Vaya Vandana Yojana 2024: Benefits, Maturity Benefit, Application Process & New Update
Vaya Vandana Yojana
Vaya Vandana Yojana: On May 4, 2017, the Indian government introduced the PMVVY, which is intended for the nation’s elderly citizens. It’s a pension plan here. Seniors 60 years of age or older who enroll in this plan will get 8% interest for ten years if they prefer to receive a monthly pension. They will receive 8.3% interest for ten years if they decide to take the yearly pension option. • Senior citizens would receive competitive interest on their investments under the PMVVY.
This plan combines a pension plan with social security benefits. Although LIC is managing this program, the Government of India owns it. The highest amount that could be invested under this scheme was previously Rs 7.5 lakh, but it has since been raised to Rs 15 lakh. In addition, the deadline for making investments under the PMVVY Scheme 2024 was previously set for March 31, 2022, but it has now been extended to March 31, 2023. Greetings, friends. In this piece, we will enumerate all the details of the PMVVY, including eligibility requirements, documentation requirements, application procedures, and recommendations.
Information about Prime Minister 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
Year
2024
Some important information related to PM Vaya Vandana Yojana 2024
Below this initiative, a senior person who expresses a hobby can invest a maximum lump sum of ₹ 1,500,000 and acquire a pension of ₹ 10,000 each month.
The Profits Tax Act of 1961’s section 80c gives tax exemption for the lump sum quantity deposited under this plan. but, income tax must be paid via the beneficiary on the hobby earned from the invested capital.
The policyholder will get interest on the charge of 8% if he wants to achieve a pension each month. he will get hold of Hobby at the charge of eight.3% if he chooses to get a pension as soon as 12 months.
For a 10-year insurance term, the coverage holder can pick to acquire pension payments on a month-to-month, quarterly, half-of-yearly, or annual foundation.
Come to be a member of the pradhan mantri vaya vandana yojana
Prime Minister Vaya Vandana Yojana Purchase Price and Pension Amount
turn of pension
Minimum Purchase price
pension amount
55500 per half-yearly
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
The Pradhan Mantri Vaya Vandana Yojana no longer offers tax advantages.
This plan is supposed to be invested in.
Before March 31, 2023, all citizens over 60 are eligible to make investments up to rs. 1500000.
Pensions for residents will range from ₹ a thousand to ₹ 9250 in keeping with Month, depending on the funding.
The tax rates and modern tax regulations that can be impacted are applied to the returns that can be received via this program.
Similarly, this scheme isn’t a problem for GST.
18% GST is carried out to all preferred coverage policies with Tom coverage. however, the Pradhan Mantri Vaya Vandana Yojana is exempt from GST.
A citizen investing in this scheme isn’t always eligible for say a deduction under section 80c of the Profits Tax Act.
The Objective of Pradhan Mantri Vaya Vandana Yojana
The Pradhan Mantri Vaya Vandana Yojana’s primary goal is to offer pensions to India’s aged populace. they may obtain their pension by way of earning interest on the investments they’ve made. this program will assist the nation’s aged residents to grow unbiased so that they might not want to rely upon others once they become older. seniors turn into a financially impartial way to this program.
PMVVY Scheme interest rates
pension option
Fixed interest rate
Monthly
7.40%
Quarter
7.45%
Half Year
7.52%
Annual
7.60%
Some important things about PM Vaya Vandana Yojana
Senior nationals who reach the age of 60 are eligible for pensions under the Pradhan Mantri Vaya Vandana Yojana. The pension recipient must pay the premium to obtain this benefit.
In this arrangement, the policy period is for ten years.
According to the pension mode, the premium amount under the Pradhan Mantri Vaya Vandana Yojana would be paid.
Under this arrangement, payments can be made by the pensioner on a monthly, quarterly, half-yearly, or annual basis.
If the recipient passes away, the pension’s purchase price is given to their legitimate heir.
There are no medical requirements for purchasing the Pradhanmantri Vaya Vandana Yojana, and in select exceptional cases, early withdrawal is permitted.
Premature withdrawal of the recipient from the program will
Pradhan Mantri Vaya Vandana Yojana Features
The Pradhan Mantri Vaya Vandana Yojana was introduced to reap benefits to senior folks who are 60 years of age or older.
A ten-year assured pension is given to the beneficiary under this association.
The Existence Coverage Corporation of India is the organization jogging this programme.
Interest profits are available to you through the Pradhan Mantri Vaya Vandana Yojana for seven.40% annually.
This plan is to be had for buying both online and offline.
This program is intended to expire on March 31, 2020, however, it has when you consider that been extended until March 2023.
Pension payments beneath this plan might be made on a monthly, quarterly, Half-very-year, or annual foundation.
Once the 10 years have surpassed, the acquisition charge and the full pension quantity may be
As to the pmvvy scheme 2024, the senior character needs to be 60 years of age or older. there isn’t always a fixed upper age restriction as of now.
The policy could be in impact for ten years. the minimum pension will be rs one thousand, rs 3000, rs 6000 for a half-year, or rs 12000 for an entire 12 months. the maximum amounts are rs 30,000 consistent with area, rs 60,000 for a half-12 months, and rs 1,20,000 for an entire year.
Senior residents can contribute up to rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana 2024.
This scheme has aTen-yr coverage duration.
Senior humans within the state are given old-age income safety via the PMVVY program.
You may not be liable for paying GST below this plan.
Eligibility for Pradhan Mantri Vaya Vandana Yojana
The applicant should be an Indian citizen and an everlasting resident.
The applicant has to be at least 60 years old.
Underneath this program, there is no higher age restriction.
This scheme has a 10-12 months coverage duration.
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 PM Vaya Vandana Yojana 2024?
The Pradhan Mantri Vaya Vandana Yojana accepts both offline and online applications from eligible national beneficiaries. To benefit from the initiative, adhere to the instructions provided below.
The applicant must first visit the Let’s legit internet site.
The home page will appear when you go to the respectable internet site.
The “registration” option may be visible on this domestic web page; you must pick it. following this, you’ll see the application form open. you may then want to fill out the form with all of the asked facts, consisting of your call, deal with, and aad-haar quantity.
After filling out every record, you must upload all supporting documents before clicking the submit button.
This will finish your online registration manner.
Pradhan Mantri Vaya Vandana Yojana offline application process
To start with, the candidate needs to get in contact with the nearest lic branch. he will next need to go to the department and provide the officer with all of his office work and private records.
You’ll apply for this scheme through an LIC agent. An agent from LIC will begin processing your utility and problem your coverage beneath this plan.
Q: What is the maximum investment amount allowed under PMVVY?
Ans: Under the Pradhan Mantri Vaya Vandana Yojana, investments may not exceed Rs. 1.5 million.
Q: Can NRIs (Non-Resident Indians) invest in PMVVY?
Ans: NRIs can invest in the Pradhan Mantri Vaya Vandana Yojana, yes.
Q: What happens if the policyholder dies during the policy term?
Ans: Should the policyholder pass away within the policy’s duration, the nominee or their lawful heirs will receive the purchase amount of the plan back.
Q: Can policyholders take a loan against their PMVVY policy?
Ans: Yes, after the three insurance years are up, policyholders can apply for a loan against their PMVVY policy.