The Central Government has come up with a pension plan called ‘Prime Minister’s Vaya Vandana Yojana’ for citizens of more than 60 years old i.e, Senior Citizen. Finance Minister Arun Jaitley will launch this scheme on Friday. This pension plan can be bought both offline and online from Life Insurance Corporation. With the interest rate of 8% per annum for 10 years in this new pension scheme, the amount of pension will be given every month.

Under this scheme, a maximum pension of Rs 60,000 will be available annually ie that is Rs 5000 per month. For a pension of 60 thousand rupees, a lump sum of Rs. 7,22,890 will be deposited. Under this scheme, the minimum pension will be 12,000 rupees, i.e., 1000 rupees per month. For this, a one-time deposit of Rs 1,44,578 will be required to buy the policy. This scheme will be for 10 years. This means that once a pension plan is bought, pension can be taken for another 10 years. It can take any senior citizen over 60 years old.

INVESTMENT SCHEME

If the pensioner survives the term of the policy term i.e, 10 years, then he will get the final pension installment along with the pension price. If the pensioner dies during the policy term then its pension price, the beneficiary will get it. Under the pensioner scheme, monthly, quarter, half yearly or annual pension can be obtained.

If the pensioner himself or his wife has a serious illness, then he can leave this scheme prematurely. In such a situation, it will get refund of 98% of the purchase price. Citizens above 60 years of age can purchase this pension plan by May 3, 2018. The scheme has been exempted from GST. After completion of three years of getting the pension, it will be allowed to borrow up to 75% of the purchase price to meet the cash requirements.