Pradhan Mantri Vaya Vandana Yojana 2024:Eligibility, Features, Benefits & All Information
Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana: The Indian government started the Pradhan Mantri Vaya Vandana Yojana on May 4, 2017, to help the nation’s senior citizens. This plan is for pensions. Seniors 60 years of age and older who opt for 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.
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 previously set at Rs 7.5 lakh, but it has since been raised to Rs 15 lakh. In addition, the earlier 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, documents, application procedures, and guidelines.
Information about Pradhan Mantri Vaya Vandana Yojana
What is the article about?
Pradhanmantri Vaya Vandana Yojana
Who launched it?
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
Some important information related to Pradhan Mantri Vaya Vandana Yojana 2024
A senior citizen who is interested in this scheme can invest a maximum lump sum of ₹ 1,500,000 and receive a pension of ₹ 10,000 per month.
Under Section 80C of the Income Tax Act of 1961, the lump sum amount deposited under this scheme is free from taxes. However, the interest earned from the invested amount will be subject to income tax for the beneficiary.
The policyholder will receive 8% interest if he chooses to receive a pension each month. He will get interest at an 8.3% rate if he wishes to get a pension once a year.
Monthly, quarterly, half-yearly, or annual pension payments are available to policyholders for a ten-year policy term.
Signing up for the Pradhan Mantri Vaya Vandana Yojana involves
Pradhan Mantri Vaya Vandana Yojana Purchase Price and Pension Amount
Following are the major benefits under the Pradhan Mantri Vaya Vandana Yojana
The scheme offers an assured rate of return of 7.40 percent per year for the first two years, 2020–21, and then annually after that. The scheme will guarantee a monthly pension of 7.40% p.a. for the 2021–2022 financial year. All policies acquired up until March 31, 2022, will be eligible for this guaranteed rate of pension for the duration of the ten-year policy.
During the 10-year policy term, the pension is paid at the conclusion of each period at the frequency selected by the pensioner at the time of purchase—monthly, quarterly, half-yearly, or annually.
There is no GST applied to the scheme.
If the pensioner lives to the end of the ten-year policy term, the purchase price, along with
Pradhan mantri Vaya Vandana Yojana Free Look Period
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 policy 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.
Pradhan Mantri Vaya Vandana Yojana Minimum and Maximum Pension Amount
Mode of Pension
Minimum Pension
Maximum Pension
Annual
Rs 12,000
Rs 1,11,000
six months
Rs 6,000
Rs 55,500
Quarterly
Rs 3,000
Rs 27,750
Monty
Rs 1,000
Rs 9,250
Vaya Vandana Yojana: Minimum and Maximum Purchase Price
Under Pradhan Mantri Vaya Vandana Yojana, the minimum and maximum purchase price of pensions in different ways is as follows:
Mode of Pension
Minimum Purchase Price
maximum purchase price
Annual
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
Monty
Rs 1,50,000
Rs 7,50,000
The objective of Pradhan Mantri Vaya Vandana Yojana
The Pradhan Mantri Vaya Vandana Yojana’s primary goal is to give pensions to India’s elderly population. They will receive this pension by earning interest on the investments they have made. This program will help the nation’s elderly citizens become independent, so they won’t need to rely on others when they get older. Seniors will become financially independent thanks to this program.
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 system.
Pension-taking options
Monthly
Quarter
half-year
There is an option to take it on an annual basis; you can choose any option as per your wish.
Pradhan Mantri Vaya Vandana Yojana Features
The Pradhan Mantri Vaya Vandana Yojana has been introduced, with a focus on senior citizens who are sixty years of age or older.
The beneficiary of this scheme receives a ten-year guaranteed pension.
The company running this program is Life Insurance Corporation of India.
You can earn interest income at a rate of 7.40% annually through the Pradhanmantri Vaya Vandana Yojana.
Both online and offline sales are available for this scheme.
This program was originally scheduled to end on March 31, 2020, but it has since been extended through March 2023.
Pension payments may be made monthly, quarterly, half-yearly, or annually under this plan.
The purchase price and the total pension amount will be determined after ten years have passed.
Key facts of the PMVVY Scheme 2024
The senior citizen must be 60 years of age or older to be eligible for the PMVVY Scheme in 2023. There isn’t a set maximum age limit in place right now.
Ten years will pass during the policy’s term. Rs 1000, Rs 3000, Rs 6000 for a half-year, and Rs 12000 for an entire year will be the minimum pension. The maximum amounts are going to be Rs 30,000 per quarter, Rs 60,000 per half-year, and Rs 1,20,000 annually.
Senior citizens are eligible to invest up to Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana 2023.
This scheme’s policy term is ten years.
The PMVVY program offers senior citizens in the nation security in their old age income.
You won’t be required to pay GST under this scheme.
How do I apply for the PM 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.
You will be presented with the home page after accessing the official website.
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 enter all the requested information in the form, including your name, address, and Aadhaar number.
You must upload all of your documents after filling out the form completely before clicking the submit button.
Your online registration will be finished in this manner.
Pradhan Mantri Vaya Vandana Yojana online application process
Initially, the candidate must get in touch with the closest LIC branch. He will then 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 scheme.
Process to get policy details
You must first click on the provided link.
A new page will now appear for you.
Next, you need to click on the Open button under the Policy Basic Details section.
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.
Process to get details of loan obtained against the policy
You should first click on the provided hyperlink.
After that, a brand new web page may be proven to you.
You have to visit the section with the coverage loan details right now.
Then you need to choose the open option.
A brand new page will now appear on your display.
You need to enter your cell quantity and pin on this page.
It’s now essential in order to pick the login option.
You’ll be able to see the information on the loan that becomes available for coverage by doing this.
The Process to obtain policy payment details
First, you want to click on the given hyperlink.
A new web page will now be shown to you.
On the principle web page, you want to choose the open option beneath policy charge information.
You will then need to choose the login type.
You will now need to look through their retention.
You will then need to select the login option.
The policy’s payment information will appear on your computer screen.
Contact Details
PHONE: 022-67819281 or 022-67819290
TOLL-FREE: 1800-227-717
EMAIL: onlinedmc@licindia.com
FAQs
Q: Are there any tax benefits to investing in the scheme?
Ans: Investing in the PMVVY program does not offer any tax benefits, in contrast to other pension systems.
Q: How do I buy PMVVY?
Ans: ThePradhan Mantri Vaya Vandana Yojana is available for purchase from the Life Insurance Corporation of India, both offline and online. People must go to the LIC branch that is closest to them or that they have chosen to purchase this scheme offline.
Q: Who Can Invest in Pradhan Mantri Via the Vandana Yojana?
Ans: The candidate needs to be a citizen of India. 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.