Under the Pradhan Mantri Vaya Vandana Yojana, you can get 8% to 8.30% returns annually. This will depend on whether you choose monthly, quarterly, half-yearly or annual installments to receive your payment under this scheme. This is a pension scheme for those who are 60 years or above. There is no maximum age limit for investment in this scheme.
Under the "Pradhan Mantri Vaya Vandana Yojana" operated through LIC, the elderly get a fixed pension every month. However, this pension amount is available only for 10 years. If a person has to start a pension again after 10 years, then he will have to invest in this scheme again. Under this scheme, the money will be credited to the account of the investor at the time chosen by the investor. Investors can choose the time option for credit of pension with monthly, quarterly, half-yearly and annual options.
The amount of pension to investors will be through Net Banking or Aadhaar Enabled Payment System. While taking the policy, investors should share the bank account information.
In this scheme, a person can invest at least 1.50 lakh and a maximum of 15 lakh rupees. At the same time, the amount deposited by the investor at the time of purchasing the policy is returned after the completion of the 10-year period. With the last installment of pension, LIC returns the entire deposited amount to the investors. The central government pays 8.30 percent interest on the deposited amount.
Monthly pension 8.00 percent per annum Quarterly pension 8.05 percent annually Half Yearly Pension 8.13% per annum Annual pension 8.30% per annum No tax on policy, but a tax on an installment
Quarterly pension 8.05 percent annually
Half Yearly Pension 8.13% per annum
Annual pension 8.30% per annum
No tax on policy, but a tax on an installment
Investors are exempted from service tax or GST from the government for the purchase of the policy under this scheme. However, the installment of pension will be considered as taxable income.
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