PM Vaya Vandana Yojana: The Indian authorities started the pradhanmantri Vaya Vandana Yojana on May 4, 2017, to support the state’s older residents. this plan is for pensions. seniors 60 years of age and above who select this scheme’s monthly pension alternative will receive eight hobbies for ten years. should they choose the one-year 401-k plan, they’ll acquire 8.3% hobby for a duration senior citizens who make investments underneath the Pradhan Mantri Vaya Vandana Yojana will acquire aggressive interest prices.
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Pradhanmantri Vaya Vandana Yojana 2024
This plan combines a pension plan with social protection blessings. Although LIC is coping with this programme, the authorities of India own it. the very best amount that could be invested under this scheme was formerly rs 7.5 lakh, but it has because been raised to rs 15 lakh. Furthermore, the closing date for making investments underneath the PMVVY scheme 2024 was formerly set for March 31, 2022, however, it has now been prolonged to March 31, 2023. greetings, buddies. In this piece, we can enumerate all of the details of the pradhan mantri vaya vandana yojana, such as eligibility requirements, documentation necessities, utility tactics, and tips.
Overview of Pradhanmantri Vaya Vandana Yojana 2024
| Name of Scheme | Pradhan Mantri Vaya Vandana Yojana |
| Year | 2024 |
| was started | Life Insurance Corporation of India |
| Beneficiary | citizens of india |
| Objective | Providing all important information about Pradhan Mantri Vaya Vandana Yojana |
| Category | central government schemes |
| official website | https://licindia.in/ |
The objective of Pradhan Mantri Vaya Vandana Yojana
The primary aim of this policy is to furnish pensions to the elderly population in India. Interest on their investments will be used to fund this pension. Senior citizens will be able to support themselves in old age and not need to rely on others thanks to the PMVVY Scheme 2024. Seniors who participate in this programme will become financially independent.
- Underneath this initiative, a senior person who expresses interest can make investments in a lump sum of ₹ 1,500,000 and get hold of a pension of ₹ 10,000 each month.
- The Earnings Tax Act of 1961’s section 80c presents tax exemption for the lump sum amount deposited below this plan. but, profits tax should be paid by way of the beneficiary at the hobby earned from the invested capital.
- The policyholder gets interest at the fee of eight if he desires to reap a pension each month. he’ll obtain a hobby at the fee of 8. three if he chooses to get a pension once every 12 months.
- For a ten-year insurance term, the policyholder can choose to receive pension payments on a monthly, quarterly, half-yearly, or annual basis.
- The Pradhan Mantri Vaya Vandana Yojana beneficiary is eligible to participate without having to take any medical exams.
- After ten years of investment, the system returns the entire investment amount in addition to the final pension payment. The deposited amount will be returned to the nominee if the policyholder who is receiving the pension passes away within ten years of enrolling in the programme.
Prime Minister Vaya Vandana Yojana Purchase Price and Pension Amount
| Turn of pension | minimum purchase price | pension amount | maximum purchase price | pension amount |
| annual | 156658 | 1200 per annum | 1449086 | 111000 per annum |
| half year | 159574 | 6000 half yearly | 1476064 | 55500 per half yearly |
| quarterly | 161074 | 3000 per quarter | 1489933 | 27750 per quarter |
| monthly | 162162 | 1000 per month | 1500000 | 9250 per month |
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Benefits of Pradhan Mantri Vaya Vandana Yojana
- The pradhan Mantri Vaya Vandana Yojana no longer offers tax advantages.
- This plan is meant to be invested in.
- Earlier than March 31, 2023, all residents over 60 are eligible to invest up to rs. 1500000.
- Pensions for residents will vary from ₹ one thousand to ₹ 9250 consistent with month, depending on the funding.
- The tax charges and contemporary tax policies that are in impact are applied to the returns which might be received via this program.
- Similarly, this scheme is not difficult for GST.
- 18% GST is carried out to all well-known insurance policies with Tom coverage. but, the Pradhan Mantri Vaya Vandana Yojana is exempt from GST.
- A citizen investing under this scheme is not eligible to say a deduction under phase 80c of the Profits Tax Act.
Maturity benefits of Pradhan Mantri Vaya Vandana Yojana 2024
- The deposited sum and the pension will be paid out if the policyholder lives out for the full ten years.
- If the pensioner passes away within ten years of the policy’s expiration, the deposited money will be given back to the nominee.
