Benefits of PMVVY LIC Pension Scheme. A government-funded pension programme for seniors 60 years of age and above, PMVVY is managed by LIC. Senior individuals who purchase the plan and pay a lump payment of up to Rs 15 lakh will receive an immediate monthly, quarterly, half-yearly, or annual pension. PMVVY will continue to be sold until March 31, 2023.
Here are the details about the PMVVY eligibility, Term, benefits, Payment Mode, and etc:
The PMVVY scheme is available to elderly residents of India who are 60 years (completed) or older, according to the LIC website.
PMVVY Scheme Term
This senior citizens’ programme has a ten-year lifespan.
PMVVY Pension Payment Mode
Depending on the payment option selected by the buyer, the pension under PMVVY may be paid monthly, quarterly, half-yearly, or annually.
Pension, death, and maturity benefits are all offered by PMVVY. PMVVY offers a pension for the 10-year insurance period.
PMVVY Interest Rate
The interest rate that will apply to plans bought up until March 31, 2023 will be 7.40% annually, payable on a monthly basis (equal to 7.66% annually). For all insurance acquired through March 31, 2023, this guaranteed rate of interest will be paid for the entire 10-year policy term.
PMVVY Minimum and Maximum Pension
The PMVVY allows for a minimum monthly pension of Rs 1000 and a maximum monthly pension of Rs 9250.
PMVVY Purchase Price
For monthly pensions, quarterly pensions, half-yearly pensions, and annual pensions, the minimum purchase price under the scheme is Rs 1,62,162, Rs 1,61,074, and Rs 1,56,658 respectively.
The scheme’s maximum purchase price for monthly pension is Rs 15 lakh, quarterly pension is Rs 14,89,933, and half-yearly pension is Rs 14,76,064 and Rs 14,49,086 for yearly pension.
For the purchase of PMVVY plans, a senior citizen cannot invest more than Rs 15 lakh. Throughout the insurance’s duration, the policy may be cancelled at any time.
A elderly adult will receive a monthly income of Rs 9250 after purchasing the policy for Rs 15 lakh over the course of ten years. For the purchase price of Rs 14,49,086 the plan will offer an annual pension of Rs 1,11,000.
For instance, if you pay Rs 15 lakh to join a pension plan in exchange for a monthly annuity of Rs 9250, the plan will pay you Rs 9250 x 12 x 10 = Rs 1,110,000 per month after 10 years. You will receive your original purchase price of Rs. 15 lakh back if you live out the 10-year policy period.
A minimal pension of Rs 1000/month for 10 years may be confident with the aid of using shopping the scheme for Rs 1,62,162.