The government's plan will get 100,000 pensions every month, know what is the process
The government's plan will get 100,000 pensions every month, know what is the process
New Delhi: Finance Minister Arun Jaitley has started the scheme of prime minister's birth anniversary when presenting the budget last year. The government started the scheme, giving special attention to the elderly. In a Cabinet meeting on Wednesday, the government made some special decisions on this plan. Giving some relief to senior citizens, the government has allowed the Prime Minister to invest Rs 15 lakh to double the investment limit for the age-group plan (PMVVY). This will increase the social security cover for senior citizens. Apart from this, the investment limit in the scheme has been increased to two years. This limit is being completed on May 4th. Now it can be invested till March 31, 2020. Both the online and offline registrations can be registered in the Prime Minister's Yantra Yantra Yantra scheme. For online enrollment the LIC has to go to the website and in any branch of LIC for offline
One lump sum amount has to be deposited once under this plan. This amount can be at least 1.50 lakhs and maximum 15 lakh rupees. The pensioner will have the right to take interest or pension, or a lump sum. PNVVY receives a fixed return of 8 to 8.30 per cent per annum on deposits. The rate of interest will be determined on the pensioner's monthly, quarterly, monthly, or annual yearly period. Earning an interest of 8 per cent per month, while the annual pensioner will get 8.30 per cent interest.
In reality, the amount of interest is paid in the form of a pension. For example, if Rs 15 lakh is deposited, it will be given an interest of 1 lakh 20 thousand rupees per year at an eight per cent rate. This amount of interest is 10-10 thousand rupees per month, 30-30 thousand rupees every three months, twice a year 60-60 thousand rupees or one lakh rupees one lakh 20 thousand rupees once a year. Pension is the first installment of one year , Six months, three months or one month later. It has the option of taking pensions on monthly, quarterly, half yearly or yearly basis. As long as the pensioner survives till the 10-year policy term, pension is paid along with the sum assured. If the pensioner dies in 10 years of policy term then the deposit is refunded. If the pensioner commits suicide, the deposit amount is not returned.
At least 60 years of age must be completed for this policy. There is no maximum limit of age after 60 years. The term of this policy is 10 years old. At least one thousand rupees per month and 10,000 rupees per month will be available. According to the LIC's website, the maximum limit of pension is not applicable to a pensioner, but also to his family. That is, under the scheme of Prime Minister Vyand Vandh, people from a family will take a pension plan, they will not get any more than Rs 10,000 from the pension amount. Pensioner's family includes a pensioner besides a partner and their dependent. There is an option of getting ahead before maturity in the project. If the pensioner needs money to get treatment for serious illness, then 98 percent of the amount deposited will be given. The loan can be taken after three years of the amount deposited under the Prime Minister's Yantra Yantra Yojana. You can take up to 75% of the amount you can deposit. The interest rate on the loan amount is decided in quarters. You have to pay interest every six months until you repay the loan amount. The amount of interest will be deducted from the amount of pension you get. The scheme does not have to give GST. However, in future tax may be imposed by the Central Government or any tax authority. If any taxes are to be given, it will not be included in the benefits available under the scheme.
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