- The money deposited will be refunded if the pensioner takes their own life.
PMVVY Scheme interest rates
| pension option | fixed interest rate |
| monthly | 7.40% |
| quarter | 7.45% |
| half year | 7.52% |
| annual | 7.60% |
Pradhan Mantri Vaya Vandana Yojana Payment
Pradhanmantri Vaya Vandana Yojana can be paid quarterly, half-yearly, monthly, or annually. This payment must be made using either the NEFT or the Aadhaar-enabled payment mechanism.
Pension taking options
- monthly
- quarter
- half-year
- You have the opportunity to take it annually, and you are free to select any option that suits your needs.
- Pension payments will be made using Aadhaar-enabled payment systems or NEFT.
Key facts of PMVVY Scheme 2024
- The senior recipient under this arrangement should be at least 60 years old. there isn’t always a hard and fast upper age restriction as of now.
- The coverage may be in effect for ten years. the pension will begin at rs a thousand and increase to rs 3000 per month, rs 6000/6 half every year, and rs 12000 annually. the most amounts are rs 30,000 for three months, rs 60,000 for six months, and rs 1,20,000 for a year.
- Senior residents can invest up to Rs 15 lakh in this initiative.
- The Pradhan Mantri Vaya Vandana Yojana 2023 has a 10-year policy period.
- The PMVY programme offers the aged populace of the kingdom safety in their antique age.
- The pm vaya vandana yojana exempts you from paying GST.
Eligibility for Pradhan Mantri Vaya Vandana Yojana
- The holder needs to live in India permanently.
- The holder must be at least sixty years old.
- Under this plan, there is no upper age limit.
- Under the PM Vaya Vandana Yojana, policies are in effect for ten years.
Important documents of PM Vaya Vandana Yojana
- Aadhar card
- PAN card
- proof of age
- proof of income
- Proof of residence
- bank account passbook
- mobile number
- passport size photo
How to apply for Pradhan Mantri Vaya Vandana Yojana online?
Any citizen of the nation may register both offline and online for the PM Vaya Vandana Yojana. Utilise the strategy by following the steps listed below.
online application process
- Before anything else, the applicant must visit LIC’s official website. Following this, you will be presented with the home page.
- You need to pick the registration option that looks on this home page. the registration shape will now be before you.
- Following that, you will want to fill out the form with all of the requested statistics, consisting of your name, deal with, and aadhaar wide variety. it is now important so one can add each document and press the post button.
- Your online registration could be finished in this way.
Offline Application Process
- Initially, the candidate must get in touch with the closest LIC branch. He will next need to go to the branch and provide the officer with all of his paperwork and personal data.
- An LIC agent will register you through the PM Vaya Vandana Yojana 2024. After registration verification, a LIC representative will start your policy under this scheme.
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Contact Details
- PHONE: 022-67819281 or 022-67819290
- TOLL FREE: 1800-227-717
- EMAIL: onlinedmc@licindia.com
Conclusion
In conclusion, the Pradhan Mantri Vaya Vandana Yojana is a beneficial initiative that aims to support elderly individuals in making financial plans and ensuring a stable income during their retirement years. This strategy provides assured returns on the initial amount along with an alluring annual interest rate of 7.40%. In addition to offering financial stability, it also supports older citizens’ welfare and recognises their value to society.
Faq’s for Pradhan Mantri Vaya Vandana Yojana
Q. What are the benefits of Pradhan Mantri Vaya Vandana Yojana if an investor needs money in an emergency or after his/her demise?
Ans: If the pensioner passes away within the policy’s term, the beneficiary will receive a death benefit in the form of a full return of the purchase price. The insurance provides a premature exit feature that allows for the withdrawal of 98% of the deposited amount if the policyholder or his or her spouse needs money for the treatment of a serious sickness.
Q. Is PMVVY eligible for deduction under Section 80C?
Ans: Investors who participate in this plan are not eligible to deduct their investments under Section 80C of the Income Tax Act. The scheme’s returns will be subject to taxation at the applicable tax rate and by the tax regulations in effect at the time of receipt.
Q. Can one invest in both PMVVY and SCSS?
Ans: Yes, each savings plan allows for an individual to invest up to Rs. 15 lakh at a time. Therefore, by merging the two programmes, an investment of Rs. 30 lakh can be made. The government offers support for both investing options, and the returns are satisfactory.
@MAN