The scheme on which we will discuss is pradhan mantri vyay vandan yojna(PMVVY). It is amended, after amendment it has become more eye catchy and attractive. Recently, it is seen that government of India has introduced many schemes which are beneficial to every senior citizen of the society who got retired from the job and not working now. This scheme is one of the most appreciated schemes among all. It will not only provide you pension but also will provide loan at the time of need. The most effective thing in this scheme is that it will cover all the class of the society but especially for the middle class section. This is one of the highly recommended schemes for the society. Let us see it in detail.
Life Insurance Corporation of India (LIC) has revealed the scheme with some amendment. It will be available publicly from Tuesday. In this scheme government provide subsidy. In this amendment the government has amended regarding the age of 60 and above.
What will be the interest rate
The government has trying to give more benefits to the pensioner of the society. The maturity period of the scheme will be 10 years. The interest rate will be 7.40%. The interest will be given on the monthly basis. So when it will be calculated it will give you a benefit of 7.66% in year. The schemes which will be sold after 31 March 2021, the calculation of the rate will be redefined at that time. So, after this amendment the scheme has got more popularity and attractive. This is for the 1st time any scheme is made for the retired people.
What you will get in pension
The schemes is divided among 4 categories i.e., monthly, quarterly (3 months), half yearly (6 months), and annually (12 months). This scheme will provide pension of Rs. 9,250 if you are willing to get per months. 27,750 for 3 months, 55,500 for 6 months and 1,10,000 for one year or 12 months. The customer can buy the scheme paying at a time. So, the scheme is very attractive for those who are looking for this after retirement.
Prices for the scheme
The minimum buying price is Rs. 1,44, 578 and maximum price will be Rs. 14,45,783 for the yearly pensioner scheme. But if you are will to get monthly pension then the scheme will start from 1.5 lakhs and up to Rs. 15 lakhs. When one get retire he get some good money at a time. If you want to utilize this money to make it bigger, then the scheme is quite beneficial for you.
How can you get this scheme
This can be got from online as well as LIC office in your near areas by offline mode. As earlier the government of India announced that the scheme (PMVVY) is extended for 3 years. The scheme is in full control of LIC, so LIC decided to provide this facility for everyone who wants to avail this scheme. The LIC has announced that the scheme will be available for buying up to 3 years i.e., 2023.
What about the loan facility
When the scheme completed its 3 years, then you will be allowed to take a loan up 75% of the scheme. But, for this the 3 years term must be completed.
Can it be terminated in any cost
Yes, if the customer is suffering from the any vital disease then it he could terminate the policy with 98% money back. The 2% will be deducted as the service charge. Also if the customer unfortunately dies during the period then the money will be given to the nominee.
So, here is everything about the scheme in detail. It may depend on the customer who had interest in buying this money. If you have retirement money and you had not invested them anywhere then this could be a very good idea for investment as you can get good benefit. I hope this has cleared your all doubts and questions regarding this scheme. Please mention your suggestion if you have any.