Means people will not get this scheme from April 1, 2023, the new financial year. LIC is running Pradhan Mantri Vaya Vandana Yojana (PMVVY). Under the PMVVY scheme, the Government of India provides pension facilities to senior citizens of 60 years of age. The central government led by PM Narendra Modi had revised the PMVVY scheme in 2020.

Maximum investment can be made in PMVVY

Under the Revise PMVVY scheme, senior citizens can currently invest in the policy up to a maximum of Rs 15 lakh. An annual interest of 7.4% is available on purchasing the policy. If you buy a PMVVY policy for Rs 15 lakh, it will pay you 7.4% i.e. a 10 year policy and will give you Rs 1.1 lakh as interest at the end of the year. You can invest a minimum of Rs 1,56,658 in this.

This is the minimum pension

Rs 1,000 per month

Rs 3,000 per quarter

Rs 6,000 per half year

Rs 12,000 per annum

Maximum PMVVY Pension

Rs 9,250 per month

Rs 27,750 per quarter

Rs 55,500 per half year

Rs 1,11,000 per annum

You can invest minimum and maximum

For annual pension, a minimum of Rs 156,658 and a maximum of Rs 14,49,086 can be invested.

For half yearly pension minimum Rs 159,574 while maximum Rs 14,76,064 will have to be invested.

For quarterly pension, you can invest a minimum of Rs 161,074 and a maximum of Rs 14,89,933.

You can invest a minimum of Rs 162,162 and a maximum of Rs 15,00,000 for monthly pension.

Last date to apply in PMVVY scheme

The last date to apply for LIC PMVVY scheme is March 31, 2023.

Should You Apply?

PMVVY is a good scheme for senior citizens to get pension with the option of taking money monthly, quarterly, half-yearly and annually. This scheme gives an interest of 7.4%. Getting money in this scheme starts only after one month of investment. This policy is for 10 years. You get the policy money back after 10 years.

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