate monthly, quarterly, half-yearly or annual mode.
For more details on the eligibility and the functioning of the PMVVY scheme, continue reading ahead.
PM’s Pension Scheme Vaya Vandana Yojana Details
As per information posted on the website of the state-owned insurance giant Life Insurance Corporation of India (LIC), any Indian citizen above the age of 60 years is eligible to invest in the PM Vaya Vandana Yojan (PMVVY) scheme, wherein they can avail a guaranteed pension benefit per month.
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For a husband and wife together investing money in this scheme, a pension benefit of Rs 18,500 every month can be availed.
The highlight of this scheme is that after a period of 10 years from your investment date, your money will be returned too.
Senior citizens are required to invest a lump sum of Rs 15 lakh as per the scheme, which will be returned after a year, while the benefit amount will continue to getting paid to you every month or at specific intervals as opted by you.
Interested people can invest in the scheme until Mar 31, 2023, meaning only a few months left.
Under this scheme, immediate monthly, quarterly, half-yearly or annual pension facility is given to senior citizens.