Modi Govt PMVVY Scheme : The last date to buy the Pradhan Mantri Vaya Vandana Yojana (Pradhan Mantri Vaya Vandana Yojana) i.e. LIC PMVVY (Plan No. 856) run by the Modi government is 31 March 2023. In the 2023 budget, if the central government does not decide to extend the last date for subscribing to the LIC PMVVY scheme, then this pension scheme will not be able to be subscribed in the new financial year starting from April 1, 2023.
LIC PMVVY: Senior Citizen gets the benefit of monthly pension
Pradhan Mantri Vaya Vandana Yojana is for senior citizen investors. The Pradhan Mantri Vaya Vandana Yojana, sold by the insurance company LIC and run by the central government, is for citizens who have crossed the age of 60 years. Senior citizens investing in this get guaranteed monthly pension. The government led by PM Narendra Modi amended the PMVVY scheme in 2020. On 26 May 2020, the Pradhan Mantri Vaya Vandana Yojana (LIC PMVVY) was launched afresh by the government led by Prime Minister Narendra Modi.
LIC PMVVY: Full investment is received after 10 years
The last chance to subscribe to the special scheme that guarantees monthly pension is 31 March 2023. The interest on this scheme is fixed at 7.40% per annum, on the basis of interest income on the investment amount, investors get the benefit of monthly pension. Married couple i.e. both husband and wife can take advantage of this LIC PMVVY after the age of 60. If both husband and wife invest Rs 15 lakh each in this scheme, then they will get an annual interest income of Rs 2,22,000 on Rs 30 lakh at the fixed rate of interest. On this basis, every month Rs 18500 will come in his house as monthly pension. If only one person invests 15 lakhs in this scheme, then he gets the benefit of interest income on the investment of about Rs 1,11,000 annually. On this basis, the person gets income in the form of monthly pension of Rs.9250. The most important thing about the PMVVY scheme is that after 10 years the investor gets back the entire investment amount.
TAGS – Financial Planning – LIC -Narendra Modi -Pension
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