Vayo Vandana Yojana is a new, safe pension policy for the elderly
12-10-2017 Thu 14:23

The aged vote for steady and secure income. The Centre has brought in such a pension plan, called 'Pradhanmanthri Vayo Vandana Yojana.' Let us see what experts have to say on its advantages and disadvantages.
Those in an unorganised sector and the self-employed, have limited options when it comes to pension policies. National Postal Services (NPS), unit-based pension schemes and even pension schemes offered by insurance companies are all for those who will retire in future. There is something called annuity, in which income can be earned from the month, immediately after investing. However, the returns on this is less. Among the schemes that assure monthly income at present, only Senior Citizen Savings Scheme assures 8.3 per cent interest. The remaining are below eight per cent rate of interest. At this point, Centre has introduced Vayo Vandana Yojana, that gives eight per cent interest. Life Insurance Corporation (LIC) of India runs the policy.

Monthly pension
You must invest Rs. 1,44,578, if you want to earn monthly pension. A maximum of Rs. 7,22,892 can be invested. Then you can earn a minimum of Rs. 1,000 a month or a maximum of Rs. 5,000 a month.
Tri-monthly pension
A minimum of Rs. 1,47,601 or a maximum of Rs. 7,38,007 should be invested. Then the minimum tri-monthly income will be Rs. 3,000 and the maximum will be Rs. 15,000.
Once in six months
A minimum of Rs. 1,49,068 and a maximum of Rs. 7,45,342 should be invested. Then a minimum pension of Rs. 6,000 and a maximum of Rs. 30,000 can be earned, once in six months.
Yearly

Some limitations
The maximum limit for pension mentioned here, is for the whole family. Pensioner, his or her spouse, and dependents on the pensioner, together are called family. This restriction has been placed, so as not to open separate accounts in the names of same family members. Pension is credited in the bank account directly. If the policy holder dies before the term ends (within 10 years), the invested amount is given to the nominee or heirs. As the pension is earned as per the conditions, the invested amount only is returned. You have to quote special reasons, if you want to withdraw from the policy in between. Those who are ill and need money for treatment, can withdraw 98 per cent of the investment. After three years of investment, if you need, you can take a loan. The loan amount will be 75 per cent of the investment. Interest of 10 per cent is charged. If you are not happy with the conditions and other aspects of the policy, after taking it, you can return it. Neither the invested amount or the interest earned are taxable.
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