New Delhi:  Good news for senior citizen. People above 60 years, can receive an annual pension up to Rs 1,11,000 under PM Vaya Vandana Yojana – Mainstay of old age. The extent of the scheme was till March 31, 2020 but it has been more extended till March, 2023. PM Vaya Vandana Yojana was launched to make elderly people financially independent at the crucial stage of their life.

The varied features of PM Pension Yojana are as follows: Life Insurance Corporation (LIC) has been entrusted for the operation of the scheme. One has to make investment of a lump sum amount for pension in this scheme. Beneficiaries can pick for monthly, quarterly, half yearly or yearly pension. One can invest a maximum of Rs 15 lakh in the scheme. Under this scheme, the maximum monthly pension is given Rs 9,250, the quarterly is Rs 27,750, half yearly pension is Rs 55,500 and the annual pension is Rs 1,11,000.

If the investor dies during the term of the policy, his or her nominee will get the entire invested amount.  For a monthly pension of Rs 1,000, the subscriber must make investment of Rs 1.62 lakh. PM Vaya Vandana Yojana scheme is exempted from service tax and GST. Premature withdrawal is allowed for treatment of any serious or terminal illness or spouse. In case of query,  dial 022-67819281 or 022-67819290.  Toll-free number is – 1800-227-717.

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