Senior Citizens to get Fund under PM Vandan Scheme
Senior citizens nationwide have a limited time to enroll in the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
Managed by the Life Insurance Corporation (LIC), this scheme is exclusively available to citizens aged 60 and above.
By investing a lump sum of Rs 15 lakh in this program, senior citizens can start receiving monthly, quarterly, half-yearly, or annual pension payments immediately.
The PMVVY will only be available until March 31, 2023.
According to LIC’s official website, the PMVVY is open to all individuals who have reached the age of 60 or above, without any upper age limit for investment.
Upon investing, the first pension installment will be received after one month, three months, six months, or one year, depending on the subscriber’s chosen mode of pension.
The selected mode will continue throughout the 10-year policy period.
In the unfortunate event of the pensioner’s demise during the policy term, the invested amount will be returned to the beneficiary.
If the pensioner survives until the end of the policy term, both the invested amount and the final pension will be paid to the investor.
For policies purchased until March 31, 2023, the annual interest rate will be 7.4%, with monthly pension payments.
The minimum monthly pension under the PMVVY is Rs 1,000, while the maximum amount can reach Rs 9,250.
The minimum investment amounts for monthly, quarterly, half-yearly, and annual pensions are Rs 1,62,162, Rs 1,61,074, Rs 1,59,574, and Rs 1,56,658, respectively.
Investors can contribute a maximum of Rs 15,00,000 to receive monthly pension payments.
For quarterly pension, the maximum investment amount is Rs 14,89,933, for half-yearly pension it is Rs 14,76,064, and for annual pension it is Rs 14,49,086.
It is important to note that no senior citizen can invest more than Rs 15,00,000 in this scheme.
Policy surrender is allowed at any time during the plan’s entire term.
Next Story :
-
Telangana Achieves Rare National Record In Paddy Production
![Telangana Achieves Rare National Record In Paddy Production]()
Telangana has achieved a rare national milestone in paddy production during the Kharif season, recording an exceptional yield of 153 lakh metric tonnes across 66.77 lakh acres. This production level is unparalleled, both in the history of undivided Andhra Pradesh and in the post-formation years of Telangana.
-
Hyderabad Task Force Arrested Eight People Selling Adulterated Ginger Garlic Paste
![Hyderabad Task Force Arrested Eight People Selling Adulterated Ginger Garlic Paste]()
The Hyderabad Commissioner’s Task Force (North) team caught eight persons who were allegedly preparing adulterated ginger garlic paste and selling it in the market. The sleuths seized huge quantities of garlic, ginger, boxes, garlic ginger paste and other articles from them.
-
Bahubali Main Gate At Telangana Secretariat Removed
![Bahubali Main Gate At Telangana Secretariat Removed]()
The Bahubali main gate (main entrance) at the Secretariat has been removed, leaving many people surprised. The main entrance passage at the Secretariat was blocked with blue tin sheets on Sunday.
-
Onion Prices Surge To Rs. 80 Per Kg In Hyderabad
![Onion Prices Surge To Rs. 80 Per Kg In Hyderabad]()
Onions are back to bring tears to the eyes of consumers with their prices. The prices of onion have again hit the roof, with a kilogram of the edible bulb sold at Rs. 80 in retail markets across the city. The prices which until a week ago hovered between Rs. 30 and Rs. 40 a…
-
Mid Manair Project Oustees To Get 4,696 Houses Under Indiramma Housing Scheme
![Mid Manair Project Oustees To Get 4,696 Houses Under Indiramma Housing Scheme]()
The Telangana government has allotted 4,696 houses to the Project Displaced Families (PDF) under the Mid Manair Reservoir with Rs. 5 lakh under the Indiramma Indlu scheme.
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page and Twitter and Instagram. For all the latest Hyderabad News updates
