What is LIC Pradhan Mantri Vaya Vandana Yojana? PMVVY Diet

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Pradhan Mantri Vaya Vandana Yojana

LIC Pradhan Mantri Vaya Vandana Yojana was launched by the Government of India on May 4, 2017, to help the elderly. It is abbreviated as PMVVY, which is a pension plan. This scheme has now been extended till March 31, 2023. Through this article, you can read details about the scheme related information such as the application form, calculator, purpose, benefits, interest earned in the scheme, etc. Under this scheme, people aged 60 and over who opt for a 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 this, senior citizens will get a good interest in their investments. This scheme is operated and managed by Life Insurance Corporation (LIC).

Pradhan Mantri Vaya Vandana Yojana

It is a pension and retirement scheme announced by the Government of India. LIC manages this pension plan. If there is any other service, he could have invested up to ₹750,000, but now the government has increased it to ₹1,500,000.   PMVVY Diet 2022 Under this, people could invest in it, whose deadline has been extended from May 3, 2018, to March 31, 2020. 

Through this article, you can study all the documents related to this program, all kinds of information about guidelines like the application process, etc. The program is subsidized by the government and was launched in May 2017. The Money invested by the buyers of the system is called the purchase price. As guaranteed by the sovereign plan, it ensures an assured rate of return on investment. The scheme pays a regular pension, and the frequency can be monthly, quarterly or annually. PMVVY is A great alternative to traditional bank deposits. Carefully read this article till the end for more details.

Pradhan mantri Vaya Vandana Yojana New Update

The Union Cabinet has extended the last investment period under this scheme from March 31, 2022, to March 31, 2023. The PMVVY scheme aims to give senior citizens an assured return on the purchase price/contribution amount, but a certain minimum pension must be granted. Through this, LIC gives the pension amount to the applicant and partner; in this, the government changed the pension rate, under which the period of the AAP scheme was extended by three years.

Pradhan Mantri Vaya Vandana Yojana 2022 Application Form

After depositing the first instalment, you can make sure you want to get the tension amount for one year, six months, three months, or one month and choose which option. PMVVY Diet 2022 You can apply in online and offline mode. And in any way, you can buy the font. If you want to apply, you need to go to the nearest LIC branch or any branch, fill in the application form, and submit it there. In the online application process, you need to go to the official website of LIC and purchase the policy by registering online.

Points of Pradhan Mantri Vaya Vandana Yojana

Schem Name Pradhan Mantri Vaya Vandana Yojana
When did it start? 2017 by Life Insurance Corporation of India
Plan beneficiaries indian citizens
Objective of the plan ensure retirement
official site Click here
Year 2022

Pradhan Mantri Vaya Vandana Yojana Free Viewing Period

If the applicant is unsatisfied with the terms and conditions, the policy can be returned within 15 days. In the case of offline purchase, this rule will apply; even if you purchased the policy online, the free consultation period is 30 days, i.e. you must return the policy within 30 days if you wish. Along with this, Cardamom will also ask for the reason for returning the policy. After deducting a certain amount of stamp duty and pension deposited, the purchase price will be referred.

Vaya Vandana Yojana Maximum and minimum purchase price

The minimum and maximum purchase prices for which you may purchase a Retirement Key policy under the scheme are set out below.

way of retirement minimum purchase price maximum purchase price
annual Rs 1,44,578 Rs 7,22,892
half-yearly Rs 1,47,601 Rs 7,38,007
quarterly Rs 1,49,068 Rs 7,45,342
monthly Rs 1,50,000 Rs.750,000

What is Pradhan Mantri Vaya Vandana Yojana?

Senior citizens can invest up to a maximum of Rs 15 lakh. Under this scheme, the maximum investment limit has now been changed from per family to per citizen per year, which means husband and wife are seniors in a family, then they can invest Rs. You can also take advantage of the bonus. PMVVY Diet 2022 Under this, the pensioner has the right to receive the amount of interest as a pension.

lic pradhan mantri vaya vandana yojana

 

Benefits of Pradhan Mantri Vaya Vandana Yojana 

Here are the main advantages of PMVVY.

  • The PMVVY plan offers guaranteed returns of 8% to 8.3% to clients for ten years.
  • The scheme regularly pays a fixed amount.
  • The full amount (including the final pension and purchase price) will be paid at the end of the 10-year policy term.
  • A loan of up to 75% of the purchase price can be taken out after three years to cover emergencies.
  • Due to medical emergencies (self and spouse), customers can withdraw 98% of the purchase price.
  • If the policyholder dies during the policy’s term, the nominee will be paid with the purchase price.
  • The plan initially offers a guaranteed rate of return of 7.40% per annum for 2022-21 and resets annually after that.
  • The annual interest rate reset with effect from 1 April of the financial year by the revised SCSS rate of return with a limit of 7.75% at any time in the event of a new breach on a diet.

