Pradhan Mantri Vaya Vandana Yojana 2023 | Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana (Pradhan Mantri Vaya Vandana Yojana) is a government initiative designed to provide pension benefits to senior citizens in India. Launched by the Government of India in May 2017, the scheme offers individuals aged 60 years and above a fixed pension for a period of 10 years. The special feature of PMVVY is the attractive interest rate of 8 percent offered by the government on their investments, ensuring financial security and stability for senior citizens. In this article, we will study the details of the scheme including eligibility criteria, application process and key features that make it an attractive option for senior citizens.

Recently, the Union Cabinet extended the investment deadline for Pradhan Mantri Vaya Vandana Yojana from 31 March 2020 to 31 March 2023. This extension provides more time to individuals to avail the scheme. Under PMVVY, senior citizens who invest in the policy get a minimum pension amount of Rs. 12,000 per annum, which is Rs. 1,000 per month.

Pradhan Mantri Vaya Vandana Yojana 2023

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 investment limit 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 2023 was earlier March 31, 2022, which has been increased to March 31, 2022. 2023 has been done. Dear friends, today we are going to provide you all the information about Pradhan Mantri Vaya Vandana Yojana 2023 like application process, documents, eligibility, guidelines etc. through this article.

Pradhan Mantri Vaya Vandana Yojana 2023 | Pradhan Mantri Vaya Vandana Yojana

Information about Pradhan Mantri Vay Vandana Yojana

what is the article about	Pradhan Mantri Vaya Vandana Yojana
Who launched?	Life Insurance Corporation of India
beneficiary	citizens of india
Objective	Providing all important information about Pradhan Mantri Vaya Vandana Yojana
official website	https://www.licindia.in/Home
Year	2023

Some important information related to Pradhanmantri Vaya Vandana Yojana 2023

• Interested senior citizens can get a pension of ₹ 10000 per month by investing a maximum lump sum of ₹ 1500000 under this scheme.
• The lump sum amount deposited under this scheme is tax free under section 80C of the Income Tax Act 1961. But the beneficiary will have to pay income tax on the interest earned from the amount invested.
• If the policyholder wants to receive pension every month, he will get interest at the rate of 8%. If he wants to get pension once every year, then he will get interest at the rate of 8.3%.
• The policy holder has the option of receiving monthly, quarterly, half-yearly or yearly pension over the policy term of 10 years.
• Beneficiary does not need to undergo any medical test to join under Pradhan Mantri Vaya Vandana Yojana.
• After 10 years of investing under this scheme, along with the final payment of pension, the deposited investment amount is also returned. If the policy holder receiving pension dies within 10 years of joining the scheme, the deposited amount will be refunded to the nominee.

Pradhan Mantri Via Vandana Yojana 2023 Application Form

Beneficiaries of this scheme will get the first installment of pension after 1 year, 6 months, 3 months, 1 month after depositing the amount. It depends on which option you choose, whatever citizens of the country want to register through this Pradhan Mantri Vaya Vandana Yojana 2023, they can do it both offline and online and can buy the policy. Online registration You can get the policy by registering online by visiting the official website of LIC and the beneficiary who wants to apply offline can do so by visiting the LIC branch near you and take advantage of Pradhan Mantri Vaya Vandana Yojana 2023

Objective of PMVVY

The primary objective of Pradhan Mantri Vaya Vandana Yojana is to provide lump sum as pension to senior citizens. The scheme also allows beneficiaries to choose between annual and monthly pension options. .

Benefits and Features of Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana offers many benefits and facilities that make it an attractive choice for senior citizens. Let's take a look at some of these benefits:

Exclusive for Indian Citizens: Only Indian citizens are eligible to avail the benefits of this scheme.

• Age Requirement: PMVVY is open to persons aged 60 and above.
• Attractive Pension Amount: Beneficiaries who have Rs. Invests up to 15 lakhs in the scheme get a monthly pension of Rs. 9,250 has been kept.
• Nominee Provision: In the unfortunate event of accidental death of the policyholder, the scheme ensures that the pension amount is transferred to the nominee.
• Government Backed: The Central Government administers the Pradhan Mantri Vaya Vandana Yojana providing a secure investment avenue for senior citizens.
• Interest Rates: The scheme offers fixed interest rates ranging from 7.40 percent to 7.60 percent depending on the pension option chosen.

Pradhan Mantri Vaya Vandana Yojana 2023 | Pradhan Mantri Vaya Vandana Yojana

Premium payment for PMVVY

Under PMVVY, individuals can choose from various premium payment options such as monthly, quarterly, half-yearly or annually. Once the premium payment method is selected, it cannot be changed. This flexibility allows senior citizens to invest according to their financial situation and preferences.

Here are some critical points to consider with regard to Pradhan Mantri Vaya Vandana Yojana:

1. Application Process: Interested persons can apply for PMVVY through both online and offline mode.
2. Policy Tenure: The policy tenure for this scheme is 10 years.
3. Loan Assistance: After completing three years in the scheme, the beneficiaries have the option to avail themselves of the loan assistance.
4. Investment after March 2023: The government has extended the investment window till 31 March 2023.
5. Eligibility: Only Indian senior citizens who are 60 years of age or above can apply for this scheme.

Documents required for PMVVY

To apply for Pradhan Mantri Vaya Vandana Yojana, the following documents are required:

1. aadhar card
2. PAN card
3. Age certificate
4. Proof of residence
5. Bank account details
6. Mobile number
7. Passport size photograph

Official website and online application

For detailed information about Pradhan Mantri Vaya Vandana Yojana, the government has established an official website. Through this website, individuals can apply for policies, pay premiums and access other related information. The online application process is straightforward and user-friendly. Additionally, for those who prefer offline application, LIC branches across the country provide assistance and guidance in obtaining a PMVVY policy.

Check status and helpline number

To check the status of your Pradhan Mantri Vaya Vandana Yojana application, visit the LIC website and navigate to the designated status page. Enter the required information to access your status update. In case of any queries or assistance, a dedicated helpline number, 022 6827 6827 has been set up to address your concerns and provide necessary guidance.

conclusion

Pradhan Mantri Vaya Vandana Yojana is a transformative scheme for the financial well-being of senior citizens in India. Through its attractive features, attractive interest rates and flexible premium payment options, this scheme empowers senior citizens, enabling them to enjoy a secure and dignified retirement. To avail the benefit, eligible senior citizens can apply online or visit the nearest LIC branch. Government efforts to provide a comprehensive and robust support system for the elderly promote an inclusive and prosperous society.