Pradhan Mantri Vaya Vandana Yojana (PMVVY): A Safe Pension Scheme 

Pradhan Mantri Vaya Vandana Yojana scheme is intended for senior citizens. In the year 2018, it was announced on August 21st, under the leadership of India’s Prime Minister Narendra Modi. It is a scheme that invests in a way that provides monthly payouts for ten years. So making this an investment will enable you to receive regular monthly payments for over 10 years from the date your deposit amount is determined; this is offered as a pension to its holders by the government through the Life Insurance Corporation (LIC). Despite its name, this program does more than simply offer pensions–it also provides life insurance coverage

PMVVY is a retirement and pension plan that is run and administered by the Life Insurance Corporation of India (LIC), which is the largest life insurance provider in the country. The Pradhan Mantri Vaya Vandana Yojana scheme was available for sale until March 31, 2023. Here are all the details you may want to know about the scheme.

Also Read:- Pradhan Mantri Matru Vandana Yojana | Pradhan Mantri Kisan Credit Card

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Scheme Benefits

Mentioned underneath are the benefits of the Pradhan Mantri Vaya Vandana Yojana scheme:

• In this scheme, the retired person will get a return of 8% p.a. for the arrangement length of 10 years.
• If the pension person survives the length of the approach then the pension will paid back. The retired person can moreover select the mode by which the pension must be made.
• If the retired person passes away the buy cost will be paid back to the recipient. 
• The buy cost will be paid along with the last pension installment If the retired person survives the whole approach to residency.
• There are specific loans that are available for pensioners who have been on the scheme for three years. Any advance that is given does not exceed 75% of the total cost of the house. There is a deduction from every month’s pension payment to repay the loan interest. If you applied for your loan before 30 April 2018, you will pay 10% interest annually and in half-year intervals during the entire period of your policy.
• If the terms of an approach are not to the policyholder’s liking, he/she has 15 days to withdraw from the arrangement. However, if the policy was bought online then there is a free-look period of 30 days. The buying price would be refunded to the insured person after deducting stamp duty charges.

Eligibility for Pradhan Mantri Vaya Vandana Yojana

Below we have mentioned the eligibility criteria for PMVVY:

• The individual applying should be from India. 
• No one specific is considered too old for the PMVVY scheme. 
• To qualify one must expect to reap benefits from the program’s ten years. 
• In the PMVVY scheme minimum pension is given: 1,000 rupees each month. 3,000 rupees at every three months 6,000 rupees every six months 12,000 rupees each year.

Below is the most elevated pension rate given by PMVVY or Pradhan Mantri Vaya Vandana Yojana (PMVVY). 

• The monthly pension is Rs 9,250; every quarter it is Rs 27,750; for a half-yearly pensioner receives Rs 55500 
• while yearly pensioner gets 111000 rupees. 
• The maximum purchase price for pmvvy should not exceed 15 lakhs rupees.

Other Schemes:- Pradhan Mantri Jeevan Jyoti Bima Yojana | Pradhan Mantri Suraksha Bima Yojana

How to Apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

To apply for the Pradhan Mantri Vaya Vandana Yojana (PMVVY), follow the steps below – The offline option is available for those who want to get an LIC policy. 

The LIC Department should be visited to buy this scheme by offline means. Buy cost or annuity payout must be decided upon and the application form filled out with the required documentation returned.

For online mode:

• Within the LIC’s official website On the site, select the option “Purchase Online Arrangements” and subsequently 
• click on the button “Tap here”. 
• From under the Buy Approach Online menu, opt for the ‘Pradhan Manti Vaya Vandana Yojana’ option. 
• A new page will pop up after that. From the menu, select “Press to Purchase Online.” 
• Once you have added your details, the contact data should be followed by tapping on “Continue”. 
• Lastly, submit your affiliate registration application online, upload these important documents, and then press “Yield”.

Must Read:- Pradhan Mantri Suraksha Bima Yojana | Pradhan Mantri Suraksha Bima Yojana

Maximum and Least Buy and Pension Price

The lowest cost of buying is Rupees 162,162 for which a policyholder shall get a monthly pension worth Rs.1000 at the indicated rate of interest for a regular mode of pension arrangement, that is to say, 7.40 % p.a. The amount of pension that one receives would depend on the cost he or she got it at. 

Another wonderful investment option available to elderly people is PMVVY. This scheme is apt for those older citizens who need their pension regularly. In any case, to contribute to this scheme, one ought to have a considerable amount in hand.

FAQ’s:-