Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-backed pension scheme launched by the Prime Minister of India, Narendra Modi, in 2017. The scheme is administered by the Life Insurance Corporation of India (LIC) and is aimed at providing a regular income to senior citizens during their old age.
The main objective of PMVVY is to provide an assured pension to senior citizens aged 60 years and above, who are looking for a regular income during their retirement years. The scheme offers an assured rate of return of 7.4% per annum for a period of 10 years. The pension is paid monthly, quarterly, half-yearly or annually, as per the choice of the pensioner.
To enroll in the scheme, individuals need to purchase the pension plan by paying a lump sum amount. The minimum purchase price is Rs. 1.5 lakh and there is no upper limit on the purchase price. The scheme also provides the option of loan facility, which allows the pensioner to take a loan up to 75% of the purchase price after 3 policy years.
The scheme is available for purchase from LIC offices and select branches of banks. The scheme is also available for purchase online through LIC's e-services portal.
To apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY), one can follow these steps:
Visit the official website of the Life Insurance Corporation of India (LIC) - licindia.in.
Look for the PMVVY scheme under the "Insurance" or "Policies" section.
Click on the "Apply Online" button to start the application process.
Fill in the required personal and financial information in the online application form.
Upload the necessary documents such as ID proof, address proof, and age proof.
Choose the pension plan option and make the required payment online.
Submit the completed application form and take a printout for future reference.
After submission, the LIC will verify the details and documents provided in the application form.
Once the verification process is complete, the LIC will issue a policy certificate with the policy number.
The pension amount will be credited to the bank account provided in the application form on a regular basis as per the chosen plan.
It is important to note that, the scheme is only available through Life Insurance Corporation of India (LIC) and not by any other insurance company.
To be eligible for the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme, individuals must meet the following criteria:
Note: The maximum pension ceiling is determined based on the pensioner, their dependents, and spouse as a whole family.
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme offers several benefits, including:
The purchase price for the PMVVY scheme can be paid in a lump sum, and individuals can choose the amount of purchase price or the pension amount they want to receive. The table below shows the minimum and maximum purchase price for different pension modes:
|Minimum Purchase Price (Rs.)
|Maximum Purchase Price (Rs.)
Listed below are examples of pension rates for a Purchase Price of Rs. 1,000 under different pension payment modes:
These rates do not take into account the age of the pensioner and the instalment of pension is rounded off to the nearest rupee.
PMVVY has been widely welcomed by the senior citizens of India as it provides them with a regular income during their retirement years. The scheme also provides a sense of financial security to the pensioners and their families.
In conclusion, Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-backed pension scheme that provides an assured pension to senior citizens aged 60 years and above. The scheme offers an assured rate of return of 7.4% per annum for a period of 10 years and is administered by the Life Insurance Corporation of India (LIC). PMVVY has been widely welcomed by the senior citizens of India as it provides them with a regular income during their retirement years and a sense of financial security to the pensioners and their families.
1. What documents are required to invest in the PMVVY scheme?
2. What is the application process for the PMVVY scheme?
3. Are there any tax benefits for investments in the PMVVY scheme?
4. When is the PMVVY policy open?
5. What are the ways I can invest in the PMVVY scheme?
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