PMVVY Scheme: Benefits of this government pension scheme available until March 2023, know about policy

Pradhan Mantri Vaya Vandana Yojana Interest Rate 2022: Only three months and a few days remain for senior citizens to sign up for the Pradhan Mantri Vaya Vandana Yojana (PMVVY). The Life Insurance Corporation of India (LIC) created this pension plan keeping senior citizens in mind. Under this plan, you receive a monthly interest payment of 7.4 per cent per year on your investment. This pension rate is available to you through March 31, 2023.

People who want to benefit from the PMVVY scheme must take care of a few crucial details. Any participant in this scheme must be at least 60 years old to enrol. Additionally, there is no upper age limit for entrance. The policy has a ten-year term. You can do this monthly, quarterly, biannually, or annually. Additionally, the minimum pension is available in increments of Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half-year, and Rs. 12,000 per year. The maximum pension that may be earned is Rs. 10,000 per month, Rs. 30, Rs. 60,000 half-yearly, and Rs. 1,20,000 annually.

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When did the scheme begin:

The Pradhan Mantri Vaya Vandana pension scheme was launched by the central government on May 4, 2017, but you can now get its benefits through March 31, 2023. The central government increased the maximum limit under the Pradhan Mantri Vaya Vandana Yojana from Rs 7.50 lakh to Rs 15 lakh in the budget address for the fiscal year 2018-2019.

LIC is issuing the program's benefits:

This plan is available through LIC. This scheme is available from LIC both online and offline. This program's primary goal is to provide senior individuals with regular pension payments while interest rates are falling.