LIC launches new pension scheme for senior citizens VIC Vandana Yojana pension scheme for senior citizens
It has been reported that the scheme can usually be purchased directly from agents or online at LIC's www.licindia.in. As of March 31, 2021, the scheme promises an income of 7.40% pa.
The monthly amount payable over a 10-year period is equal to 7.66% pa. Senior citizens can get a minimum of Rs 1,000 per month and a maximum of Rs 10,000 per month depending on the amount invested in the scheme.
The guaranteed interest rate for policies sold over the next two financial years will be reviewed and decided by the Ministry of Finance at the beginning of each financial year.
The maximum pension payable under the scheme is Rs 9,250 per month, Rs 27,750 per quarter, Rs 55,500 per annum and Rs 1,11,000 per annum. When purchasing a policy, the pensioner can choose a monthly / quarterly / half yearly or annual pension scheme.
The plan allows loans up to 75 percent of the purchase price after three policy years
