Sir Out of the savings she has,she wants to invest in PMVVY. myself as joint holder? 60000/-. This assumes importance in the wake of the low-interest rate scenario we find ourselves in. There is no such restriction. Dear Sir, Understood that the scheme is not tax free Thanks. for second year onwards for the next 9 years… my query is should 0.5%p.a in first year will be charge from my invested amount or not?? For SCSS, you will have to go to a bank branch. I want to know whether there is any Pension Plan in LIC at present like that old VARISTHA PENSION BIMA YOJANA– in which Income Tax Benefit is available u/s 80 CCC for the lump sum amount paid once and it will fetch me monthly Annuity @ 8% p.a. However, you need to look at suitability. Can my wife invest 15 Lakh Rupee in PMVVY by issuing two cheques?. My mother was a school teacher. Hi Satheesh, As per my understanding the tax aspect is as follows:- This will automatically increase maximum pension to Rs 1.2 lacs per annum. However, LIC website mentions that citizens can invest. The family includes self, spouse and dependants”. During this free look period, you can cancel your investment and get a refund of the purchase price paid. I wish to put INR 15 Lacs in this scheme in my mother’s name so that she can earn an interest of 7.4% continuously for 10 yrs. Yes, you can be the nominee. your help will be much appreciated .Thanks in advance. 3) Can I make myself the nominee so that I can get the INR 15 lacs back if God forbid anything happens to my mother. Singapore. In terms of tax benefits, SCSS is more tax friendly as it allows deductions. If you avail a loan, an interest would also be payable for the same. There is no such restriction. Btw, do you need regular income from this investment? THANK YOU for such a Wonderful Post as RETIREES will find it extremely useful to generate a monthly income of Rs. I don’t like to pay to access my own money. today my mom senior citizen invest in pmvvy for 10 years But I think that such income should be mentioned under section 80 CCC. You need to select the right debt mutual fund for STP. Thanks Bavan!!! It is silent on PMVVY. In the previous scheme of Varishtha Pension Bima Yojana-2014, a total number of 3.11 … Hello Deepesh, Debasis Biswas Why I’m highlighting this […], Retirement planning is important. One small clarification. I am a govt pensioner. income upto Rs 3 lacs exempt for her. Income is taxable. You can show them this press release from the Government. I assume your wife is a homemaker. To whom 15H form for PMVVY is to be submitted and is there any special form forthat? The Pradhan Mantri Vaya Vandan Yojana is for citizens aged 60 years and above. Pradhan Mantri Vaya Vandana Yojana (PMVVY) provides a government return of 8% per. Dear Sir, 1. Keep up your good work in providing great complimentary service to all of our Indian Netizens!! In the previous scheme, Varishtha Pension Bima Yojana-2014, 3.11 lakh senior citizens have invested. So, in my opinion, if the amounts are not big, she can show this as her income. Please clarify. Let’s find out how, The contributory pension scheme in the National Pension System, The scheme is sold only by the Life Insurance Corporation of India (LIC), If you are aged 60 years and above you can buy the scheme, You have to pay a lump sum amount to buy scheme. I understand that the interest is taxable , but want to confirm that the principal i.e. Total 30 lakh to invest . Hi Hiya, You can lock in the interest rate for 10 years. Thx for all the information. The table below contains the minimum and maximum investment at 8% p.a. Because this is what is going to give us financial independence after we’ve retired from our jobs/work. As of March, 2018, 2.23 lakh senior citizens had subscribed to PMVVY. Invictus Insurance Broking Services Private Limited. Do note PMVVY is not an annuity product. Regards 6,095 crore. The difference between the return generated by LIC and the assured return of 8 per cent annually will be borne by the Government of as yearly subsidy. Do note, if you invested in PMVVY in FY2021, you will continue to earn 7.4% p.a. Dear Sir, Email me urgently please. Deepesh is passionate about personal finance and contributes regularly to leading Business Newspapers. It carries a fixed and assured pension (return) as mentioned in the policy document till the maturity of the scheme. Check with your branch, if you don’t get money by 10th. 3. The form should be Form 15H. No, only individuals are permitted to invest in PMVVY. I have invested in Pradhan Mantri Varishta Bima Yojana just before 14th August 2015, when I became senior citizen just a few days back. 1. Dear sir If the person will die in between the two pension disbursement period then pensioner will get the proportionately pension of interim period or not? Next year when my wife becomes a senior citizen, can she invest Rs 15 Lakh each in SCSS and PMVVY out of my money transferred to her account. I had a very good and quite a satisfying experience in my dealings with Mr Deepesh. Principal is not taxable. May God Bless you for your invaluable Service!! In terms of payment mode, PMVVY provides a slightly more flexibility for its investors. What is SCSS? currently (May 25, 2020). How can Virat Kohli’s Indian cricket team stop Steve Smith in Australia tou... DNA Exclusive: IPL has not taken over international commitments – Anshuman... Manchester United get revenge over Istanbul Basaksehir, stay on top in UEFA... Neymar penalty keeps Paris Saint Germain alive in UEFA Champions League pla... CBSE practical exams going to take place in January? Please Advise. hi sir The maximum 2 senior citizens can invest in PMVVY is Rs.15×2 lakhs. Await your kinarayan d reply. This means that if multiple family members have invested in the Pradhan Mantri Vaya Vandana Yojana, the aggregate pensions received by all should not exceed the maximum pension amount specified above, Regular pension incomes are promised for 10 years. Can I subscribe to PMVVY jointly as first holder and wife as joint holder in one policy & and in another policy Here the person has four (4) alternatives: Depending on ones cash flow needs, the senior citizen can decide which form of cash flow will suit the requirement.

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