In today’s time, with never-ending expenses and a limited income, how do you ensure that your funds comfortably earn you a regular income and still last your entire lifetime? You can always ensure a regular income after retirement if you take the right steps.
Here are few investment options for the retired-
1. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY is offered by the Life Insurance Corporation (LIC) of India. It gives a guaranteed payout of pension at a specified rate for 10 years, making it suitable for retirees.
An individual aged 60 years and above can invest in it. The current interest rate is 7.4% per annum paid monthly and its rates vary yearly. Once invested, the rate becomes constant for the entire tenure. It also offers a death benefit in the form of a return of purchase price to the nominee.
The scheme was to end on March 31, 2020, but the central government decided to extend until March 31, 2023 due to its popularity amongst retirees.
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