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

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pmvvy schemeConsultant picture

PMVVY scheme particulars: Senior residents aged 60 or above can subscribe to Pradhan Mantri Vaya Vandana Yojana (PMVVY) via the LIC web site on-line. That is a direct pension plan which may be bought on-line by paying a lump sum quantity. It gives a said quantity as pension for the coverage time period of 10 years. The acquisition worth is returned to the subscriber on the finish of 10 years.

Beneath PMVVY, a senior citizen subscriber can get a month-to-month pension of Rs 9250 for 10 years by buying the plan for Rs 15 lakh. After the completion of the ten years, the buying worth of Rs 15 lakh might be returned to the subscriber.

Associated Information

Pension modes

Pension beneath PMVVY is supplied in month-to-month, quarterly and yearly modes. The pension fee beneath this plan is made on the finish of every interval as per the fee mode chosen by the subscriber.

In case month-to-month mode is chosen, pension begins as early as subsequent month.

Final date to use

Senior residents can subscribe to PMVVY until thirty first March 2023. This plan may be bought solely by resident Indians.

Medical examination

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

Mortgage facility

Mortgage facility is on the market beneath the plan after the completion of three years. The utmost mortgage supplied might be 75% of the acquisition worth.

Minimal and most buy worth and pension

Beneath PMVVY, the minimal buy worth for a month-to-month pension is Rs 1,62,162. This can show a month-to-month pension of Rs 1000 monthly whereas the subscription quantity might be returned after 10 years.

The utmost buy worth for month-to-month pension beneath PMVVY is Rs 15 lakh. This can guarantee a month-to-month pension of Rs 9250 for 10 years whereas the unique subscription quantity might be returned after 10 years.

There are a number of different worth choices (see beneath). It needs to be famous that the fee possibility as soon as chosen can’t be altered.

Easy methods to purchase

You should purchase the PMVVY plan on-line on the LIC web site.

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