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Pradhan Mantri Vaya Vandana Yojana: All You Need To Know

By: Business Desk

Local News Desk

Last Updated: November 28, 2022, 12:12 IST

Delhi, India

The Government of India introduced the social security programme, and the Life Insurance Corporation of India is in charge of its administration (LIC).

The Government of India introduced the social security programme, and the Life Insurance Corporation of India is in charge of its administration (LIC).

Couples must be older than 60 to participate in the plan. They are permitted to invest up to Rs. 15 lakh.

Since most individuals wish to live high-quality lives that need costly endeavours, one needs to create an effective financial strategy to save money. Here are the specifics of one of the government programmes, where you can invest your money and receive safe returns. Let’s examine the benefits of investing in this plan.

The central government is in charge of managing the Pradhan Mantri Vaya Vandana Yojana. Married couples are entitled to a guaranteed monthly pension under this. Couples must be older than 60 to participate in the plan. On May 26, 2020, the federal government launched this programme. Couples have until March 31, 2023, to invest.

The Government of India introduced the social security programme, and the Life Insurance Corporation of India is in charge of its administration (LIC). They are permitted to invest up to Rs. 15 lakh. The investment cap was initially Rs 7.5 lakh.

Couples must each contribute Rs. 8,10,811. It implies that the total investment will be Rs 16, 21, 622. Here, a 7.40% yearly interest rate is being given. There is a clause that guarantees you a monthly pension of 10,000 rupees.

A single investor in this social security plan would receive a monthly pension of Rs 5,000 and an investment of Rs 8,11,811 in return. The 10-year maturity time for this plan. You will receive a refund after the policy’s term has ended.

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first published:November 28, 2022, 12:12 IST
last updated:November 28, 2022, 12:12 IST
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