PMVVY Scheme Details | Pension

PMVVY Scheme – the Government of India has launched Pradhan Mantri Vaya Vandana Yojana on 4 May 2017 for the country’s senior citizens. It is a pension scheme. Under this scheme, senior citizens of 60 years and above who opt for monthly pension will get 8% interest for ten years. If they choose the annual pension option, they will get 8.3% interest for ten years. Under the Pradhan Mantri Vaya Vandana Yojana, senior citizens will get a good interest in their investments.

PMVVY Scheme 2021 | Pradhan Mantri Vaya Vandana Yojana

This scheme is a Social Security Scheme and Pension Plan; this scheme belongs to the Government of India but is being run by LIC. The maximum limit to invest under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs; along with this, the deadline for investing in this PMVVY Scheme 2021 was earlier 3 May 2018, which was increased to 31 March 2020. has been given. Dear friends, today, through this article, we will provide you all the information about Pradhan Mantri Vaya Vandana Yojana 2021, like the application process, documents, eligibility, guidelines, etc.

This scheme is a Social Security Scheme and Pension Plan; this scheme belongs to the Government of India but is being run by LIC. The maximum limit to invest under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs; along with this, the deadline for investing in this PMVVY Scheme 2021 was earlier 3 May 2018, which was increased to 31 March 2020. has been given. Dear friends, today, through this article, we will provide you all the information about Pradhan Mantri Vaya Vandana Yojana 2021, like the application process, documents, eligibility, guidelines, etc.

Pradhan Mantri Vaya Vandana Yojana 2021 Application Form

The first installment of pension will be available one year, six months, three months, one month after depositing the amount; it depends on which option you choose, the interested beneficiaries of the country who want to apply under this PMVVY Scheme 2021. He can do it both online and offline and can buy the policy. Apply Online You can buy the policy by registering online by visiting the official website of LIC and can apply offline by visiting the branch of LIC and take advantage of PM Vaya Vandana Yojana 2021.

Key Highlights of Pradhanmantri Vaya Vandana Yojana

What is the article about

Pradhan Mantri Vaya Vandana Yojana

Who launched?

Life Insurance Corporation of India

Beneficiary

Citizens of India

Purpose

To provide all vital information about Pradhan Mantri Vaya Vandana Yojana

Official Website

Pradhan Mantri Vaya Vandana Yojana Free Look Period

If a policyholder is not satisfied with the terms and conditions of Pradhan Mantri Vaya Vandana Yojana, he can return the policy within 15 days of taking the policy. If the policy is purchased offline, it can be returned within 15 days, and if the policy is purchased online, it can be returned within 30 days. It is also mandatory to provide the reason for returning the policy while returning the policy. If the policyholder returns the policy, he will be refunded the purchase price after deducting the amount of stamp duty and pension deposited.

Pradhan Mantri Vaya Vandana Yojana Minimum and Maximum Pension Amount

Mode of Pension

Minimum Pension

Maximum Pension

Yearly

12000

1,11,000

6 Month

6000

55,500

3 Month

3000

27,750

Monthly

1000

9,250


Pradhanmantri Vaya Vandana December Update

The Life Insurance Corporation of India provides many insurance plans. Under this scheme, the amount of Pension is provided to the beneficiaries. Under this scheme, the government has modified the rate of Pension and extended the period of sale of this scheme for three years, and now valid till March 31, 2023. The insurance scheme sold each year under the Pradhan Mantri Vaya Vandana Yojana will be reviewed. As per the terms and conditions, Pension’s rate will be decided by the Ministry of Finance at the beginning of each year. Pension will be provided at the rate of 7.40% per annum till March 31, 2021.

Vaya Vandana Yojana Minimum and Maximum Purchase Price

The minimum and maximum purchase prices for various modes of pension under Pradhan Mantri Vaya Vandana Yojana are as follows.

Mode of Pension

Minimum Pension

Maximum Pension

Yearly

Rs 1,44,578

Rs 7,22,892

6 Month

Rs 1,47,601

Rs 7,38,007

3 Month

Rs 1,49,068

Rs 7,45,342

Monthly

Rs 1,50,000

Rs 7,50,000

Pradhan Mantri Vaya Vandana Yojana New Update

On Wednesday, the Union Cabinet extended the last period of investment under this scheme from 31 March 2020 to 31 March 2023. The purpose of the PMVVY scheme implemented through Life Insurance Corporation (LIC) is for senior citizens (60 years and above). Is to pay an assured minimum pension based on assured return on purchase price/subscription amount. Under this scheme, senior citizens will have to invest Rs 1,56,658 for a minimum pension of Rs 12,000 per annum and Rs 1,62,162 to get a minimum of Rs 1000 per month.

