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The Central Government had announced the Pradhan Mantri Vaya Vandana Yojana Pension Scheme on May 26, 2020. This scheme allows married couples to get a secure monthly pension. This scheme is operated by Life Insurance Corporation of India (LIC) and married couples can invest in the scheme till March 31, 2023. Married couples can avail the scheme at 60 years and get a monthly pension of Rs 18,500.
LIC Super Pension Scheme: Pradhan Mantri Vaya Vandana Yojana to offer Rs 18,500 per month
Married couples can invest a maximum of Rs 15 lakh in Pradhan Mantri Vaya Vandana Yojana Pension Scheme after crossing the age of 60 years. Earlier, a person could invest a maximum of Rs 7.5 lakh in this scheme, which was later increased by the government. Married couples above the age of 60 years can opt for this scheme as it offers higher interest to senior citizens as compared to many other schemes.
To get a pension of Rs 18,500 every month, both husband and wife will have to invest an amount of Rs 15 lakh in Pradhan Mantri Vaya Vandana Yojana. The total amount invested by the couple would be Rs 30 lakh. The couple will get Rs 2,22,000 annually on this scheme at an annual interest rate of 7.40%.
You divide Rs 2,22,000 by 12, you will get a monthly pension of Rs 18,500. If only one person invests Rs 15 lakh in this scheme, then the monthly return will be Rs 9,250. Significantly, this scheme is for 10 years.
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