As it was promised by Ministry Of Finance, during the Budget 2017, the Government has announced Pradhan Mantri Vaya Vandana Yojana (PMVVY). This is available from LIC with 8% guaranteed pension plan.
Let us see the features of this scheme.
Note:-Budget 2018-Effective from 1st April 2018, the limit of investment under this scheme raised to Rs.15,00,000 from the existing Rs.7,50,000. Also, the investment date was extended up to 31st March 2023.
Features and eligibility conditions of Pradhan Mantri Vaya Vandana Yojana
# Minimum Age at entry should be 60 Yrs of age.
# There is no maximum age limit set.
# The monthly pension will be 8%. The effective rate will be 8.3%.
# The pension period or policy term is 10 Yrs.
# Minimum pension per month is Rs.1,000, quarterly is Rs.3,000, half yearly is Rs.6,000 and yearly is Rs.12,000.
# Maximum monthly pension in this plan is monthly Rs.5,000, quarterly Rs.15,000, half yearly Rs.30,000 and yearly Rs. 60,000.
# This plan will be available for sale from LIC of India. You can buy Pradhan Mantri Vaya Vandana Yojana (PMVVY) either through online or offline. But LIC is the only insurance company which will sell this.
# You can buy this plan from 4th May 2017 to 3rd May 2018. Therefore, this plan is a limited period pension plan.
# You can surrender this policy during the policy period under certain exceptional circumstances like pensioner requires money for treatment of any critical/terminal illness of self or spouse. Surrender value payable will be 98% of the purchase price.
# You can avail the loan facility after completion of 3 policy years. The maximum loan payable will be 75% of the purchase price. Interest on the loan will be recovered from the pension amount.
# If the pensioner suicide during the policy period, then his nominee or legal heirs will receive the full purchase price.
# The pension will be directly credited to your savings account using NEFT facility or Aadhaar Enabled Payment System.
# Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
# The scheme is exempted from Service Tax/ GST.
How much can you invest in Pradhan Mantri Vaya Vandana Yojana?
This is an immediate pension plan. This means if you invest in this plan, your pension will start from the next month itself. Below is the chart of the minimum and maximum investment under this plan.
Do remember that this ceiling of minimum and maximum pension is to the whole family. Here, the meaning of family means self, spouse, and dependents.
The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependents.
Benefits of Pradhan Mantri Vaya Vandana Yojana
The benefits of this plan are as below.
# During the policy period
The pensioner will receive the monthly, quarterly, half-yearly or yearly pension as he has opted during the time of buying.
# Death Benefits
On the death of the pensioner during the policy term, the Purchase Price will be refunded to the nominee (or legal heirs in absence of nominee).
# Maturity Benefits
If the pensioner survives up to the end of the policy term, Purchase Price and final installment of the pension will be paid to the pensioner.
Tax Benefits of Pradhan Mantri Vaya Vandana Yojana
The deposits made in the scheme are exempt from income tax under section 80C of Income Tax Act, 1961. However, the interest-earning is taxable income for you. Also, TDS is applicable for such interest income.
Review of Pradhan Mantri Vaya Vandana Yojana
As usual, only a few positives but includes many negatives. Let us see the review one by one.
- No Tax Benefits-I may say this product as one more failure. Senior Citizens desperately looking for tax benefits tax relief when they receive the pension. However, this product fails to meet that expectation.
- Liquidity-As one grows older, uncertainties related to health or other issues pop up. Hence, one must invest in a highly liquid product. However, in this case, liquidity is available in exceptional cases. Hence, it fails to understand the requirement of senior citizens.
- Inflation– This plan will give you the same equal monthly pension. But who will take care of raising inflation in terms of health issues or the cost of living?
- Maximum Ceiling-The maximum pension one can avail under this plan is Rs.5,000 a month and the maximum investable amount is Rs.7,50,000. This means that one can’t sustain by depending on this product itself. It is hard for an individual to survive with meager Rs.5,000 pension. It seems that the replication of Atal Pension Yojana. The only difference is, this is an immediate annuity plan but APY is a deferred annuity plan.
- Returns-The only eye-catching in this product is 8% guaranteed pension. But tax and inflation will eat this 8% return and at the end, you may have to survive with the negative real return. However, if one compares with FDs, then this product may be an eye catching.
- You can go ahead IF-You can go ahead and invest in this plan IF you are not concerned about your taxation, inflation or not aware about other products like tax-free bonds or other debt products. Simple, straight forward, backed by Government and managed by LIC are the positives of this product.
