Get monthly pension of Rs 9,250 for 10 years by subscribing to this scheme before March 31

If you are looking for a pension plan that can make the golden years of your life more enjoyable and relaxing, you should check the Pradhan Mantri Vaya Vandana Yojana (PMVVY) of the Life Insurance Corporation of India (LIC). This is the most popular pension programme for elderly individuals who want to earn a pension benefit in the later years of their life.

Those who want to make a better investment than fixed deposits should act now as the policy will be offered only till March 31, 2022.

It is important to note that the fixed rates of pension for policies sold throughout the year will be reviewed and approved by the Ministry of Finance, Government of India, at the beginning of every year.

If you purchase the policy before March 31, 2022, you will get a guaranteed pension of 7.40 percent per annum which is payable monthly for a time span of ten years.

As mentioned on the official website of LIC, “The Scheme shall provide an assured pension of 7.40 per cent p.a. payable monthly” for the financial year 2021-2022.

“This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2022”, the website states.

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Know about the eligibility and benefits of the PMVVY

1. If you survive the ten-year policy term, you will get a pension in instalments at the end of each period, based on the option selected.
2. In case the policyholder expires within the policy period of ten years, then the purchase price will be returned to the beneficiary. If the policyholder is alive by the end of the policy period, he/she will get the purchase price and the last pension payment.
3. It is crucial to note that the total contribution amount in this policy scheme is capped at Rs 15 lakh.

For further details, visit the official website of LIC.