In this article, we are going to explain to you How Senior Citizens Get Rs 10000 Per Month through PMVVY? Especially, A Good News has come for all the senior citizens of our country. Eventually, Indian Government clears the way to give Rs 10000 as a pension every month. Now, Central Government decides to increase the limit of investment to 15 Lakh Rupee for Senior Citizens. This will happen by making significant changes in PMVVY. PMVVY stands for Prime Minister Vaya Vandhana Yojana. Therefore, By making changes in PMVVY, senior citizens get the ability to become a member of this scheme by March 2020.
What is PMVVY?
PMVVY stands for Prime Minister Vaya Vandhana Yojana. It is a kind of Social Security for Senior Citizens.
- LIC Implements & Regulates this Scheme.
- Although, In this scheme, Only those citizens fall, whose age is more than or equal to 60 years.
- Admittable citizens under this Scheme will surely get 8% of pension return for 10 Years by the government.
- Moreover, Senior Citizens can transact his amount, Monthly, Quarterly, Half Yearly or Yearly.
- You can Purchase PMVVY online as well as offline through LIC.
- The Policy term of PMVVY is 10 Years.
- When the policy term will over the Pensioner gets the amount he pays plus the pension installments.
- If a pensioner dies under policy term (i.e. of 10 Years) then, the beneficiary gets all the purchase price of PMVVY Policy.
- A depositor under PMVVY can exit anytime if some emergency condition like illness occurs. This is also known as a Premature exit.
- The Depositor’s spouse will also fall under Premature exit. Means if the Depositor’s spouse will get ill then he can take a Premature exit.
- If the depositor takes a Premature Exit, he will get 98% of the Purchase Amount.
What does PM Cabinet decide for PMVVY?
On Tuesday, In a Cabinet meeting, A decision is made under the guidance of PM Narendra Modi. Central Cabinet increases the limit of the expense of PMVVY from 7.5 Lacs to 15 Lacs. Additionally, this scheme also maintains the social security of Senior Citizens. The last date to get the membership of this scheme also extends to 31 March 2020.
How Senior Citizens Get Rs 10000 Per Month through PMVVY?
Under this scheme, the government guarantees a minimum pension of Rs 1000 per month for 10 years to senior citizens. Moreover, For this, the members of the scheme will have to deposit a total of Rs. 1.5 Lakhs. By March 2018, 2.23 lakh senior citizens have become members of this pension scheme. Members of this scheme get 8 percent assured Pension Return for 10 years.
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