Pradhan Mantri Vaya Vandana Yojana 2024:- The Indian government started the Pradhanmantri Vaya Vandana Yojana on May 4, 2017, to help the nation’s older citizens. This plan is for pensions. Seniors 60 years of age and above who select this scheme’s monthly pension option will receive 8% interest for ten years. Should they opt for the yearly pension plan, they will receive 8.3% interest for ten years. | Senior citizens who invest under the Pradhan Mantri Vaya Vandana Yojana will receive competitive interest rates.
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Pradhan Mantri Vaya Vandana Yojana 2024
This program is a pension plan and social security scheme. Although LIC is in charge of it, the Government of India owns this scheme. This scheme’s maximum investment limit was formerly set at Rs 7.5 lakh, however, it has since been raised to Rs 15 lakh. In addition, the previous March 31, 2022, deadline for investments in the PMVVY Scheme 2023 has been extended to March 31, 2023. Greetings, friends. In this post, we will enumerate all the details you need to know about Pradhan Mantri Vaya Vandana Yojana 2023, including eligibility requirements, documentation, application procedures, and instructions.
Pradhan Mantri Vaya Vandana Yojana 2024: Brief Description
| Name of the scheme | Pradhanmantri 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 |
| Year | 2024 |
| Official website | https://www.licindia.in/Home |
A few key details regarding the PM Vaya Vandana Yojana 2024
- Under this initiative, a senior adult who expresses interest can invest a maximum lump sum of ₹ 1,500,000 and receive a pension of ₹ 10,000 every month.
- The Income Tax Act of 1961’s Section 80C provides tax exemption for the lump sum amount deposited under this plan. However, the beneficiary is required to pay income tax on the interest received from the amount that was invested.
- The policyholder will get interest at the rate of 8% if he desires to obtain a pension each month. He will receive interest at the rate of 8.3% if he chooses to get a pension once a year.
- 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 program.
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Purchase Price and Pension Amount of the Prime Minister Vaya Vandana Yojana
| 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 |
| 55500 per half-yearly | 162162 | 1000 per month | 1500000 | 9250 per month |
Benefits of Pradhan Mantri Vaya Vandana Yojana
- Tax benefits are not provided under the Pradhanmantri Vaya Vandana Yojana.
- Investments are intended for this initiative.
- Every citizen over 60 who wants to contribute up to Rs. 1.5 million can do so by March 31, 2023.
- Citizens’ pensions will vary according to their investment, from ₹ 1000 to ₹ 9250 per month.
- The returns that are obtained using this program are subject to the applicable tax rates and current tax laws.
- In addition, there is no GST associated with this arrangement.
- All general insurance policies from Tom Insurance are subject to an 18% GST. The Pradhan Mantri Vaya Vandana Yojana, however, is exempt from GST.
- The Income Tax Act’s Section 80C prohibits citizens who invest in this plan from claiming a deduction.
Objective
The Pradhan Mantri Vaya Vandana Yojana’s primary goal is to give pensions to India’s elderly population. They will receive their pension by earning interest on the investments they have made. This program will help the nation’s elderly residents grow independent so they won’t need to rely on others when they get older. Seniors will become financially independent thanks to this program.
Free Look Period for Pradhanmantri Vaya Vandana Yojana
Within 15 days of obtaining the policy, a policyholder may return it if the Pradhan Mantri Vaya Vandana Yojana terms and conditions are unacceptable to him. The policy may be returned within 15 days of purchase if it was purchased offline, and within 30 days if it was purchased online. It is necessary to state the reason for the return of the insurance at the time of return. The purchase price of the policy will be reimbursed to the policyholder upon return, less the amount of pension deposited and stamp duty.
