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Scheme: In the Prime Minister Vaya Vandana Yojana, you can get a monthly pension of upto 10 thousand rupees by paying a lump sum

Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been implemented for senior citizens. In a way, it is a pension scheme for citizens 60 years and above. It can be purchased by paying a lump sum. The period to invest in it is till 31 March 2020. Under this scheme, senior citizens are opted for monthly pension option with a guarantee of at least 8 percent for 10 years. If you opt for the annual pension then for 10 years you will get an amount of 8.3% back. The scheme is exempted from GST.

Government joined hands with LIC for the scheme

  • Can invest up to 15 lakh rupees:The senior citizens do not have to wander much, they can understand the process easily, so this scheme has been implemented in collaboration with LIC. The scheme provides a major relief to retired people who depend on pension for their basic expenses. A maximum of Rs 15 lakhs can be invested in it. On 15 lakhs, you will get a pension of 10 thousand rupees every month.

Important things related to the scheme

  • Income Tax: Under Section 80-C of Income Tax Act 1961, the amount deposited in this scheme is completely tax free. However, the policy holder will have to pay income tax on the interest received from the deposited amount.
  • Criteria of interest: If you want to raise pension every month, then 8 percent interest will be available. If you want to raise the entire amount of pension once in a year, the same interest will increase to 8.3 percent.
  • Spouse Scheme: The investment limit in the scheme is per senior citizen and not per family. If the husband and wife want, then both can invest 30 lakh rupees.
  • Payment option: The term of the policy is 10 years. You have the option of whether you want pension every month, quarterly, half-yearly or yearly payments.
  • Medical examination not necessary: ​​No policy holder needs medical examination to get benefits under this scheme.
  • Understand from this example: You invested 1 lakh 50 thousand rupees in this scheme and you want that you get pension amount every month. In this case, you will get 1,000 rupees a month. That means 12 thousand rupees in a year. However, if you want an annual pension, then you get Rs 12,450 every year. Will meet.
  • When will the deposit be received: After 10 years of investing in the scheme, the deposit is also returned along with the final payment of pension. If the person receiving the pension dies within 10 years of purchasing the plan, the purchase price (deposit amount) is refunded to the designated person.

Which documents will be needed?

  • To invest in Pradhan Mantri Vaya Vandana Yojana, you will have to submit the following documents along with the form. Copy of PAN card, address proof copy (Aadhaar, passport etc.), copy of check or first page copy of bank passbook so that pension money can be brought to your account.
  • For more information related to the scheme, you can call the phone number 022-67819281 or 022-67819290. LIC has also issued a toll free number for this. You can get information related to this scheme by calling the number 1800-227-717.

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