The government has started this special scheme to make senior citizens financially strong, in which they will get Rs 18,300 every month, but for this they will have to fill this form by March 31.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens launched by the Central Government. This scheme provides the security of guaranteed returns every month to the investors. It is being run through the Life Insurance Corporation of India. However, the deadline for this scheme is March 31 and LIC has not taken any decision on extending it.
The amount of pension received under this scheme depends on the amount invested. One can get pension ranging from Rs 1,000 to Rs 9,250. If both husband and wife invest in this scheme, then they can get a pension of Rs 18,300. The amount invested in this scheme earns interest at the rate of 7.4 per cent.
Last chance to take advantage
The investment limit in the scheme ranges from Rs 1.5 lakh to Rs 15 lakh and money can be invested in this scheme for a total of 10 years. Pension can be received monthly, quarterly, half-yearly or annually. The scheme will close from April 1, so this is the last chance for investors to take advantage of it.
How to invest in the scheme?
Investors can invest in Pradhan Mantri Vaya Vandana Yojana both online and offline. They can visit any LIC branch to invest it offline, or they can also invest online by visiting LIC’s website. In case of death of the investor before the maturity of the scheme, the money will be given to the nominee.