Hi,
This is a query seeking comparison between LIC's PM Varishtha Bima Yojan Vs the recently announced FD for Sr Citizens in Banks. Can you pls throw some light on the two schemes.
FYI, I had invested Rs 6,66,666 in the former scheme, and get a monthly return of ₹5,000. How does this compare with the latter scheme.
Thanks & Regards
Prakash
2 Answers
Hi,
Kindly note that Varishtha Bima Yojana is a Pension scheme, whereas the recently announced 8% Senior citizen Scheme is a Fixed Deposit scheme. However, in both the schemes, a senior citizen individual will get monthly income.
In Varishtha scheme, the pension is for whole-life and also on death of the pensioner, the nominee will get back the corpus amount that is invested in the scheme. The rate of interest is also higher than Deposit scheme.
Kindly read :
http://www.relakhs.com/varishtha-pension-bima-yojana-senior-citizens-pension-scheme-govt/
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Dear Sreekanth.
Thanks much for providing a fast and comprehensive response to the query.
Prakash