Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme operate by Insurance LIC. And this pension scheme opened in May month by LIC. This scheme is available for 60 aged and above. However, you can subscribe to PMVVY pension scheme offline as well as online through Life Insurance Corporation of India. Hence, for more details see LIC pension scheme.
New pension scheme launch for senior citizen
LIC offers Life insurance pension schemes it works like other insurance. But it is different from employee to employer pension plans. However, pension amount is given to employee after retires from company. If you need to avail pension scheme you have to pay premium for certain period. Premium amount varies in schemes and you need to choose as per choice.
You will receive pension amount every month based on premium given. Moreover, LIC will keep some amount and every month they will send some pension amount. After insuree death, nominees will receive total amount which LIC kept for safety. Hence, LIC offers other schemes. Like Jeevan Akshay-VI and New Jeevan Nidhi pension schemes along with PMVVY.
Under Pradhan Mantri Vaya Vandana Yojana, senior citizens (60 years and above) will get guaranteed interest of 8 per cent for 10 years. You can pick from four pension payment options. Like monthly, quarterly, half-yearly and yearly.
How PMVVY will be differ from other schemes
Premium amount (or) purchase price is paying to party has bought scheme for (investment/savings given to insurer). And interest rate varies in Jeevan Akshay-VI and New Jeevan Nidhi schemes. Probably,PMVVY Pension Scheme provides an assured return of 8% p.a. payable monthly for 10 years.
Life Insurance Corporation of India’s (LIC) new scheme will be exempted under new GST regime. However, this new scheme will be exempted from GST. But in other two schemes minimum tax charges are levied. In addition, tax levied on schemes will depend on options that you opted. Mostly options depend upon your age.
You can avail PMVVY till May 3, 2018. However, other two schemes are not time constraint. But for while PMVVY scheme has been part of LIC. And pension amount will be paid after each period. It will depend on you which plan you choose and on mode of payment. In Jeevan Akshay-VI, you will receive an assured amount per month based on immediate annuity plan chosen.
In Jeevan Nidhi, you will receive an assured amount after maturity. You will receive pensions only after reaches vesting age. This means vesting date is from which annuity holder starts receiving policy benefits of regular stream of income.
At vesting date, annuity holder stops making contributions to policy. After this, policy holder is entitled to receive benefits in form of regular flow of income. But flow of income is dependent on return from investment made by insurer on different assets.
Because Jeevan Akshay-VI and PMVVY are immediate annuity plans. Every month you will receive amount. And then total premium invested by you is given after death or contract maturity. However, you can avail Loan in PMVVY after 3 years of policy contract. And interest loan will be recovered from pension installments. Hence, it will adjust in claim.
Similarly, other two schemes do not offer loans. For each pension policy has different options and riders. It is suitable for different sections of people. Hence, in pension schemes have more options to give more choice. Investor will attract by assured return.
Finally, see national pension scheme returns. Therefore you can also check national pension scheme tax benefit. And also check Top 5 pension plans in India. For more details see national pension scheme ICICI. Hence, check best pension plans in India and calculator.