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10 saal me paisa double! Here is how you can receive Rs 10,000/month as pension

There are multiple things that are always kept away from the common man’s knowledge. Amongst those, sex education, personal finance, and other life hacks are the prominent ones. People fail to understand these complex topics and make unforgivable mistakes. In this article, we are going to talk about personal finance and a new scheme that can help people to get good returns on their hard-earned money. Yes, you can get more money than a usual Fixed Deposit (FD) and easily spend. We are talking about a Life Insurance Corporation (LIC) scheme that will not only give you a substantial amount but is tax-free too.

 Once we are old, we can’t rely on our siblings and kids to take care of us as keen as we used to take care of ourselves. This underlines the importance of personal finance and retirement plan. In the early stages of our career, we tend to enjoy but we lose the focus on planning for retirement. There have been multiple government projects and programs that can help to sort out retirement. Among those programs, Atal Pension Yojana and PM Vaya Vandana Yojana stand out. Pradhan Mantri Vaya Vandana Yojana is the flagship scheme of the Union Government of India that aims at helping people to earn a minimum of ten thousand per month during their retirement.

What are the benefits of the scheme?

The Pradhan Manthri Vaya Vandana Yojana is looked after by Life Insurance Corporation (LIC). According to the scheme, the person will get a sum of ten thousand per month for a period of 10 years. If he survives the period of ten years, the policyholder will get the lump sum paid during his policy period as well. Apart from interest, he will be able to enjoy the lump sum amount that he bought at the purchase price. God forbid, if by any chance, the policyholder expires within the 10 years, the lump sum will be paid to the nominee. In either way, the family of the policyholder can enjoy an additional sum at the end of tenure.

 Now you are all excited to learn how to save and invest in the Pradhan Mantri Vaya Vandana Scheme. Let us go through what are the benefits of the scheme and how to invest in the popular scheme of the Central government.

What are the drawbacks?

 Before you all get excited about PM Vaya Vandana Yojana, let us burst the bubble. Only senior citizens can invest in this scheme. Yes, you read it right. Only the person above 60 years can invest in the populous scheme of the Central government. Also, the senior citizen can decide the pension he wants every month.

How much one can earn?

If the policyholder wants a monthly sum of 10,000 rupees, he has to invest 15 lakh rupees as a lump sum. If the policyholder decides to take the maturity amount on an annual basis, he will get a sum of 1.1 lakh for the 15 lakh rupees investment. Similarly, a sum of Rs 3,333 will be a monthly pension for 5 lakh rupees investment and 41,500 on an annual basis. Also, if he invests 3 lakh rupees, the policyholder will get the monthly pension of 2000 rupees.

 To start investing in PM Vaya Vandana Yojana, one needs a UIDAI/Aadhar number, a Permanent Account Number, and a copy of the bank passbook. UIDAI or PAN Card will be used as the address proof. The photocopy of these has to be submitted to Life Insurance Corporation in order to avail the benefits of the scheme

 There are huge benefits of Pradhan Mantri Vaya Vandana Yojana. The minimum lock-in period is three years. However, one can avail of the loan facility based on the scheme. A maximum of 75% can be availed as a loan during the tenure. Also, the scheme is exempted from Income Tax and one can fully enjoy the benefits.

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