Pradhan Mantri Vaya Vandana Yojana pension scheme was announced by the central government on May 26, 2020. As the name suggests, the scheme allows married couples to get a secured monthly pension. The scheme is operated by Life Insurance Corporation of India (LIC) and married couples can invest in the scheme till March 31, 2023. Married couples can take advantage of the scheme once they turn 60. Couples can easily get a monthly pension of Rs 18,500 through the plan mentioned below.
LIC Super Pension Scheme: Pradhan Mantri Vaya Vandana Yojana to offer Rs 18,500 per month
In the Pradhan Mantri Vaya Vandana Yojana pension scheme, a married couple can invest a maximum of Rs 15 lakh if they have crossed the age of 60 years. Earlier the maximum amount that a person can invest in this scheme was Rs 7.5 lakh, which was later increased by the government. Married couples who are over 60 years of age can opt for this plan as it offers more interest to senior citizens than many other schemes.
To get a Rs 18,500 pension every month, both husband and wife will have to invest an amount of Rs 15 lakh in the Pradhan Mantri Vaya Vandana Yojana. The total sum invested by the couple will be Rs 30 lakh. With an annual interest rate of 7.40% on this scheme, the couple will get Rs 2,22,000 annually.
If you divide Rs 2,22,000 by 12, you will get the monthly pension of Rs 18,500. If only one person invests in this scheme with Rs 15 lakh, then the monthly return will be Rs 9,250. It is worth noting that the plan is for 10 years.
