The Pradhan Mantri Vay Vandan Yojana (PMVVY) for senior citizens has been re-launched by the Life Insurance Corporation of India (LIC) after the Modi government discontinued it on March 31, 2020. Which will continue until March 2023.
Many changes have been made to the plan. The interest rate, investment and pension amount of the scheme have also been changed. The first installment of pension is received after 1 year of investment. The maturity of the scheme is 10 years. This will include a guaranteed return of 7.40 per cent in the first year.
Up to 12 thousand rupees is being received as pension. Benefits can be availed after the age of 60 years. Under the scheme, about Rs 15.66 lakh per annum for a pension of Rs 12,000 and Rs 1,000 per month for a minimum pension of Rs 1,000. 1.62 lakh has to be invested.
A fixed bank account by selecting the date and the investor can opt for the pension option if desired. If you want a monthly, quarterly, half-yearly or annual pension, the option can be chosen. After choosing 6 months or annual option, you will get unit pension after 6 or 12 months respectively.
LIC has the monopoly to run the scheme. It can be purchased offline as well as online from the LIC website.