Pradhan Mantri Vaya Vandana Yojana (PMVVY) is another shot at pension for senior citizens, here is a rundown on it
At a time when interest rates on small savings schemes are falling, the recently launched Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme launched by the Life Insurance Corporation of India (LIC), comes as another option for senior citizens looking for a regular pension income. Here, we take a look at the features of the scheme and whether you should invest in it.
What it offers
With interest rates heading south and expected to go down even further, the guaranteed 8- 8.3 per cent for 10 years is a plus point. This is how it works—on investing a single one time amount, also known as the purchase price, one can choose to receive pension over the next 10 years at a chosen frequency, which could either be monthly or quarterly or half-yearly, or yearly.
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