New Delhi: In a good news for any senior citizen above 60 years, then can receive annual pension up to Rs 1,11,000 under PM Vaya Vandana Yojana – Mainstay of old age. The duration of scheme was till March 31, 2020 but it has been extended till March, 2023. PM Vaya Vandana Yojana was launched to make elderly people financially independent at the crucial stage of their life.
PM Pension Yojana: Scheme Details, How To Apply
- Life Insurance Corporation (LIC) has been entrusted for the operation of the scheme.
- One has to make investment of a lump sum amount for pension in this scheme. Beneficiaries can pick for monthly, quarterly, half yearly or yearly pension.
- One can invest a maximum of Rs 15 lakh in the scheme.
- For a monthly pension of Rs 1,000, the subscriber must make investment of Rs 1.62 lakh.
- Under this scheme, the maximum monthly pension is given Rs 9,250, the quarterly is Rs 27,750, half yearly pension is Rs 55,500 and the annual pension is Rs 1,11,000.
- If the investor dies during the term of the policy, his or her nominee will get the entire invested amount.
- PM Vaya Vandana Yojana scheme is exempted from service tax and GST.
- Premature withdrawal is allowed for treatment of any serious or terminal illness or spouse.
- You can dial 022-67819281 or 022-67819290 for more details. You can also dial toll-free number – 1800-227-717.
- Above-mentioned details were provided by the central government in the “New India Samachar” magazine.
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