- No Age based purchase-Unlike Jeevan Akshay VI, which is also LIC’s immediate annuity plan, in this plan the purchase price is fixed. It is not dependent on your age.
How to withdraw EPF and EPS online?
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LAXMIKANT BHAT
i have invested in Pradhan Mantri Vaya vandana Yojna with LIC, New Delhi Branch. After a year I am planning to shift to Bangalore. So, can I transfer my this PMVVY to any LIC Branch in Bangalore. Please advice.
Basavaraj Tonagatti
Dear Laxmikanth,
Yes.
Parthiban
Hi sir,
I am your regular follower, u article will be indepth at correct time.
Is this scheme extended?
I searched for it but didnt get update my parents turned 60 this April
Basavaraj Tonagatti
Dear Parthiban,
As of now, there is no extension notification from Government. Let us wait for the same.
Manjula C
Is there a live certificate to be submitted every year? If yes how can I download the form? Where should I send the certificate to?
Basavaraj Tonagatti
Dear Manjula,
I think so. Because it is a senior citizen product. You better be in touch with regional LIC Office.
ALOK
There is no notification or circular regarding 80C deduction in any of the official government website. can you provide any information regarding on 80C notification/ Circular?
Basavaraj Tonagatti
Dear Alok,
You can refer the Government notification on the same.
Mahesh
You refer to “this circular of min of fin,” for TDS. It is not a circular. It is written reply to a question by min of fin. Comments for TDS are in context of Sr. Ctzn. Save. Sch. and not VVY. It seems there is thorough confusion regarding TDS. If you can seek expert opinion and let your readers know it, it will be highly appreciated.
Thanks.
Basavaraj Tonagatti
Dear Mahesh,
Surely.
Col Saumitra
Army personnel retire earlier than the age of 60 . Are they entitled to invest in this plan ?
Basavaraj Tonagatti
Dear Saumitra,
As per my knowledge, there is no such relaxation for army personnel.
Girish patel
I am 70 years old and Become NRI Recently.i have oci also can I invest in this yojana?
Basavaraj Tonagatti
Dear Girish,
In my view NO. However, I suggest you to clear the same from nearest LIC Branch as there is no clarity in this regard.
Arunbhai
Sir,
1) Whether the interest rates will be revised for the earlier investment?
We have invested in this scheme assuming that we will get 8.30 % interest during tenure of this scheme.
2) Whether this scheme is alive till March 2020?
Kindly clarify
Basavaraj Tonagatti
Arunbhai-1) NO.
2) Yes, I already mentioned the same in above post.
Nitin Garg
Hello sir,
Thanks for the informative blog. I am an NRI and want to withdraw my India EPF and invest it in PMVVY for my senior citizen parents based in India. Can I do this? Is there any tax implication or any other thing which I need to look at?
Regards,
Nitin Garg
Basavaraj Tonagatti
Nitin-Yes you can do it. Check the applicability of tax for your EPF (less than 5 years means it will be taxable income for you).
LAKHVINDER SINGH
SIR,
I AM RETIRED PERSON HAVING AGE OF 67 YEARS. I HAVE INVESTED AN AMOUNT OF RS. 7.5 LACS IN PMVVYOJNA ON 23.08.2017. I WANT TO KNOW WHETHER THIS INVESTMENT QUALIFY FOR TAX BENEFIT UNDER SECTION 80C OF INCOME TAX ACT. SECONDLY, ACCORDING TO RECENT UNION BUDGET, MAXIMUM AMOUNT OF INVESTMENT IS RAISED FROM 7.5 LACS TO 15 LACS INTO PMVVY AND EFFECTIVE FROM APRIL, 2018 ONWARD. KINDLY LET ME KNOW ABOUT THE ABOVE .
THANKS AND REGARDS,
Basavaraj Tonagatti
Lakhvinder-I already explained about Sec.80C benefit and investment in this scheme. Hence, please refer the post properly. Yes, the limit now raised to Rs.15 lakh from the earlier Rs.7.5 lakh.
LAKHVINDER SINGH
I WANT TO KNOW WHETHER THIS PARTICULAR INVESTMENT QUALIFIED UNDER SEC 80C OF INCOME TAX ACT. PL REPLY ME IN YES OR NO.
Basavaraj Tonagatti
Lakhvinder-YES. I already clarified the same in above post.
