Know the complete details of this senior citizens' retirement scheme.
Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens aged 60 years or more.
The maximum investment limit under this scheme operated by Life Insurance is Rs 15 lakh per senior citizen.
Currently, Pradhan Mantri Vaya Vandana Yojana offers a guaranteed return of 7.4%.
In Pradhan Mantri Vaya Vandana Yojana, the pension is paid on a monthly, quarterly, half-yearly, or yearly basis.
Minimum Pension Amount: ₹1,000/- per month ₹3,000/- per quarter ₹6,000/- per half year ₹12,000/- per year
Maximum Pension Amount: ₹10,000/- per month ₹30,000/- per quarter ₹60,000/- per half-year ₹1,20,000/- per year
On completion of the policy term of 10 years, the full basic amount including the final pension and purchase price will be paid.
Loan up to 75% of the purchase price of the Pradhan Mantri Vaya Vandana Yojana policy can be availed after three years.
If not satisfied with the policy the policyholder can return the policy to LIC within 15 days from the date of receipt of the policy