LIC plan: For Rs 15 lakh, Rs 9250/month pension and total cashback after 10 years! Here’s how to buy PMVVY


Representative image

PMVVY scheme details: Senior citizens aged 60 or above can subscribe to Pradhan Mantri Vaya Vandana Yojana (PMVVY) through the LIC website online. This is an immediate pension plan which can be purchased online by paying a lump sum amount. It provides a stated amount as pension for the policy term of 10 years. The purchase price is returned to the subscriber at the end of 10 years.

See also  Israel’s Iron Dome keeps toll of rockets in check

Under PMVVY, a senior citizen subscriber can get a monthly pension of Rs 9250 for 10 years by purchasing the plan for Rs 15 lakh. After the completion of the 10 years, the purchasing price of Rs 15 lakh will be returned to the subscriber.

Pension modes

Pension under PMVVY is provided in monthly, quarterly and yearly modes. The pension payment under this plan is made at the end of each period as per the payment mode chosen by the subscriber.

In case monthly mode is selected, pension starts as early as next month.

Last date to apply

Senior citizens can subscribe to PMVVY till 31st March 2023. This plan can be purchased only by resident Indians.

Medical examination

No medical examination of the subscriber is required to subscribe to the scheme.

Loan facility

Loan facility is available under the plan after the completion of 3 years. The maximum loan provided will be 75% of the purchase price.

Minimum and maximum purchase price and pension

Under PMVVY, the minimum purchase price for a monthly pension is Rs 1,62,162. This will prove a monthly pension of Rs 1000 per month while the subscription amount will be returned after 10 years.

See also  Across the Aisle: One pandemic, many casualties, writes P Chidambaram

The maximum purchase price for monthly pension under PMVVY is Rs 15 lakh. This will ensure a monthly pension of Rs 9250 for 10 years while the original subscription amount will be returned after 10 years.

There are several other price options (see below). It should be noted that the payment option once chosen cannot be altered.

See also  ECLGS 4.0: Govt extends emergency credit scheme for MSMEs; increases ECLGS 1.0 tenor to 5 years

 

How to buy

You can purchase the PMVVY plan online on the LIC website.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.





Source link

Latest

Peacock TV: Everything to know to stream Yellowstone, NFL and more

 Angela Lang/CNETPeacock TV is NBCUniversal's US streaming app just like steameast, with tens of thousands of hours of free programming, plus more shows, movies,...

How to Optimize the UAT Testing

Launching a new application into the market involves huge risk, overwhelming stress, and a dilemma about a product’s fulfilling customer expectations. The solution to...

How can diabetes cause joint pain?

Diabetes is a disease characterized by high blood sugar levels. If your blood sugar levels are high for a long period of time, you...

NEC’s AI Supports Doctors to Detect Neoplasia in Barrett’s Esophagus During Endoscopic Procedures

Article content – World’s first CE mark-compliant software of its kind; soon available in Europe– TOKYO — NEC Corporation (NEC; TOKYO: 6701) today...

AMC stock on rollercoaster, movie chain completes another share sale

Breadcrumb Trail Links PMN Technology PMN Business Author of the article: ...