What about limit of Sr Citizen Saving scheme,does 30 lacs include LIC PMVVY scheme

Ans: As employer employee relation does not exist, said income is not chargeable under the head Income from Salary and accordingly, standard deduction of Rs.50000 is not available.

Ans: There is no specific EXEMPTION for SENIOR CITIZENS, for Long Term Capital Gains, in any financial year.
However, if they don't have any other income from any other source, then LTCG gets adjusted, against this basic exemption limit of Rs.3,00,000.00 for Senior Citizens & Rs.5,00,000.00 for Super Senior Citizens.
Most welcome for any further clarifications. Thanks.

Ans: Hello;

To the best of my knowledge, Govt has stopped soliciting new applications under PMVVY since 31st March 2023.

Best wishes;

Ans: You have taken a decisive step to secure fixed monthly income at an advanced age, and that shows clear intent for stability and peace of mind. At 75, income certainty matters more than growth, and your question is very valid.

» Understanding the Monthly Payout
– For a single premium of around Rs.10 lakh at age 75, under the life-long monthly income option without return of purchase price, the payout is on the higher side compared to younger ages.
– The expected monthly income works out to roughly in the range of Rs.6,200 to Rs.6,500 per month.
– This amount is paid for life, as long as the annuitant is alive.
– There is no maturity value or return of capital under this option.

» Why the Amount Is in This Range
– Higher age means higher annuity rate, because the expected payment period is shorter.
– Monthly payout is lower than yearly mode, as monthly payments involve higher administrative adjustment.
– Once the policy is issued, this income is fixed and will not increase with inflation.

» Important Practical Points to Keep in Mind
– The income starts after policy commencement, usually from the next payout cycle.
– The pension received is taxable as per your income tax slab.
– There is no liquidity; the capital cannot be withdrawn later.
– The policy can be cancelled only during the free-look period, if still applicable.

» 360-Degree View on Retirement Income
– Fixed pension gives mental comfort, but inflation slowly reduces its real value.
– Medical costs tend to rise sharply after 75, so adequate health insurance and liquid savings are equally important.
– Other family members should be aware that there is no death benefit under this option.

» Finally
– Expect a monthly pension of around Rs.6,200–6,500 from the Rs.10 lakh invested.
– The income is stable, predictable, and lifelong, but it does not grow.
– Review overall family cash flow and medical preparedness so this income supports, not restricts, your lifestyle.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment