The government has implemented many schemes for the people, allowing not only young people but also senior citizens to benefit from them. Pradhan Mantri Vaya Yojana (PMVVY) was introduced in 2019 to provide a regular stream of income to senior citizens. In this scheme, a minimum pension of Rs.1,000 and a maximum of Rs 9,250 is available every month. From April 1, 2023 this government scheme will be closed. The Modi’s administration will end this plan.
Applications are being taken for this until March 31, 2023. This LIC-offered programme has a ten-year term and a guaranteed monthly salary.
Who can apply?
Anyone at the age of 60 years and above can participate in the scheme. There is no maximum entry age. The policy has a tenure of 10 years from the date of issue. The total amount for all the policies held under the PMVVY scheme by a senior citizen cannot exceed Rs.15 lakh.
Depending on the method selected, the first pension payment is made one year, six months, three months, or one month after the date of purchase. The insurance also offers a death benefit of a refund of the purchase price to the beneficiary upon the pensioner's passing during the policy term, in addition to a guaranteed pension at a rate of 7.4% payable monthly.