Pension Amounts for Prime Minister Vaya Vandana Yojana: Minimum and Maximum
| Mode of Pension | Minimum pension | Maximum pension |
| Annual | Rs 12,000 | Rs 1,11,000 |
| Half year | Rs 6,000 | Rs 55,500 |
| Quarterly | Rs 3,000 | Rs 27,750 |
| Monthly | Rs 1,000 | Rs 9,250 |
Vaya Vandana Yojana Minimum and Maximum Purchase Price
The following are the minimum and maximum pension purchase prices under the Pradhanmantri Vaya Vandana Yojana, in various ways.
| Mode of Pension | Minimum purchase price | Maximum purchase price |
| half-year | Rs 1,44,578 | Rs 7,22,892 |
| Half-year | Rs 1,47,601 | Rs 7,38,007 |
| Quarterly | Rs 1,49,068 | Rs 7,45,342 |
| Monthly | Rs 1,50,000 | Rs 7,50,000 |
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.
Pradhan Mantri Vaya Vandana Yojana 2024’s benefits for maturity
- 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.
Vay Vandana Yojana Surrender Value, the Prime Minister
Should someone be unable to pay under the Pradhanmantri Vaya Vandana Yojana? Or he wants to abandon this idea because, for whatever reason, he needs money. Therefore, in this case, 98% of the money paid will be reimbursed. In addition, if you disagree with any of the policy’s terms and conditions. If you bought the policy offline, you have 15 days to return it; if you bought it online, you have 30 days to do the same. Your entire payment amount will be reimbursed to you.
Loan Facility for the Pradhan Mantri Vaya Vandana Yojana
Under the Pradhan Mantri Vaya Vandana Yojana, loans are also available to you. After the policy is completed for three years, this loan can be received. You may receive up to 75% of the money paid under this plan. This loan will have an interest rate of 10% enum.
Also Read:- PMVVY Scheme
A few key points about the PM Vaya Vandana Yojana
- After turning sixty, seniors in the country are eligible for pensions under the Pradhan Mantri Vaya Vandana Yojana. To be eligible for this pension, the beneficiary must pay the premium.
- The term of this scheme’s policy is ten years.
- The premium amount will be paid by the Pradhan Mantri Vaya Vandana Yojana following the pension plan.
- The pensioner may contribute under this arrangement on a monthly, quarterly, half-yearly, or annual basis.
- In the event of the beneficiary’s death, the purchase price of the pension is awarded to their legal heirs.
- Purchasing the Pradhanmantri Vaya Vandana Yojana does not require a medical examination, and early withdrawal is allowed in some extreme instances.
- If the beneficiary exits the program early, he receives nine percent of the purchase price.
- After three years after purchasing this scheme, the beneficiary is also eligible for a loan.
- A loan equivalent to 75% of the purchase price may be obtained under this plan.
Features of the Pradhan Mantri Vaya Vandana Yojana
- The Pradhan Mantri Vaya Vandana Yojana has been launched, targeting senior citizens aged sixty and above.
- The beneficiary of this arrangement receives a ten-year guaranteed pension.
- The company running this program is Life Insurance Corporation of India.
- You can receive interest income at a rate of 7.40% annually under the Pradhanmantri Vaya Vandana Yojana.
- Both online and offline sales are available for this scheme.
- The original aim for this program was to finish on March 31, 2020, but it has been extended until March 2024.
- This plan allows for monthly, quarterly, half-yearly, or annual pension payouts.
- After the ten years are up, both the purchase price and the full amount of the pension will be reimbursed.
- This policy also allows for the acquisition of loans up to 75% of the purchase price.
- Only once the three-year policy term has passed may one utilize this borrowing facility.
- This plan allows for the withdrawal of up to 98% of the purchase price in case of necessity.
- The nominee will receive their purchase price back if the recipient passes away before the ten years have passed.
Key Facts of Pradhan Mantri Vaya Vandana Yojana 2024
- A senior citizen must be 60 years of age or older to be eligible for the PMVVY Scheme in 2023. As of right moment, there is no higher age limit.
- The ten-year policy will be in force. For a half-year, the minimum pension will be Rs 6000, Rs 3000, Rs 1000, or Rs 12000. Rs 30,000 every quarter, Rs 60,000 for a half-year, and Rs 1,20,000 for a full year are the maximum amounts.