DB DESAI
CHECK ABOUT TDS. IT IS NOT THERE.
Basavaraj Tonagatti
Desai-It may not be there. But do you feel avoiding TDS means avoiding TAX??
JRK PATNAIK
Under PMVVY scheme form 15h is accepted for exemption of TDS. Please clarify.
Basavaraj Tonagatti
JRK-YES.
Rajinder Gautam
in my view there is no tds so no need of 15H, am i right sir?
Basavaraj Tonagatti
Rajinder-As per THIS Ministry of Finance Notification, TDS is applicable.
Gulshan Pahwa
LIC deduct TDS on amount exceeding Rs. 1 Lakh. Since maximum pension amount is 60000 no TDS will be applicable. However, the pension amount is taxable in the hands of assessee received such pension.
Basavaraj Tonagatti
Gulshan-YES.
Gaurav Pramanik
In the last sentence of the tax benefits para, you have mentioned that TDS is applicable on such interest income but in the comments section, you have said that there is no TDS in the PMVVY scheme. Please tell me whether TDS is applicable or not?
Regards…
Basavaraj Tonagatti
Gaurav-TDS is applicable. I corrected.
Rajinder Gautam
i understand that there is no tds , sir
Basavaraj Tonagatti
Rajinder-As per THIS Ministry of Finance Notification, TDS is applicable.
Samik
Hi,
Thanks for the helpful article as always. Would you recommend this plan over Jeevan Akshay VI or Post Office SCSS ?
Regards,
Samik.
Basavaraj Tonagatti
Samik-This gives a higher return than both the products you named.
Vasavan
Sir, As per my understanding SCSS gives 8.3% whereas PMVVY gives only 8% return. Please correct me if I am wrong.
Basavaraj Tonagatti
Vasavan-Yes, but interest rate risk always on the head in case of SCSS, which is not with PMVVY.
Vasavan
Well said Sir. Agreed.
n.lakshminarayanan
whether i can invest 2.5 laks inthe pmvaya vandana scheme?
Basavaraj Tonagatti
Lakshminarayanan-YES.
MUKESH N SHAH
I WANT TO KNOW H.U.F. WILL BE INVESTED IN THIS YOJNA.
Basavaraj Tonagatti
Mukesh-In my view, HUF will not be eligible for Pradhan Mantri Vaya Vandana Yojana. However, for clarity I suggest you to consult the LIC branch.
Lalitha Rajagopalan
Recently I invested in PM Vayavandhana Scheme. Shall I get the full interest or interest less TDS every month. I made an investment of ? 7.50 lakh on monthly interest plan. Can I get the first payment of interest from the first month or wait for sometime?
Basavaraj Tonagatti
Lalitha-As per my knowledge, there is TDS for the investors of Pradhan Mantri Vaya Vandana Yojana. You will get immediately after the completion of a month.
udayan g
My mother has already invested on LIC Varishta Pension Bima Yojana-828 arround 6.67 lacs.. Now can my father invest another 7.5 lacs in this Plan 842 (VAYA VANDANA)
Basavaraj Tonagatti
Udayan-Please see above post carefully. I already cleared this doubt.
Pratik sengupta
Dear sir,
My unmarried material aunt wants to open pmvvy pension policy with her nominee nephew i. e. me. My question, in future case of any emergencies with in 10 years of period how i introduce myself in front of lici? As far as i know they are not take any photo of nominee while opening the policy. If any unprecedented demising of insured person then how i give them relationship evidence? So, should i need to ready a will paper of prove of relationship between us for any same type of issues.
Basavaraj Tonagatti
Pratik-Legal heir certificate or registered will are the solutions.
srinivas
Mr.Basavaraj Tonagatti, 7.5 L in the name of Husband and 7.5 L in the name of wife is it permissible, Thanks
Basavaraj Tonagatti
Srinivas-NO. Refer my lines “Do remember that this ceiling of minimum and maximum pension is to the whole family. Here, the meaning of family means self, spouse, and dependents.”.
Anjan
Is there any way they can detect if both husband and wife takes the policy individually? Relationships are not mentioned in PAN cards. So perhaps this is just a rule on paper but cannot be enforced.
Basavaraj Tonagatti
Anjan-As of now, there may not be a SYSTEM, but once implemented in future (like Aadhaar based), then they may return you the money without paying any interest on it and penalizing for earlier interest payment. Hence, better not to take such risks.
