LIC Policy Plan: Life Insurance Corporation's (LIC) pension scheme 'Pradhan Mantri Vaya Vandana Yojana' (PMVVY) is the ideal plan for senior citizens, said LIC's former Development Officer. Proper monetary planning for retirement can benefit one a long way in twilight years as old age comes with a number of problems. LIC's one of the best pension plan PMVVY that ensure Rs 10, 000 a month is available until March 31, 2020.

Pradhan Mantri Vaya Vandana Yojana offers a guaranteed monthly income of up to ₹10,000 for 10 years. Citizens above 60 years of age can invest in this scheme and enjoy guaranteed monthly income benefit. Apart from this, Pradhan Mantri Vaya Vandana Yojana also offers a death benefit in the form of the return of purchase price of the scheme to the nominee.

Speaking with IndiaTv, LIC Guru Kamlesh Gurbuxani, former Development Officier at LIC of India, said "PMVVY is Govt. of India's scheme managed by LIC of India. It is for Senior citizens aged 60 and above, it gives a guaranteed effective interest rate of 8.30% p.a. over a period of 10 years. After 10 years the amount invested will be refunded."

LIC Guru also spoke on the benefits of  PMVVY and how it varies from other pension schemes. He said, "Maximum Pension Payable per person is Rs-10,000 per month on investment of Rs-15 lakhs. Current interest rates offered by SBI for Senior Citizens for a period of 10 years are 6.75%. So for 15 lakhs investment monthly payout will be around Rs-8400."

"One can raise the loan after 3 years up to 75% of the amount invested and also have the option to withdraw the amount invested in case of medical emergencies," he said, adding the loan benefit that makes PMVVY one of the best pension schemes for senior citizens.

Stretching on why senior citizens should opt for PMVVY, which is available until March 31, 2020,  LIC Guru Kamlesh Gurbuxani, said: "This is the ideal plan for senior citizens to get 8% guaranteed returns for 10 years in falling interest rate scenario."

At present, the government has not extended the last date to avail this pension scheme beyond March 31, 2020. So, all the senior citizen who has a lump-sum amount in your bank account can consider buying this immediate annuity scheme before March 31.

So, senior citizens who are interested in LIC pension scheme - PMVVY, can purchase it offline as well as online. To Purchase this scheme online please log on to our website www.licindia.in or contact your agent.