PM Vaya Vandana: You will get Rs 9250 every month, the entire money will be returned after 10 years, know what is the scheme

A scheme is being run by the Government of India for senior citizens named PM Vaya Vandana Yojana, under which the elderly have to pay some premium and after their retirement, they are given a fixed pension every month. Also, they get back the amount they have invested in it in 10 years. Let us know what the scheme is and who can take advantage of it and how.

What is PM Vaya Vandana Yojana

Prime Minister Modi ji has started various schemes for different sections in the last few years. In which senior citizens are also included. For them, the government has started an excellent scheme to secure their old age at low cost. Whose name is PM Vaya Vandana Yojana. Which is operated by Life Insurance Corporation of India. This is a social security scheme which is also called pension plan. Under this scheme, a fixed amount is provided to the elders of the country in their old age. Which is given to them every month in the form of pension. In this scheme, the principal amount of the beneficiary not only remains safe but he also gets returns on regular time.

how much to invest

Whenever you join this scheme, you will have to pay the amount invested at that time. Under this scheme, maximum investment has to be made only up to Rs 15 lakh. After this you will get pension every month. The special thing about this scheme is that people of 60 years of age or above can choose monthly and annual pension plans as per their convenience. And they will have to invest accordingly. You get monthly or annual pension according to how much you invest in it. The maximum monthly pension given under this scheme is Rs 9,250 and the minimum monthly pension is Rs 1,000.

How much money do you get every month?

Under the Pradhan Mantri Vaya Vandana Yojana, beneficiaries get Rs 9250 every month. And if both husband and wife apply for this, then they will get a total of Rs 18500 every month. Along with this, let us tell you that after 10 years the entire money is refunded to the beneficiary. In this scheme, if you choose monthly plan, you get 8% interest for 10 years. Whereas if the beneficiary chooses an annual plan, he gets 8.3% interest for 10 years. For your information, let us tell you that in this scheme started for senior citizens, the interest is higher as compared to other schemes. Therefore, this scheme has been started keeping in mind the needs of the elderly.

Who can apply

Any citizen of India can take the benefit of this scheme, when he turns 60 years of age or more, he will start getting pension every month and every year. To apply for this scheme, the age of the beneficiary should be above 18 years.

how to apply

Both online and offline methods are available to apply for this scheme. The beneficiary can apply as per his convenience. Beneficiaries applying online can apply to avail the benefits of this scheme by visiting the official website of LIC i.e. Life Insurance Corporation of India. And if the beneficiaries want to apply offline then they will have to go to the LIC office of their city for this.

when do you get pension

After you apply, you have to select the plan, and then accordingly the first installment amount is deposited in the bank account of the person taking the policy, but this amount will be given to them for 1 year, 6 months, 3 Month or after 1 month. Click here for more information about this scheme.