Vasavan
Sir,
My mother who is 76 years old is a house wife and living alone in native. Can I invest my money in her name in Pradhan Mantri Vaya Vandana Yojana (PMVVY)? i.e; I will be issuing the cheque for buying this product from LIC. I intend to to invest the maximum of Rs.7.5 Lakh in 5 instalments over a period of 1 year or so. It is okay? Or should I necessarily transfer this money in her name name and she then invests? What about the taxation? Will it be taxed on me? My mother gets a monthly income of Rs.10,000/- from her senior citizen savings scheme from post office. Apart from this she does not have any other income. Please throw some light on this.
Basavaraj Tonagatti
Vasan-Yes, you can invest in her name. But the combined limit for an individual is ONLY Rs.7,50,000. Hence, you can’t invest Rs.7,50,000 each time. It is taxable income for her.
Vasavan
Sir, Thank you for your quick reply.
1. I want to know whether is there any Income Tax rule that she has to purchase this PMVVY from her own income?
2. Please confirm that the pension will not be clubbed with my income and taxed in my name as I am in service and 55 years old.
Basavaraj Tonagatti
Vasavan-1) No such rule. You being her son, can gift the money to her and she can purchase it.
2) It will not be clubbed to your income as clubbing provisions not apply with parents.
Vasavan
Thank you so much , Sir
LAKHVINDER SINGH PATHANIA
DOCUMENTS REQUIRED TO OPEN ACOOUNT (PMVVY PLAN 842). NOMINATED BRANCHES OF LIC IN DELHI DEALING INTO THIS.
THANKS.
Lakhvinder Singh Pathania
My query has not been attended.
Basavaraj Tonagatti
Lakhvinder-Documents required are typical KYC and you can buy this product from all branches.
LAKHVINDER SINGH PATHANIA
I HAVE INVESTED AN AMOUNT OF RS. 750000/ IN AUGUST 2017. NOW MY WIFE WISHES TO INVEST FURTHER SOME AMOUNT INTO PMVVY.
WHETHER TOTAL LIMIT IS RS 7.5 LACS FOR BOTH HUSBEND AND WIFE OR IT CAN BE MORE THAN THIS. PLAESE ADVISE.
Basavaraj Tonagatti
Lakhvinder-The combined limit for you both is Rs.7,50,000. Hence, your wife can’t invest.
SC Jain
No. it does not mean I am thinking of skipping TDS. In fact, I have an account in SCSS with one of the Banks. Bank has deducted TDS from the quarterly pay outs but it is not shown in the 26AS statement neither the Bank has included it in the TDS certificate 16A issued by the Bank to me. The payout belonged to the 4th quarter of last financial year. But the amount was credited in my account on 3.4.2017. Bank now says it will reflect in the 26AS as well as in TDS certificate of the first quarter of the current financial year. Is it OK from Income Tax point of view.
Basavaraj Tonagatti
Jain-If the TDS is for FY 2016-17, then it must include in Form 26AS of FY 2016-17 but not in the first quarter of FY 2017-18. I think they did wrong and not deposited the same with IT Dept. Hence, it is not reflecting.
SC Jain
Thanks for your comments. However, Bank told me that this is in this way only. TDS deducted in a quarter is show in 26 AS in the next quarter only. This is being done in Post Office SCSS also.
sc jain
Basavaraj Tonagatti
Jain-As per me, they deducted the TDS not before 31st of March. But still the earning is for the past FY means TDS must also be linked to that past year.
Yuvraj
Dear Basu
My father is 61 years with no fixed income. Recently our agricultural land was acquired by government for highway. He has received some 12 L rupees as compensation. Please guide HOW and WHERE should he invest this amount for secure future with good returns.
P.S.>His monthly expenditure of Rs 5000-7000 as domestic expenses.
> He may require 3L rupess for my younger bro wedding after 3-4 years.
> My mother who is now 53 years will be his nominee.
Basavaraj Tonagatti
Yuvraj-It is hard for me to guide with such few lines of sharing. You can look for above product or LIC’s Jeevan Akshay VI.
PRATIK SENGUPTA
Dear sir,
I have 2 queries to you regardings pmvvy 2017
First,suppose, i had invested one time payment amount of 500,000(monthly pension)
parks as per condition but if i wish
to invest further amount before the deadline of expiry date of that particular scheme for 250000 rupees(monthly pension) for my same to family…is it possible???
second, suppose if i had gave cheque of SBI for my one time payment deduction to lici but i wish to credited my pension amount through another PSB savings a/c … is it possible or otherwise there have any stringent rules that it should be paid to payment deducted bank only …Because i want to get benefit credited by other PSB…is it possible???
