New Delhi: It is likely that LIC PMVVY Scheme will close after March 31 2020. There might also be that the Centre extends it for more years, said Financial Express.

All those who are above the age of 60 can, however, invest to avail a fixed monthly pension for 19 years. This needs to be done before the expiry of the scheme.

As of now, for a policy term of 10 years, the maximum amount one can invest is Rs 15 lakh.

Senior citizens must know this:

1) Pradhan Mantri Vaya Vandana Yojana of LIC is an immediate pension plan. Senior citizens who are 60 years and above can apply.

2) Senior Citizens can also purchase this scheme by paying a lumpsum amount. It must be noted that the purchase price will be returned after the completion of 10 years.

3) This pension could be availed in four modes: Monthly / Quarterly/Half-yearly /Yearly. Depending on the payment mode chosen by one, the payment of pension will be done at the end of each period.

4) If one deposits Rs 15 lakh, then they would get Rs 10,000 monthly pension for a period of 10 years.

5) In case the purchaser dies within the bracket of 10 years, then the purchase price will be refunded to the legal heirs/nominees.

6) As per LIC, for Rs 1000 purchase price, effective pension rate per annum is 8 per cent.