The Union Cabinet has extended the date of “Pradhan Mantri Vaya Vandana Yojana (PMVVY)”, a pension scheme for people over 60, for a period of three years. The social security scheme for the elderly will be valid until March 2023. The government has set its annual rate of return at 7.4% for the 2020-2021 fiscal year. The government has allowed the interest rate to be reset every year, according to an official statement. Launched in 2017, Pradhan Mantri Vaya Vandana Yojana (PMVVY) offers a guaranteed pension payment to seniors every month. The program can be purchased offline and online through Life Insurance Corp. of India. Seniors have until March 31 to invest in Pradhan Mantri Vaya Vandana Yojana, which offers a higher return than any bank.

Anyone aged 60 or above can take advantage of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) program. There is no entry age. You can invest a maximum amount of Rs.15 lakh as part of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) program.

The term of the policy is set at 10 years, you can purchase the PMVVY program from Life Insurance Corp. of India. This pension plan is available in offline and online mode. You can visit the nearest LIC agency or connect to the official LIC website to purchase this annuity plan. An insured can return the policy within 15 days of purchase. If the policy is purchased online, the free consultation period is 30 days.

The scheme offers an assured return of 7.4% per year for the financial year 2020-21. Seniors can receive a minimum pension of Rs 1,000 per month, depending on the amount invested in the plan. The maximum pension amount is limited to ₹ 10,000 per month. The minimum investment has also been revised to Rs 1.56,658 for a pension of Rs 12,000 per year and Rs 1.62,162 to obtain a minimum pension amount of ₹ 1000 per month according to the plan, according to the official press release. The insured will receive a pension amount based on the premium granted by an individual.

The Cabinet has implemented “an annual reinstatement of the guaranteed interest rate from April 1 of the fiscal year, in accordance with the revised rate of return of the Savings Plan for Seniors (SCSS) within the limit of 7.75 %, with a new evaluation of the plan at any time exceeding this threshold “, according to the press release. The elderly have the possibility of obtaining the pension in four ways: monthly, quarterly, semi-annually and annually. The first pension payment is made after one year, six months, three months or one month from the date of purchase, depending on the method of payment of the pension. Payment of the pension is made via the NEFT payment system or activated by Aadhaar.

Anyone can apply for loans after three years. The maximum loan that can be granted is 75% of the purchase price. The interest on the loan will be recovered with the payment of the pension which is made via the NEFT or Aadhaar payment system. If the retiree dies during the term of the contract, the benefits will be transferred to the candidates.

An insured person can return the policy within 15 days of purchase. If the policy is purchased online, the free consultation period is 30 days. The Pradhan Mantri Vaya Vandana Yojana (PMVVY) regime does not provide for tax deduction under section 80C of the Income Tax Act. Returns from this scheme will be taxed in accordance with current tax laws. The plan is exempt from the Goods and Services Tax (GST).

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