Please do clear of my both doubts.
Basavaraj Tonagatti
Pratik-Yes, you can break the investment like that. But the combined limit of all such investments per individual must not cross the maximum limit of Rs.7,50,000.
PRATIK SENGUPTA
Thanks..for..your..valuable..feedback…
Further..i..want..to..ask..you..that..can..i..nominate..two..persons..for..this..plan???
Basavaraj Tonagatti
Pratik-That you have to check with LIC Officials as there is no such clarity.
S.Natarajan
Will there be TDS ?
If we buy on line, how will policy document be delivered. Will they need documents proof before issuing policy
Basavaraj Tonagatti
Natarajan-There will not be any TDS. They send the documents to your address and email. Yes, once you submit the documents, then they verify and finally issue the policy.
Promod kumar
Can you let know if i want to take this product online so there would be any additional incentives, purchasing through LIC Website apart from LIC Agent rout.
Basavaraj Tonagatti
Promod-There may be but not sure. This information is not available on online portal of LIC. Hence, better you discuss the same with branch.
SC Jain
which plan is better. this one Pradhanmantri vaya vandanaPension yojna or SCSS being adminstered through Banks.
My second question is: in SCSS is it obligatory for the Bank to deduct TDS from the quarterly pay outs. And if the TDS is deducted from the pay outs, it is also obligatory for the bank to show the TDS deducted amount in 26 AS statement of the assessee.
Basavaraj Tonagatti
Jain-When you are looking for long term fixed return, then this product is best. Regarding TDS, do you feel skipping TDS does it mean skipping TAX??
DIPAK RANJAN KAR
Is it possible to invest more than 1.5 lakh each in 5 times in a gap of few months or one year each?
Basavaraj Tonagatti
Dipak-You can split the maximum limit of Rs.7.5 lakh into as per your wish. However, the combined limit for an individual must not be more than the maximum limit.
vijay
how the service tax deducted. is it deduct from pension. after policy holder death,purchase price given to nominee is taxable
Basavaraj Tonagatti
Vijay-It is deducted at the time of investment only. It is not taxable to a nominee.
Sanjiv Talwar
Good review. Will investment in Pradhan Mantri Vaya Vandana Yojana -LIC’s 8% Guaranteed Pension Plan qualify for rebate under 80C or 80CCC.Regards Sanjiv Talwar
Basavaraj Tonagatti
Sanjiv-There are no tax benefits while investing or while getting a pension.
Geeta
Will income tax be deducted at sourse while paying the pension ?
Will the submission of form 15 H be necessary to get full pension without deduction of income tax ?
Basavaraj Tonagatti
Geeta-They will not deduct any tax (TDS). But it does not mean that you are OFF from your tax liability. It is still the taxable income and it is your responsibility to pay the tax as per your tax slab.
Gulshan Pahwa
LIC deduct a TDS @2% when payments are made more than one lac. In this case maximum pension is 60000 thus there is no question of TDS. But pension is always taxable in the hands of assesses, you have to show it in income tax return.
Basavaraj Tonagatti
Gulshan-Don’t worry, in this plan TDS will not be there as the amount of payment per year will not cross Rs.1 lakh.
Rajinder Gautam
now since the limit of PMVVY has been increased to 15 lac from next FY and total pension will be 1,20,000( m0re than 1 lac) so please clarify whether LIC will deduct 2% TDS .
Whether this 1 lac payment of LIC is on lumpsum amount? what will be treatment if i get monthly/qtly/Hly and not yearly option of pension to keep this amount below 1`lac , for noto deducting 2% TDS, to avoid TDS and then refund
Basavaraj Tonagatti
Rajinder-I am not sure why you are MORE concerned about TDS. Do you think avoiding TDS means avoiding TAX? As per the latest notification, this plan comes with TDS (I shared the link while replying to your earlier comment).
Rajinder Gautam
no sir not to avoid tax but to avoid hassle of refund
Basavaraj Tonagatti
Rajinder-It is now so fast and easy to claim refund.
S.V.SUDHARSANAM
Excellent Mr.Basavaraj Tonagatti, you are ahead of LIC ‘s Web site to be updated.
Please clarify whether Service Tax would be levied.
