The Central Government is coming up with good news for senior citizens. According to which the senior citizen can invest up to 15 lakh rupees under Prime Minister Vyand Vandana Yojana (PMVVY). This will give them Rs. The way to get 10,000 pensions is cleared. Apart from this, the last date for becoming a member of this scheme has also been increased from 4th May 2018 to 31st March 2020, that is, senior citizen will now be able to become a member of this extended date.
The investment limit in this scheme is Rs. Made 7.5 lakhs. This decision has been taken after approval of the Cabinet. Law Minister Ravi Shankar Prasad has confirmed it. According to them, the investment limit is Rs. Rs 7.5 lakh to Rs. 15 lakhs will increase the cover of social security of senior citizens.
The Center has taken this step with the objective of increasing social security. PMVVY is running the Indian Life Insurance Corporation (LIC). Its aim is to provide social security to people over 60 years of age. According to the government, the plan was adopted by 2.23 lakh senior citizens till March 2018. Earlier, senior pension insurance scheme was in progress, out of which 3.11 lakh senior citizens were registered.
PMVVY means ..
Under this scheme, pensioners receive pension upto 10 lakhs in the form of 8% return. Senior citizen takes a pension on a monthly, quarterly, half yearly or annual basis. Not only that, the government recovers due to less than 8% return.
What to do to take advantage?
Finance Minister Arun Jaitley introduced the pension scheme in 2017. This product can be subscribed online as well as online. This scheme has been relieved from the GST. After 3 years of taking the pension, the purchase value can be taken up to 75% of the purchase value to meet the needs of the case. Purchase value will be handed over to beneficiaries in case of death of pensioners during the policy term. Meanwhile, the LIC will pay the cost of subsidy to the government as subsidy.