This scheme is specially made for senior citizens. The name of this scheme is Pradhan Mantri Vaya Vandana Yojana and this scheme was launched by Life Insurance Corporation of India (LIC) on May 4, 2017. This scheme is going to close in the financial year 2023-24 and investors can get a pension of Rs 18,500 per month.

If you want to invest in this scheme, then the maximum investment limit for this scheme is Rs 15 lakh and investors can invest in it for a total of 10 years. The amount invested is safe, and LIC will return the principal amount after maturity. The plan also provides the facility of early closure of the policy. Pension facility is available according to the amount invested and investors can choose the option of pension withdrawal according to their needs.

Explain that as people approach their retirement age, and after retirement, their financial stability and maintenance concern becomes paramount. Even if the source of income ends, the expenses remain the same or even increase. To address this concern, the government is launching various pension schemes to provide social security to senior citizens. One such scheme is the Pradhan Mantri Vaya Vandana Yojana, which is available for investment only till March 31, 2023.

No need for medical test

This scheme allows investors to receive pension on a monthly, quarterly, half-yearly or yearly basis. To take advantage of this scheme, investors do not need to undergo any kind of medical test. If an investor is suffering from any serious illness, then he can withdraw money before maturity. They can withdraw money for their spouse or take a loan against the policy after three years of purchasing the policy. In case of death of the policyholder before the maturity of the plan, the invested amount will be given to the nominee.

Both husband and wife can invest

One special thing about this scheme is that both husband and wife can invest in it. Together, they can invest up to Rs 30 lakh, and they will get a pension of Rs 9,250 per month for an investment of Rs 15 lakh. If both husband and wife invest in the scheme, they will get a pension of Rs 18,500 every month. Application for this scheme can be submitted by visiting the official website or any branch of LIC. Only people above 60 years can invest in it.

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EPFO has linked all the employees earning more than 15,000 salary to its pension scheme. Under this, 12 percent of the basic salary of an employee is deducted every month as PF. Along with this, the employer company also gives a similar 12 percent share to the employee as PF. This entire amount is deposited in the pension account of EPFO ​​every month. Which is received in the form of pension to the concerned employee at the time of retirement.

PPO number necessary for pension work

The Employees’ Provident Fund Organization (EPFO) allots a 12-digit Pension Payment Order (PPO) to every employee. Which is different for every employee. It is available to every retired employee who is covered by the pension scheme of EPFO. Through this important PPO number, pension status can be easily checked and pension amount can be withdrawn.

How to know PPO number

To know the PPO number, first of all login to the official website of EPFO ​​www.epfindia.gov.in . Then click on Pensioner Portal and after that Welcome Pensioner Portal tab will open. After this, on the right side of the Welcome Pensioner Portal tab, it will be written Know Your PPO Number. Enter your bank account number or your PF number by clicking on Know Your PPO Number.
After this, you will get PPO number, member ID and your pension status immediately.

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