Pradhan Mantri Vaya Vandana Yojana (PMVVY): Government initiative for financial security of senior citizens aged 60 and above.
Scheme Details: Offers guaranteed pension or returns linked to investment amount, managed by LIC and backed by the government.
Eligibility: Open to all resident senior citizens aged 60 years and above, with no maximum age limit for entry.
Investment Limits: Minimum purchase price varies based on pension frequency, with maximum investment capped at INR 15 lakhs.
Pension Options: Choose from monthly, quarterly, semi-annual, or annual pension payments with varying interest rates.
Benefits: Includes income tax deduction up to INR 1,50,000 under Section 80C, premature withdrawal options, and loan facilities.
Maturity Benefit: Receive full purchase price at maturity; nominee gets the amount in case of policyholder's demise during the term.
How to Apply: Apply online through LIC's official website or visit a nearby LIC branch, complete with necessary documents for processing.