LIC PMVVY scheme: Money alert! Earn up to Rs 10,000 per month

If you are a senior citizen then you must know about this scheme which gives you assured returns. This scheme is Pradhan Mantri Vaya Vandana Yojana (PMVVY) and though this scheme you can earn an interest income at the rate of 7.4 per cent per annum. PMVVY is a social security scheme for senior citizens offered by the Life Insurance Corporation of India (LIC). It is intended to give an assured minimum pension to for 10 years based on an assured return on the purchase price/ subscription amount. It also offers a death benefit in the form of return of purchase price to the nominee.  

This policy was open for a short period and was later extended to 31 March 2020. In May 2020, the government decided to further extend it till 31 March 2023.  

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The government decided to extend the scheme giving senior citizens a major relief. While extending the scheme, the government said that rates will be reset every year. 

Eligibility criteria to avail the scheme 

-- The person must have completed 60 years 

-- There is no limit for maximum age 

-- Policy term is 10 years 

-- Minimum pension is Rs 1000 per month while the maximum pension is Rs 10000 per month. 

-- The total amount of pension allowed per senior citizen should not exceed the maximum pension limit. 

-- No medical examination is required to buy this scheme 

-- Last date to subscribe PMVVY is 31 March 2023. 

Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse. Surrender Value payable in such cases is 98% of the Purchase Price. Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.