Life Insurance Corporation of India (LIC) is the first choice of investors. Recently LIC has launched the Pradhan Mantri Vaya Vandana Yojana, the revised Pradhan Mantri Vaya Vandana Yojana. Under this scheme, financial assistance is provided in the form of pension scheme every month to people above 60 years of age. The central government has extended the deadline of Pradhan Mantri Vaya Vandana Yojana 2020 till 2023. Let us know that the Prime Minister Vay Vandana Yojana was started on 4 May 2017. This scheme is a pension scheme available to senior citizens of the country. Under this scheme, senior citizens get a fixed pension for 10 years, if they opt for monthly pension.
Benefits of Pradhan Mantri Vay Vandana Yojana
Please tell that LIC has revised and re-launched this scheme. It is a non-linked, non-participating pension scheme. A maximum of Rs 15 lakhs can be invested in this scheme. Senior citizens in PMVVY must be at least 60 years or older. The term of the policy will be 10 years.
How much interest will be received
The scheme investor will get an annual interest of 7.66 per cent in the initial year. At the same time, on 1 April every year, the central government will decide its interest rates. Senior citizens get a guaranteed pension at a fixed rate for 10 years under the scheme by opting for a monthly pension option. Apart from this, the deposit is also returned along with the final payment of pension after 10 years.
How to apply for PM Vaya Vandana Yojana
A form has to be filled under the PM Vayana Vandana Scheme. All the documents required with this form have to be attached. For this, a link to www.licindia.in will have to be used. Here you will see the registration option. After clicking on it, the application form will open. Here you have to fill all the information in the form. After this you have to click on submit. In this way your online registration will be completed.