Last Update: November 28, 2022, 12:12 pm IST
The Government of India initiated the social security program, and the Life Insurance Corporation of India (LIC) is in charge of its administration.
The age of the couple should be above 60 years to participate in the scheme. They are allowed to invest up to Rs. 1.5 million.
Since most individuals want to live a high-quality life that requires costly efforts, there is a need to have an effective financial strategy for saving money. Here are the salient features of a government scheme where you can invest your money and get safe returns. Let us examine the benefits of investing in this scheme.
The Central Government is responsible for the management of Pradhan Mantri Vaya Vandana Yojana. Under this, married couples are entitled to a guaranteed monthly pension. The age of the couple should be above 60 years to participate in the scheme. The program was launched by the federal government on May 26, 2020. Couples have time till March 31, 2023, to make the investment.
government of India Social security program introduced, and the Life Insurance Corporation of India (LIC) is in charge of its administration. They are allowed to invest up to Rs. 1.5 million. Initially the investment limit was Rs 7.5 lakh.
The couple should each contribute Rs. 8,10,811. That means the total investment will be Rs 16, 21, 622. Here 7.40 percent interest is being given annually. There is a clause that guarantees you a monthly pension of Rs 10,000.
A single investor in this social security scheme will get a monthly pension of Rs 5,000 and an investment of Rs 8,11,811 in return. Maturity period of 10 years for this scheme. You will get a refund after the policy term is over.
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