Securing a monthly cash flow can be a challenge after retirement. There are several options like post office monthly income scheme, systematic withdrawal plans and monthly income plans from mutual funds. Moreover, as a part of the government’s plan to provide pension benefits, Life Insurance Corporation (LIC) of India has launched Pradhan Mantri Vaya Vandana Yojana (PMVVY).
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
The PMVVY is a pension scheme for senior citizens aged 60 years and above which will give 8% fixed rate of interest. It will be available from May 4, 2017 to May 3, 2018. If one invests Rs 7.5 lakh, the monthly pension will be Rs 5,000 for 10 years.