Purpose of Pradhan Mantri Vaya Vandana Yojana

The main objective of Pradhan Mantri Vaya Vandana Yojana is to provide pensions to the senior citizens of India. This pension will be provided to them by paying interest on the investment made by them. Through this scheme, the country’s senior citizens will become self-reliant, and they will not need to depend on others in old age. Financial independence will be generated among senior citizens through this scheme.

Pradhan Mantri Vaya Vandana Yojana 2021

Under the Pradhan Mantri Vaya Vandana Yojana, senior citizens can invest up to a maximum of Rs 15 lakh. Under this scheme, now the maximum investment limit has been changed from per family to per year citizen, which means both husband and wife are senior citizens in a family, then they can invest Rs. You can also take advantage of the bonus. Under PMVVY Scheme 2021, the pensioner has the right to assume the interest amount as pension.

PM Vaya Vandana Scheme 2021- Pradhan Mantri Vaya Vandana Scheme

Under the Pradhan Mantri Vaya Vandana Yojana, a pension of 1000 to 10,000 rupees is also available. Under this PM Vaya Vandana Scheme 2021, pension is ensured with 8% fixed annual returns for ten years. Due to the increase in investment limit, the senior citizen gets 10 thousand rupees per month while a minimum 1000 rupees pension amount is guaranteed. Only the amount of interest is received in the form of a pension. It means if you have deposited Rs 15 lakh, then it will get interested of Rs 1 lakh 20 thousand for the year at the rate of 8%, this amount of interest every month. 10 – 10 thousand rupees will be given every quarter by doing 30000 -30000 rupees and two times a year by doing 60000 -60000 rupees or once in a year by 120000 rupees.

PM Vaya Vandana Yojana New Update

At the time of purchase under PM Vaya Vandana Yojana, the pensioner can choose monthly, quarterly, half-yearly, or yearly pension. Under this scheme, you can take a maximum allowance of about Rs 9,250 every month—27,750 per quarter, Rs 55,500 every half year, and Rs 1,11,000 per year. Along with increasing the duration of this scheme, the government has made significant amendments to it. Under the Vaya Vandana Yojana, the minimum investment of Rs 1 lakh 62 thousand 162 has been amended in the amount provided for the minimum pension (annual) of one thousand rupees every month.

PM Vaya Vandana Yojana 2021

If a senior citizen leaves the scheme in the middle of leaves, then there is also an option to withdraw his amount before maturity in the scheme. If the pensioner has any severe illness, then the pensioner needs money for treatment. 98% of the amount deposited from the side will be returned. Under this PM Vaya Vandana Yojana 2021, you can also take a loan after three years of depositing the amount. You can take a loan up to 75% of the amount deposited. The interest on the loan amount is fixed every quarter. You will have to pay interest every six months till you do not return the amount. The amount of interest will be deducted from the pension paid.

Interest Rates of Pradhan Mantri Vaya Vandana Yojana

Pension Option Fixed Interest Rate
Monthly 7.40%
Quarterly 7.45%
half yearly 7.52%
Yearly 7.60%

Vaya Vandana Scheme Payment

You can pay the Pradhan Mantri Vaya Vandana Yojana monthly, quarterly, half-yearly, or annually. You will have to make this payment either through NEFT or through Aadhaar Enabled Payment System.

Pension Options

Monthly
Quarter
Half yearly
There is an option to take it on an annual basis, you can choose any option as per your wish.
Pension will be paid through NEFT or through Aadhaar enabled payment system.

Maturity Benefits of Pradhan Mantri Vaya Vandana Yojana 2021

If the pensioner is alive till the policy term of 10 years, along with the deposited amount, pension will also be given.
In case the pensioner dies, the amount deposited on the death of the pensioner will be returned to the nominee within 10 years of the policy term.
If the pensioner commits suicide then the deposited amount will be returned.

Prime Minister Vaya Vandana Yojana Surrender Value

Suppose a person is not able to make payment under the Pradhan Mantri Vaya Vandana Yojana. Or, for some reason, there is a need for money, and he wants to leave the scheme. So, in this case, 98% of the amount paid will be refunded. Apart from this, if you are not satisfied with the terms and conditions of this policy. In this case, you can return the policy within 15 days if the policy is purchased offline and within 30 days if the policy is purchased online. The full amount paid by you will be returned to you upon return.

PM Vaya Vandana Yojana Loan Facility

You can also get a loan under the Pradhan Mantri Vaya Vandana Yojana. This loan can be availed after three years of policy completion. Under this scheme, you can be provided up to 75% of the amount paid. The interest rate on this loan will be charged at 10%.

