After the Ministry of Finance modified the PM Vaya Vandana Yojana (PMVVY) pension plan for the elderly, India Life Insurance Company (LIC) launched an unrelated and non-participating pension plan supported by the center. The Ministry of Finance recently extended the retirement plan until March 31, 2023 at a guaranteed interest rate of 7.40% annually. For the fiscal year 2020-21.
This plan will be available for sale from Tuesday for three fiscal years – until March 2023, LIC said in a statement, adding that the scheme can be purchased without an internet or online connection from the LIC website. LIC is only authorized to operate the system providing a total return of no more than £ 15 lakh.
This 10-year policy and for policies sold at the first fiscal end in March 2021, the scheme will provide a guaranteed interest rate of 7.40% annually, but it will be paid monthly for a full 10-year period. Older people can draw a minimum pension of RS. 1,000 per month depending on the amount invested in the scheme. The maximum pension amount is Rs. 10,000 rupees per month
