Vaya Vandan Yojana: For senior citizens, the government is operating a fantastic programme. The advantage of a pension can be obtained each month by making a single investment in this. Additionally, husband and wife can both invest in this plan. This programme is run by LIC.
People put money into various kinds of savings plans in order to maintain their financial security in the future. People who perform tasks frequently on the job are unable to make plans for their retirement. The Vaya Vandana Yojana programme is being implemented by the government for these individuals.
Anyone can receive a pension each month by making a single investment in this plan. The amount of his investment will determine the pension amount. Additionally, a husband and wife can both invest in this plan.
Who is qualified for the benefits?
The Vaya Vandan Yojana is a pension programme with an insurance policy that offers security to the nation’s senior population. This retirement programme is run by Life Insurance Corporation (LIC).
Financial post-retirement planning is catered for by Vaya Vandan Yojana. People who are older than 60 can benefit from this programme. Previously, the Vaya Vandan Yojana was only accessible from May 4, 2017, through March 31, 2020. Later, the government extended this programme through March 31, 2023.
What amount could I invest?
Any older citizen may invest up to Rs 15 lakh via this programme. The previous maximum investment threshold was Rs. 7.5 lakh. In accordance with this pension plan, the recipient of a monthly pension will earn 7.40% interest on his investment over a ten-year period.
With regard to the Pradhan Mantri Vaya Vandan Yojana, there is no income tax exemption. The deadline for older citizens who want to invest in this plan is March 31, 2023. In this plan, GST is free, and there is the option to take a monthly or annual pension.
What is the highest pension a person can get?
If a senior citizen 60 years old wants an Rs. 1,000 monthly pension, he will need to invest Rs. 1.62 lakh all at once. Moreover, the pension can be withdrawn annually. A maximum monthly pension of Rs. 9250 is received under this arrangement.
Senior persons will need to invest Rs 15 lakh for this. The Vaya Vandana Scheme’s primary goal is to give pensions to the nation’s older citizens.
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