Senior Citizen Investment Plans – Lifelong returns
Senior Citizen Investment plans require a flow of funds at regular intervals. Returns from an investment should not be blocked, as there would be only income after retirement. The main intention of Investment is to get a monthly pension. Whenever Senior Citizen Investment plans mature or any requirement comes, Investment companies should be in a position to return the money without any delay. Senior citizens may not be able to travel or wait for getting the monthly interest or pension payable. They should invest in Trustworthy, popular and government-guaranteed companies only so that their investments are fully secured.
Senior Citizens should never look for exorbitant returns and lose their investment. They should consider each and every aspect before investment. LIC of India regularly brings Investment plans for Senior citizens with monthly returns. Every year, considering the increase in a retirement group, LIC of India introduces monthly pension plans for senior citizens.
The Government of India had introduced PRIME MINISTER VAYA VANDANA YOJANA in the 2017 budget, which was there till March 2020. Recently, on May 26th 2020, the government modified the interest payable in the PRIME MINISTER VAYA VANDANA YOJANA plan to 7.6% from the old 8.00% per annum for 10 years. This particular plan is only for the age 60 and above. This is one of the best Senior Citizen Investment Plans in the country. At the time, bank interest rates are coming down drastically and Senior citizen Bank Fixed Deposits are near 8% only, LIC of India, under Prime Minister Vaya Vandana Yojana, offers a guaranteed yearly interest rate at 8.30% for the next 10 years.
Best Senior Citizen Investment Plans
- PRIME MINISTER VAYA VANDANA YOJANA – This plan is closed now
- LIC JEEVAN SHANTI PLAN
- LIC Jeevan Akshay VII Plan
Features of Senior Citizen Investment Plans :
Senior Citizen plans should have the following features:. Please collect full details before investment.
- Onetime investment
- Monthly guaranteed Pension
- Capital guarantee for Entire investment
- The direct transfer of Pension to Bank Account every month
- Trustworthy company
LIC Jeevan Akshay VI also offers attractive interest rates. The main advantage of LIC Jeevan Akshay is guaranteed, never decreasing interest rates till the policyholder lives.
For Senior Citizen fixed income plans,