Widely read:
The curtain may finally fall on Pradhan Mantri Vaya Vandana Yojana (PMVVY) on March 31, 2023, which is bad news for pensioners.
For the uninitiated, PMVVY is a government-backed insurance policy-cum-pension plan that has provided regular and assured payouts to pensioners since 2017.
Currently, PMVVY subscribers receive 7.4 per cent per annum investment returns. The maximum money you can put into this plan is Rs 15 lakh.
Mum's the word
But the sun may soon set on PMVVY, as the government is yet to extend its tenure.
This is not the first time PMVVY has flirted with extinction. It was about to expire in 2020 before the government stepped in to lengthen its validity until March 31, 2023.
But there has been radio silence after that, no further announcement of any extension.
This year's budget was also conspicuously silent, instead focusing on Senior Citizen Savings Scheme (SCSS), another plan that provides assured returns to pensioners.
By pushing SCSS' maximum investment threshold from Rs 15 lakh to Rs 30 lakh and ignoring PMVVY in its budget speech, we feel the government is quietly putting the latter to sleep.
Last chance saloon
But that doesn't mean you can't invest in PMVVY anymore.
You can still deposit money in this fund until March 31, 2023.
Even though you can now deposit Rs 30 lakh in SCSS, you still have time to invest up to Rs 15 lakh in PMVVY. This way, you can get assured payouts on your retirement kitty of Rs 45 lakh (Rs 15 lakh in PMVVY + Rs 30 lakh in SCSS).
Here's how you can open a PMVVY account
Offline mode
- Visit an LIC branch to obtain the application form.
- Submit the form along with Aadhar, PAN and passport-sized photos.
- Make the payment and collect your policy documents.
Online mode
- Visit the official website of LIC - digisales.licindia.in
- Click on 'Pension', then click on the 'Buy Online' button under PMVVY.
- Keep soft copies of Aadhaar, PAN and passport-sized photos near you.
- Fill in your details and click on 'Proceed'.
- Select a plan as per your needs. You'll then be asked to submit a form.
- After filling up the form, you'll be directed to make a payment.
- Once done, you will receive policy documents to your registered email address.
Also read: Government hikes interest rates of small-savings schemes
