Pradhan Mantri Vaya Vandana Yojana scheme is a central government scheme that implemented through LIC, is a scheme in which the senior citizen get a pension unto 10000 rupees per month. This scheme was initially set up up to March 31 2020, but now extended up to 31st march 2023.
This is a pension scheme in which a person who is of the age of 60 or above is eligible to enter. And the purchase of this scheme can be done at a lump sum ,i.e. in a single payment. The maximum investment can be made is rupees 15 lakh. and the maturity period of this pension is 10 years.
The mode of pension payments are monthly, quarterly, half- yearly and yearly. The first installment of the pension is to paid after 1 year, 6 months, 3 months and 1 month started from the date of purchase of the scheme.
Moreover loan can be availed on the scheme. It can be availed after the completion of 3 years. The maximum amount of loan is up to the 75 percent of the purchase price. The rate of interest for the loan is 10% per annum. And also the interest is recovered from the pension amount payable under the scheme.