Some important things of PM Vaya Vandana Yojana

  • Pension is provided to senior citizens of the country after 60 years of age through Pradhan Mantri Vaya Vandana Yojana. To get this pension, the beneficiary has to pay the premium amount.
  • The policy term under this plan is ten years.
  • The premium amount under the Pradhan Mantri Vaya Vandana Yojana will be paid based on pension mode.
  • Pensioners can make monthly, quarterly, half-yearly, and annual payments under this scheme.
  • If the beneficiary dies, the purchase price of the pension is passed on to the legal heir.
  • Pradhan Mantri Vaya Vandana Yojana can be purchased without any medical examination, and under this scheme, premature exit is allowed in certain circumstances.
  • 9% of the purchase price is provided if the beneficiary exits the scheme prematurely.
  • The beneficiary can also get the loan after three years of purchasing this scheme.
  • Loan under this scheme 75% of the purchase price can be availed.

Pradhan Mantri Vaya Vandana Yojana Features

  • Pradhan Mantri Vaya Vandana Yojana has been specially started for those old citizens whose age is 60 years.
  • Through this scheme, a guaranteed pension is provided to the beneficiary for ten years.
  • The Life Insurance Corporation of India operates this plan. Through Pradhan Mantri Vaya Vandana Yojana, you can earn interest income at the rate of 7.40% p.a.
  • This plan can be purchased through both online and offline means. Earlier, this scheme was closed on 31 March 2020, but now the duration of this scheme has been extended till March 2023.
  • Under this scheme, the pension can be received monthly, quarterly, half-yearly, and annually.
  • The purchase price along with the final amount of pension will be refunded after the completion of 10 years. Loans up to 75% of the purchase price can also be availed through this policy.
  • This loan facility can be availed only after the completion of 3 years of the policy term.
  • An emergency withdrawal of up to 98% of the purchase price can also be made with this plan.
  • If the beneficiary dies before the completion of 10 years, the purchase price will be returned to the nominee.

Key Facts of PMVVY Scheme 2021

  • Under PMVVY Scheme 2021, the age of senior citizens should be at least 60 years or more. There is no upper age limit as of now.
  • The term of the policy will be ten years. The minimum pension that will be Rs 1000 per month will be Rs 3000, 6000 / half-yearly, Rs 12000 / year. The maximum will be Rs 30,000 / quarter, Rs 60,000 / half-yearly, and Rs 1,20000 per annum.
  • Under the Pradhan Mantri Vaya Vandana Yojana 2021, senior citizens can invest a maximum of Rs 15 lakh.
  • The policy term of this plan is ten years.
  • PMVVY scheme provides old age income security to the senior citizens of the country.
  • You will not have to pay GST under this scheme.

Key Points of PM Vaya Vandana Yojana

Age

60 year

No Limits

Policy term

10 year

Pension Mode

Monthly, Quarterly, Quarterly and Annually (in Rs.)

Purchase Value

1,50,000 monthly

15,00,000 Monthly

1,49,068 quarter

14,90,683 Quarter

1,47,601 half yearly

14,76,015 half yearly

1,44,578 per annum

14,45,783 Annual

Pension Value

1,000/- monthly

10,000/- Monthly

3,000/- quarterly

30,000/- quarterly

6,000/- half yearly and 12,000/- per annum

60,000/- half yearly and
1,20,000/- per annum

Eligibility of Pradhan Mantri Vaya Vandana Yojana

  • The applicant must be a permanent resident of India.
  • The minimum age of the applicant should be 60 years.
  • There is no upper age limit under this scheme.
  • The policy term under this plan is 10 years.

Important Documents of PM Vaya Vandana Yojana

  • Aadhar Card1
  • Pan Card
  • proof of age
  • proof of income
  • Proof of residence
  • bank account passbook
  • mobile number
  • passport size photo

How to apply for PM Vaya Vandana Yojana 2021?

Interested beneficiaries of the country who want to apply under Pradhan Mantri Vaya Vandana Yojana can apply online and offline, follow the method given below, and take advantage of the scheme.

  • Firstly the applicant has to go to the official website of LIC. After visiting the official website, the home page will open in front of you.
  • On this home page, you will see the registration option; you will have to click on that option. After that, the application form will open in front of you.
  • After filling in all the information, you will have to upload all your documents and finally click on the submit button.
  • In this way, your online registration will be completed.

Offline Application Process

Firstly the applicant has to contact his nearest LIC branch. After this, the officer of that branch will have to give all his documents and give all his information.
LIC agent will make your application under this scheme. After the verification of the application, the LIC agent will start your policy of this plan.

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