S.V.SUDHARSANAM
Basavaraj Tonagatti
Sudarsanan-Yes the service tax will be applicable.
selvan
sir,
it is exempted from service tax
Basavaraj Tonagatti
Selvan-Can you share the information?
vishwas phadnis
Please explain advantages of LIC Akshay VI against Post Office SCSS.
Tax free Bonds – please provide details
Regards
Vishwas Phadnis _ PUNE
Basavaraj Tonagatti
Vishwas-I can’t explain everything in this comment section. But you can refer my earlier posts. Please have a look at Jeevan Akshay and SCSS posts of my blog.
chinthalya ks
Its good plan from lic .because nowadays banks fd is not 8.30%.
So compare to that this is more safe and better.
Basavaraj Tonagatti
Chinthalya-I am also of the same opinion. But the disadvantage part is taxation and less liquidity.
A PANCHAL
VERY NICE ARTICLES SIR
IT WILL VERY HELPFUL TO SENIOR CITIZENS
Basavaraj Tonagatti
Panchal-Pleasure.
Contractor pramodkumar
I’m senior citizen age 61 year and 20% income tax slabe for financial year 2016- 17. We are beneficial for Pradhan mantri vaya vandna yogna by LIC. PL suggest
Basavaraj Tonagatti
Contractor-Go through my review (which is at the end of this above post). If you still feel that this product suitable to you, then go ahead.
chinthalya ks
hi sir,
If u want safe and better rate of interest,then this will be suitable.
but
if u expecting more then double digit returns ,this is not suitable for u…
P H VANKAR
Plan is best for Senior Citizens above aged 60 and above.But in some of States In India the retirement age of Gov/semi/quasi/public Sect employee is 58 years and they got hand some money as retirement benefit.
And they people can not invest in this scheme.
Maximum investment is 750000 is not enough.
I.T.relief is not considered.
Otherwise plan is Superb.
Basavaraj Tonagatti
Vankar-Thanks for airing your views.
Yashpaul Gupta Chandigarh
Dear Basavraj Ji
I have seen your site and loved to read it. I liked analysis of each new policy like this LIC plan for senior citizen. In. Review you have discussed all pros and cons to make an independent and best decision.
One of my query:
I wish to invest maximum amount in my name and my spouse name (both senior citizen)separately. Though overall limit for one and spouse is given 750000 but if both are independent and filing senate returns, can we invest maximum sepately?
Bank FDR maximum at 7.50% while my earlier FDR maturing in may 17 was giving 10.5 interest. Sr citizen saving scheme already taken. Any other option with 8+ interest?
Basavaraj Tonagatti
Yashpaul-Even though financially you both are independent, the combined maximum limit will be same as family. Hence, if your concern is to utilize such fixed return products, then why can’t you spread it among this product, Post Office SCSS or LIC’ Jeevan Akshay VI?
Pankaj
Would you suggest investing in short to medium term debt funds for senior citizens 65+ age.
If yes then what could be the best and safe options and expected returns
If no, then what to opt? Right now using bank FD.
Basavaraj Tonagatti
Pankaj-What is the requirement from this investment?
Pankaj
I am expecting good returns on my father savings, which could help him to create wealth on corpus.
Basavaraj Tonagatti
Pankaj-Define GOOD RETURNS. Whether wealth corpus is required for his own usage?
Pankaj
Good returns means the maximum with very low to no risk.
Corpus would be required for his own and then also want this corpus can be given to my younger brother who is still dependent on my father.
I have taken my parents health insurance and ready for any other needs if required.
So whole purpose is his retirement savings can be invested with a good returns so that a good corpus is created for dependents.
Basavaraj Tonagatti
Pankaj-If you are in mood to take LOW or SMALL risk also, then better you try this product or the products like Jeevan Akshay VI and Postal SCSS.
satish
what are the best options available for 65+ senior citizens who want decent returns on money and good liquidity ?
Basavaraj Tonagatti
Satish-Why can’t opt for Post Office SCSS or LIC’s Jeevan Akshay VI (where you have an option of inflation protected pension also)?
GR Babu
The SCSS is a good option but the rate is being reduced quarterly by Govt. I have no idea about Jeevan Akshay VI. Could you elaborate it please, being a Sr. Citizen I would like to know about it
Thanks
Your review on PM Vaya Vandana scheme is excellent
Basavaraj Tonagatti
Babu-Refer my earlier post “Jeevan Akshay VI – LIC’s Single Premium Pension Plan Reintroduced“.
GR Babu
Thank you now it is clear to me
Babu