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.
Also Read: Vishwakarma Samman Yojana, Typing speed, Number tracker
Contents
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.
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 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.
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 |
Also Read: Namami Gange Yojana, Scholarship Portal, Work from Home Jobs
pension option | fixed interest rate |
monthly | 7.40% |
quarter | 7.45% |
half year | 7.52% |
annual | 7.60% |
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.
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.
Also Read: Ladli Laxmi Yojana 2-0, Data Entry Jobs, India news update
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.
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
Baroda Tiranga Plus Deposit Scheme, The good news is that if your bank account is…
Achromatic Color Scheme, From the interior of our houses to the everyday items we use,…
Chief Minister Health Insurance Scheme, Millions of people in Tamil Nadu, a state in south…
Kalyan Jewellers Gold Scheme Monthly Online Pay, With a wide selection of gold and diamond…
EPFO New Pension Scheme, One important organization in India that protects the financial stability of…
National Family Benefit Scheme, Many families in India endure ongoing stress due to financial difficulties.…