Life Insurance Corporation of India (LIC) offers immediate pension. Pradhan Mantri Vaya Vandana Yojana (PMVVY) can be purchased by paying a lump sum amount. The plan provides for pension payments for the policy term of 10 years, with return of purchase price at the end of 10 years. PMMVY is a non-linked, non-participating, pension plan for citizens aged 60 years and above.
LIC of India is solely authorised to operate this scheme. PMVVY is a non-linked, non-participating, scheme subsidized by the Government. This plan is available for three financial years i.e. up to 31st March 2023. The scheme can be purchased offline as well as online from LIC of India at www.licindia.in
PMVVY term and interest rate:
The policy term is of 10 years and for policies sold during the first financial year i.e. up to 31st March 2021, the scheme will provide an assured rate of return of 7.40% p.a. payable monthly (i.e. equivalent to 7.66% p.a.) for the entire duration of 10 years.
For the policies sold during the next two financial years, the applicable assured rate of interest, at which the pension payment shall be made, will be reviewed and decided at the beginning of each financial year by Finance Ministry……….Read More>>