Prime Minister Vaya Vandana Yojana has announced an updated scheme for senior citizens to get a pension scheme. The ‘ Prime Minister Vaya Vandana Yojana ‘ (PMVYY) scheme is being implemented through Life Insurance Corporation (LIC). Anyone over 60 years of age, can invest in the policy for a period of 10 years. The investor can invest the pension amount in multiple options – monthly, quarterly, half yearly or annually. The maximum amount that can be invested under this scheme is Rs 15 lakh. Till March 31, 2021, there will be an assured gain of 7.4 percent per month.
The amount invested in this scheme will be refunded to the investor upon expiration of the tenure. In the event of the death of the investor, the amount will be paid to the heir. After three years of starting the scheme, investors have the option of availing loan worth 75% of the amount invested. The policy can be purchased online or offline till 31st March 2023.