Pension Scheme: As people approach their retirement age, the concern about their financial stability and sustenance after retirement becomes paramount. While the source of income ends, the expenses remain the same or even increase. To address this concern, the government has been launching various pension schemes to provide social security to senior citizens. One such scheme is the Pradhan Mantri Vaya Vandana Yojana, which is only available for investment until March 31, 2023.
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Launched by the Life Insurance Corporation of India (LIC) on May 4, 2017, the Pradhan Mantri Vaya Vandana Yojana is designed specifically for senior citizens. The scheme will be closed in the financial year 2023-24, and investors can receive a pension of Rs 18,500 every month. The maximum investment limit for this scheme is Rs 15 lakh, and investors can invest in it for a total of 10 years. The invested amount is safe, and LIC will return the principal amount after maturity. The scheme also offers the flexibility to close the policy early.
The pension facility is available according to the amount invested, and investors can choose the withdrawal of pension according to their needs. The scheme allows investors to receive a pension on a monthly, quarterly, half-yearly, or yearly basis. Investors do not need to undergo any medical tests to take advantage of this scheme.
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If an investor suffers from a serious illness, they can withdraw money before maturity. They can also withdraw money for their spouse or take a loan on the policy after three years of purchasing the policy. In the event of the policyholder’s death before the scheme’s maturity, the invested amount will be given to the nominee.
One of the special features of this scheme is that both spouses can invest in it. Together, they can invest up to Rs 30 lakh, and they will receive a pension of Rs 9,250 every month on an investment of Rs 15 lakh. If both spouses invest in the scheme, they will receive a pension of Rs 18,500 every month. The application for this scheme can be submitted by visiting the official website or a branch of LIC. Only people above 60 years can invest in it.
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