Project PM Vaya Vandana 2022 Eligibility Criteria 

To avail of the benefits, you must have the following eligibility. There are no specific eligibility criteria for the PMVVY scheme except that the subscriber must be a senior (over 60). The candidate must be an Indian citizen. There is no maximum entry age for the PMVVY scheme. Also, the applicant should be ready to avail of the ten-year policy term. The minimum purchase price is Rs 1.5 lakh, providing a monthly pension of Rs 1,000. The maximum purchase price is Rs 15 lakh, providing a monthly pension of Rs 10,000.

Required Documents for Pradhan Mantri Vaya Vandana Yojana

If you also want to apply under Vaya Vandana Yojana, you must have the following necessary documents.

Map of Adar proof of age
proof of address passport size photograph of the applicant
Documents indicating that the applicant has retired

Pradhan Mantri Vaya Vandana Yojana 2022 Retirement Policy

As mentioned, the minimum purchase price for a monthly annuity of Rs 1,000 is Rs 1.50,000. The annuity a subscriber will receive will depend on their purchase price.

Retreat mode Minimum pension amount – Rs. Minimum Investment Amount – Rs. Maximum pension amount – Rs. Maximum investment amount – Rs.
Monthly 1,000 1,50,000 10,000 15,00,000
quarterly 3,000 1,49,068 30,000 14,90,684
Half-yearly 6,000 1,47,601 60,000 14,76,014
Annually 1,200 1,44,578 1,20,000 14,45,784

PMVVY is a great investment option for seniors. This scheme can be considered for older people looking for a regular pension. However, you must have a considerable amount to invest in this scheme.

Vaya Vandana Diet Maturity Advantage

  • On the survival of the pensioner for the duration of the 10-year policy, with the amount deposited, a pension will also be provided.
  • If the retiree dies for any reason, the amount deposited will be returned to the nominee upon the death of the retiree within 10 years of the term of the policy.
  • And if the pensioner commits suicide, the deposited amount will be returned.

Interest rate of Pradhan Mantri Vaya Vandana Yojana

possibility of retirement fixed interest rate
monthly 7.40%
trimester 7.45%
half-yearly 7.52%
annually 7.60%

Key points of Pradhan Mantri Vaya Vandana Yojana

age 60 years (completed) No limits
font term 10 years
retirement mode Monthly, Quarterly, Half-yearly and Annually (in Rs.)
Buying price 1,50,000 monthly
1,49,068 quarter
1,47,601 semester
1,44,578 per year
15,00,000 Monthly
14,90,683 Quarter
14,76,015 semester
14,45,783 Annual
pension amount 1,000/- monthly
3,000/- quarterly
6,000/- half-yearly
12,000/- per year
10,000/- Monthly
30,000/- quarterly
60,000/- half-yearly
1,20,000/- per year

Apply Online for Pradhan Mantri Vaya Vandana Yojana

You can apply online and offline. Here we will give you information about the process.

Vayana Vandana Yojana Online Application

  • For this you first need LIC official site continue to. Here on the homepage “Some products” According to “Pension plan” You need to click on the option.
  • Complete the relevant application form now, submit the online application and upload the required documents

Vayana Vandana Program Offline Application

  • To do this, you must first contact your nearest LIC branch.
  • Now, after going to the branch, the agent there will have to give all his information and documents.
  • After this LIC agent will apply for you under this scheme. After verification of the request, LIC
  • The agent will start your policy from this plan.
  • If you are offline, Vaya Vandana Yojana can apply

Pradhan Mantri Vaya Vandana Yojana Payment

Can be purchased by paying a flat purchase price. The pensioner has the option of choosing either the amount of the pension or the purchase price. The minimum and maximum purchase price according to the different pension modes would be as follows.

Motorcycle pension minimum purchase price maximum purchase price
annual Rs 1,56,658 Rs 7,22,892
monthly Rs 1,62,162 Rs 7,50,000

Pradhan Mantri Vaya Vandana Yojana retirement options

  1. Monthly
  2. Trimester
  3. Half-yearly
  4. Annually
  5. You can only choose one option from these.
  6. Pension payment amount can be received through NEFT or Aadhaar payment system.

FAQ

pradhan mantri vaya vandana yojana calculator

You can check online from here.

How to apply for pradhan mantri vaya vandana yojana?

You need document as below:
Map of Adar
Proof of age
Proof of address
Passport size photograph of the applicant
Documents indicating that the applicant has retired

You can apply online from here or you can visit your nearest LIC branch

is pradhan mantri vaya vandana yojana taxable?

Income tax under section 80C of Income Tax Act, 1961
Deposite: No
For interest: Yes

Can nri can take pradhan mantri vaya vandana yojana?

There is no any specify anywhere about it, however he/she should be senior citizen (60+ year). The applicant must be Indian citizen.

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