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What you need to know about the senior citizen pension plan offered by LIC
Senior citizens only have a few months to sign up for the Pradhan Mantri Vaya Vandana Yojana (PMVVY). It’s a Life Insurance Corporation (LIC)-managed pension scheme for those 60 and older.
Senior individuals who purchase the plan for a lump payment of up to Rs 15 lakh will receive an immediate monthly, quarterly, half-yearly, or annual pension. PMVVY will continue to be available till March 31, 2023.
According to the LIC website, the PMVVY scheme is available to elderly residents of India who are 60 years (completed) or older. There’s no upper age limit to buying the plan.
After one month, three months, six months, or one year from the date of purchase, the first pension instalment begins. Pension, death, and maturity benefits are all covered. For the 10-year policy period, PMVVY offers a pension based on the subscriber selecting pension mode.
If the pensioner survives the 10-year policy term, the pension in arrears will be paid (at the end of each period according to the mode selected).
The purchase price will be returned to the beneficiary if the pensioner passes away within the policy’s 10-year term. The purchase price and final pension payment are payable if the pensioner lives to the end of the policy’s 10-year term.
The interest rate for plans purchased until March 31, 2023, will be 7.40 per cent annually, payable monthly.
The PMVVY allows for a minimum monthly pension of Rs 1,000 and a maximum monthly pension of Rs 9,250. For monthly, quarterly, half-yearly or annual pensions, the minimum purchase price under the scheme is Rs 1,62,162, Rs 1,61,074, Rs 1,59,574 and Rs 1,56,658, respectively.
The scheme’s maximum purchase price for monthly pensions is Rs 15 lakh, quarterly pensions of Rs 14,89,933, half-yearly pensions of Rs 14,76,064, and annual pensions of Rs 14,49,086.
A senior citizen cannot invest more than Rs 15 lakh. Throughout the term, the policy may be surrendered at any time.
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