Pradhan Mantri Vaya Vandana Yojana was launched on May 4, 2017, by the government of India for the country’s senior citizens. This is a retirement scheme. Under this scheme, the senior citizens of 60 years or over choose a monthly pension, and they will get 8% interest for 10 years. If they choose the annual pension option, they will get an 8.3% interest for 10 years.
PM Vaya Vandana Yojana is a retirement plan (pension scheme) available for the senior citizens. When choosing a monthly pension, the senior citizens receive a guaranteed pension at a fixed rate for a period of 10 years. Hereby, the purchase price is returned to the candidate. Earlier this policy was open for a very short time. Then it was extended until March 31, 2020. Now it has been increased to March 31, 2023, for another three years.
PM Vaya Vandana Scheme Application Form | प्रधानमंत्री वय वंदना योजना | PMVVY Scheme Online Apply | @licindia.in | वय वंदना योजना आवेदन फॉर्म | प्रधानमंत्री वय वंदना योजना में कैसे निवेश करें? | Pradhan Mantri Vaya Vandana Yojana (pmvvy) | Pension Schemes for Senior Citizens
What is the PMVVY scheme? – Pension Schemes for Senior Citizens
Pradhan Mantri Vaya Vandana Yojana is a pension scheme for people over 60 years old. PMVVY is useful for seniors who do not receive any government pension. These senior citizens can receive a pension for the next ten years by depositing a total amount after retirement from work. Under PMVVY, the monthly pension is 8% annually. Older people can get a pension of up to 10,000 rupees per month by investing 15 lakhs in this scheme. After 10 years, the amount deposited in PMVVY will be returned.
Pradhan Mantri Vaya Vandana Yojana 2020? – Updated
The PMVVY scheme implemented by the Life Insurance Company (LIC) targets senior citizens. The minimum fixed pension must be paid on the basis of the guaranteed return on the purchase price/contribution amount. Under this scheme, seniors will have to invest Rs. 1.56,658 to obtain a minimum pension of Rs. 12,000 annually and Rs. 1,62,162 to obtain a minimum pension of Rs. 1,000 per month.
Main points of LIC Pradhan Mantri Vaya Vandana Yojana
|Age||Above 60+ Years||No Limits|
|Policy Term||10 years|
|Pension Mode||Monthly/quarterly/half-yearly and annually|
|Purchase Price||1,50,000 monthly/1,49,068 quarterly/1,47,601 half yearly/1,44,578 yearly||15,00,000 Monthly/14,90,683 Quarterly/14,76,015 Half Yearly/14,45,783 Annual|
|Pension Amount||1,000 / – Monthly – 3,000 / – Quarterly – 6,000 / – Half yearly – 12,000 / – Annual||10,000 / – monthly – 30,000 / – quarterly – 60,000 / – half yearly – 1,20,000 / – annual|
Key Facts of the PMVVY 2020 Scheme
- The senior citizens must be at least 60 years of age or older under the PMVVY 2020 scheme, the age limit is not specified at present.
- The duration of the document will be 10 years.
- The minimum pension that will be Rs. 1000 per month is going to be Rs. 3000, 6000 / semiannual, Rs. 12000 / year. Maximum Rs. 30,000 / quarter Rs. 60,000 / half year, and Rs. 20,000 annually.
- Senior citizens can invest a maximum of Rs 15 lakhs, the policy term for this scheme is 10 years.
- The PMVVY scheme provides old-age income insurance to the country. Under this scheme, you will not have to give GST.
How many people have reached the PMVVY scheme? – वय वंदना योजना
- As of March 2018, a total of 2.23 lakh senior citizens people will benefit from this pension scheme. Under PMVVY, up to now, seniors are guaranteed a minimum pension of 1,000 rupees for ten years.
- Earlier, 3.11 lakh benefited from the senior citizens under the Seniors Retirement Insurance Scheme 2014. PMVVY is managed by the Life Insurance Company of India (LIC).
Documents Required PM Vaya Vandana Yojana (pmvvy)
- The application must be based in India.
- Aadhar card
- Pan card
- Bank account book
- Mobile Phone Number
- A passport-sized photo
How to apply online for PM Vaya Vandana 2020?
Under the Pradhan Mantri Vaya Vandana Yojana scheme, can apply online and offline, follow the method outlined below, and benefit from the scheme.
- First of all, the applicant must visit the official LIC website.
- After visiting the official website, the home page will open in front of you.
- The application form will be opened in front of you.
- After that, you will have to fill in all the required information on the form such as the name of address, Aadhaar number, etc.
- After filling out all the information, you will have to upload all your documents, then finally click the submit button.
- This way, online registration will be completed.
How can you apply for Vaya Vandana 2020 Offline Scheme?
The applicant must contact the nearest branch of the LIC. He will have to go to the branch and give all his documents to the officer and give all his information. LIC agents will be implemented under this scheme. After checking the application, the LIC agent will start your policy for this scheme.
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