- Senior citizens are eligible to make contributions under the Pradhan Mantri Vaya Vandana Yojana 2023 up to Rs 15 lakh.
- The term of this scheme’s policy is ten years.
- The PMVVY program provides old-age income security to senior citizens across the country.
- Under this, you won’t be liable for paying GST.
Pradhan Mantri Vaya Vandana Yojana Eligibility
- The candidate needs to be a permanent resident of India and an Indian citizen.
- The candidate needs to be at least sixty years old.
- This program has no upper age limit.
- The term of this scheme’s policy is ten years.
Required Documents
- Aadhar card
- PAN card
- Proof of age
- Proof of income
- Proof of residence
- Bank account passbook
- Mobile number
- Passport size photo
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How can one apply for the Pradhan Mantri Vaya Vandana Yojana 2024
Both online and offline applications are accepted from the nation’s eligible beneficiaries for the Pradhan Mantri Vaya Vandana Yojana. To take advantage of the scheme’s benefits, use the procedure listed below.
- Initially, the candidate must visit LIC’s official website.
- When you visit the official website, the home page will appear.
- You need to select the Reeignstration option that is visible on this home page. The application form will then appear in front of you after this. Following that, you will need to provide all the requested information on the form, including your name, address, and Aadhaar number.
- You must upload all of your papers after filling out the form completely before clicking the submit button.
- Your online registration will be finished in this manner.
The application process for Pradhan Mantri Vaya Vandana Yojana online
- 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.
- You will apply for this scheme through an LIC agent. An agent from LIC will begin processing your application and issue your policy under this plan.
Process to get policy details
- You must click on this link to proceed.
- The screen will flip to a new page.
- You must then select the Open option located under Policy Basic Details.
- The login details will then appear in front of you.
- This login form requires your login information to be entered.
- You will then need to select the login option.
- The policy’s details will appear on your computer screen.
Contact Details
- PHONE: 022-67819281 or 022-67819290
- TOLL FREE: 1800-227-717
- EMAIL: onlinedmc@licindia.com
FAQ’s
Q.) The PMVVY (Pradhan Mantri Vaya Vandana Yojana) Pension Scheme: What is it?
Ans. Only Life Insurance Corporation of India (LIC) offers the PMVVY program. For ten years, this plan guarantees pension payments at a predetermined pace. In addition, it offers a death benefit to the nominee in the form of a reimbursement of the purchase price.
Q.) The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is open to everyone who may invest.
Ans. The applicant needs to hold Indian citizenship. The Pradhan Mantri Vaya Vandana Yojana (PMVVY) program has no upper age limit. The applicant must also be prepared to use the ten-year policy term. It offers a monthly pension of Rs 1,000 and has a minimum purchase price of Rs 1.5 lakh.
Q.) How can I purchase PMVVY?
Ans. Pradhan Mantri Vaya Vandana Yojana is available for purchase online and offline from Life Insurance Corporation of India. People must get in touch with their preferred or closest LIC branch to acquire this plan offline.
Q.) Is the PMVVY (Pradhan Mantri Vaya Vandana Yojana) secure?
Ans. Given the unique circumstances of the pandemic-induced recession we are experiencing, it is impossible to predict when interest rates will continue to decline. As a result, the investments you make should be based on your tolerance for risk. PMVVY ought to be your first option if you’re a risk-averse investor searching for a steady income strategy for the long run. SCSS and POMIS are next, and then bank FDs.
Q.) Is there no tax on the Pradhan Mantri Vaya Vandana Yojana (PMVVY)?
Ans. Under Section 80C of the Income Tax Act, the Pradhan Mantri Vaya Vandana Yojana (PMVVY) initiative does not provide tax deduction benefits. The current tax legislation will apply to the scheme’s returns. The Goods and Services Tax has not been applied to this plan (GST).
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