Pension planning: How PMVVY is different from Jeevan Akshay-VI and New Jeevan Nidhi
The Pradhan Mantri Vaya Vojana Yojana (PMVVY) pension plan will be formally launched today by Finance Minister Arun Jaitley. The program was AVAILABLE May 4, 2017, exclusively for people 60 years and over.
The pension plan can be used either at the counter or online through the group insurance group and the Life Insurance Corporation (LIC) investment.
LIC offers life insurance pension plans, which work just like any other insurance. This is different from employee-employer pension – amount of pension that is given to the employee after the employee has retired from the company.
In these schemes, the party requiring the pension plan must pay a premium for a certain period (depending on the prevailing regime). The term for the payment of the premium amount varies in the diets and must be selected according to the choice of the insurer. Based on the bonus given,
On the basis of the premium given, the insurer will receive a number of pensions each month. LIC will retain an amount and send a number of pensions each month. After the party’s death, the candidates will receive the total amount that has been maintained for LIC security.
# Based on the amount of premium the party pays the interest rate varies in the diets Jeevan Akshay-VI and New Jeevan Nidhi. However, in PMVVY, the party will receive a fixed interest rate of 8 percent.
#PMVVY will be exempt from the tax on the goods and services tax (GST). While the minimum tax charges are levied on the other two diets. The tax levied on the schemes depends on the options that are opted for by the party that prevails in the pension. Most of the options depend on the age of the festival.
#PMVVY can be used on May 3, 2018. However, the two systems are not time-consuming. The projects have been part of the LIC for some time.
# The amount of the pension will be awarded after each period. This will depend on which plane is selected and will depend on the monthly, quarterly, semiannual, at the choice of the pensioner.
In Jeevan Akshay VI, the party will receive a guaranteed amount per month, depending on the immediate pension plan selected. In New Jeevan Nidhi, the match will receive a guaranteed amount after maturity.
# In New Jeevan Nidhi, the party receiving pension only after reaching the age of acquisition. Due to Jeevan Akshay-VI and PMVVY are immediate annuity plans, the amount is given every month and the total premium invested by the party given after the party’s death and / or the contract expires.
# Loan on PMVVY can only be used after three years of the policy contract. The loan recovered interest on pension payments, while the loan will be adjusted in the demand for the product. The other two systems do not offer loans.