PM Pension Yojana: Get 10,000 Rupees Per Month Pension

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PM Pension Yojana: Get 10,000 Rupees Per Month Pension in this Scheme

PM Pension Yojana

The Program for Senior Citizens (PMVVY) was introduced by the Prime Minister. It is a pension plan for people aged 60 years and over. You will gain the advantage of this system by paying out the balance together. The date of investment is March 31, 2020. Under this program, provisions were made to provide senior citizens with a 10-year guarantee of returns of at least 8%

Pension is no less than a blessing for senior citizens, if the pension is decent enough, what is the matter? Pensions are proving very useful in fulfilling post-retirement needs. Among these purposes, the Modi Government has introduced among senior citizens Pradhan Mantri Vaya Vandana Yojana (Pradhan Mantri Vaya Vandana Yojana).

Up to Rs, 15 lakh can be Invested:-

The scheme was introduced in partnership with LIC so senior citizens do not need to travel around and can grasp the process easily. In this can be spent a sum of Rs 15 lakh. You will get a pension of 10,000 Rs a month at Rs 15 lakh.

  • Income tax: The balance deposited under section 80C of the Income Tax Act 1961 in this scheme is tax-free in full. The policyholder will also pay income tax on the interest received from the deposit.
  • Interest Fund: When you plan to withdraw your pension each month, you will earn an interest of 8 percent. Unless you plan to subtract the whole benefit sum once a year, the interest will grow to 8.3 percent.
  • Spouse: The contribution cap for the scheme is per senior citizen and not per child. Both spouses can invest up to Rs 30 lakh if they wish.
  • Payment options: The term of the policy is 10 years. You have the option to make quarterly, half-yearly or annual payments every month.

Documents are required?

  • A copy of PAN card,
  • copy of address proof (Aadhaar, passport, etc.),
  • copy of a check or the first copy of the bank passbook will be provided. So, pension money can come into your account.

Where to invest in a scheme?

The government has tied up with the LIC for the scheme. Therefore, the LIC office or LIC agent can be found to invest in this scheme. You can call 022-67819281 or 022-67819290 for more information on the plan. LIC has also issued a toll-free number for this. You can find information about this plan by calling 1800-227-717.

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