Best Policies For Senior Citizens
The LIC offers a variety of insurance policies. A term insurance plan offers a minimum age of 60 years and a maximum age of 80. The best policy for senior citizens is called Pradhan Mantri Vaya Vandana Yojna, and is offered to individuals with a minimum entry age of 60 years. There is no maximum age limit for the policy, and the benefits range from a minimum of Rs. 1000 per month to a maximum of Rs. 9,250.
An LIC policy for senior citizens provides the necessary assurance for the future of a retiree’s family, and will take care of unforeseen educational costs for children. The policy is accepted as collateral for loans. Senior citizens can present their insurance policy to apply for a loan within days of issuance. A senior citizen’s policy is also useful for managing unforeseen medical and educational expenses. If a senior citizen lives alone and doesn’t have much money to invest, an LIC policy can provide the funds necessary to manage expenses.
The PMVVY policy offers tax-free returns over a longer period. The PMVVY policy was initially launched in 2017 but was recently extended to March 31, 2023. It can be purchased online or offline. The pension received is taxed at the investor’s hands. In addition, the plan provides coverage for a pension fund that pays up to 15 lakhs annually. There are many options available, and you should find one that meets your needs.
