Life Insurance Corporation of India
Pradhan Mantri Spend Vandana Yojana (PMVVY) is a scheme for senior citizens, under which the option of monthly pension is available. Under this scheme, senior citizens get guaranteed pension at a fixed rate for 10 years.
The Central Government scheme can be availed through the Life Insurance Corporation of India. The scheme earns interest at the rate of 7.40 per cent per annum. So far, about 6.28 lakh people have taken advantage of this scheme of the government. The benefit of 7.40 per cent interest will be given to those who will subscribe to it in the current financial year. Let us know how you can take advantage of this scheme.
For which this scheme of Modi government
To take advantage of this scheme of the central government, the minimum age should be 60 years. Senior citizens above 60 years of age can also participate in this scheme, as there is no maximum age limit in this scheme. Under this scheme, a person can invest a maximum of 15 lakh rupees. The minimum monthly pension under this scheme is Rs 1,000 and the maximum monthly pension is Rs 9,250. The pension payment can be availed on a monthly, quarterly, half-yearly or yearly basis.Also read: Ration Card: This document is very important for ration card, know who and how you can apply
To take advantage of this scheme, the eligible applicant has to fill an application form. Necessary documents have to be given along with this form. This scheme can also be applied online.
Loan is also available
In this case, in some special cases, facility of premature withdrawal is also available. The person enjoying the benefit of this scheme or their spouse gets this facility for any serious illness. However, in such cases only the 98% surrender value of the purchase price is refunded. The special feature of this scheme is that after three years, the facility of loan is also available. The loan amount cannot exceed 75 percent of the purchase price.