Pradhan Mantri Vaya Vandana Yojana-PMVVY is a pension scheme launched by the Central Government. This scheme offers a guaranteed payout of pension at a specified rate for 10 years.

If you are planning to apply for this scheme, here we provide you complete details.

PMVVY – Giving some relief to senior citizens: 

The government has approved to double the investment limit to Rs 15 lakh under the PMVVY.

The government has now extended the deadline to invest in this scheme, this date was earlier kept on May 4, 2017, it has now been extended to March 31, 2020.

Know here in the following further what this scheme is and how you can take advantage of it.

Pradhan Mantri Vaya Vandana Yojana is a pension scheme available only for senior citizens. Also, this scheme offers a death benefit in the form of the return of purchase price to the nominee. Earlier, this policy PMVVY yojana was open for a short time but later it was extended till 31 March 2020.

Benefits of Pradhan Mantri Vaya Vandana Yojana (PMVVY):

This scheme offers pension benefits for 10 years. Under this scheme, the elderly get a fixed pension every month. However, this pension amount is available only for 10 years and not more than that.

If a person has to start a pension again after 10 years, then he will have to invest in this scheme again. Under this scheme, the money will credit to his or her account at the time chosen by the investor. Investors can choose the time option for credit of pension with monthly, quarterly, half-yearly and annual options.

What are the eligibility criteria for PMVVY?

The minimum age should be for this scheme is 60 years. That is, senior citizens of 60 years or more can invest in it. There is no maximum age limit. A person can invest a maximum of Rs 15 lakh in the scheme.

How to apply for Pradhan Mantri Vaya Vandana Yojana?

For this, you have to fill up an application form. Necessary documents need to be attached to this form. Senior citizens can also invest in the scheme online. For this, click on https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do

The requirement of the documents:

– Copy of PAN card

– Proof of address (Aadhaar, copy of passport)

– Copy of the first page of that bank passbook in which account holder needs pension

Who can invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

Anyone retiring at the age of 60 years can invest in this scheme. Under this, a single or joint account can open. The facility of this scheme is available in the post office or any bank.

According to this scheme, up to 15 lakh can invest in it by opening a joint or single account. However, the amount invested in it should not be more than the amount received on retirement.

If you are investing 1 lakh rupees to open an account in this scheme, then you can give it in cash. At the same time, if this amount is more than 1 lakh, then you have to deposit it as a check. The maximum amount of the deposit is either the amount received on retirement or Rs 15 lakh or both, whichever is less.

The 3-year extension will also be granted: 

SCSS (Senior Citizens’ Saving Scheme) 2019 approves the 3-year extension of the account after maturity and you will get the interest rate that was given at the time of maturity of the account.

What is the interest rate in Pradhan Mantri Vaya Vandana Yojana (PMVVY)? 

Under the Pradhan Mantri Vaya Vandana Yojana Scheme, more than 8% interest is available. The Finance Ministry reviews the interest rate of this scheme every 3 months.

In this scheme, the interest calculation considers every quarter. Under this, money is put into the account of the account holder on 1 April, 1 July, 1 October, and 1 January. The duration of this scheme is 5 years and it can extend for a further 3 years. If you withdraw from the account before time, then you have to pay a fee for this.

Benefit on completion of the plan: 

Under the scheme, if the policyholder survives for the entire policy term i.e. 10 years, he will get the last installment of pension along with the purchase amount.

It is also a benefit from this policy that if the policy surrenders during the policy period in serious circumstances. As per terms and condition, serious conditions means the policyholder (spouse) is suffering from some kind of serious illness.

How to get a pension? 

The pension can be paid monthly, quarterly, half-yearly and annually to the pension holder. Pension will pay directly to the bank account.

Death before completion of the policy: 

If the policyholder dies within 10 years of the policy term, the purchase price will return to his / her nominee. If a policyholder commits suicide, his nominee will be paid the full amount.

Pradhan Mantri Vaya Vandana Yojana Plan No. 842 Details

Pradhan Mantri Vaya Vandana Yojana Plan No. 842 Details

How to take advantage of this scheme – Pradhan Mantri Vaya Vandana Yojana (PMVVY):

Prime Minister Vay Vandana Yojana for the elderly has been launched by the Narendra Modi government. The pension has been arranged for the elderly under this scheme. Let us know that the government is operating its scheme through LIC.

This means that if you want to take advantage of this scheme, then you have to contact the LIC agent or LIC office. For citizens above the age of 60 years, the scheme: Under the PMVVY scheme, senior citizens get a fixed amount every month.

Only citizens who have crossed 60 years of age can take advantage of this scheme. Apart from this, it is also important to be a citizen of India. Any person after 60 years of age can become a part of this scheme. There is no age restriction in this scheme.

The amount of pension will be delivered directly to the account: Investors will get the pension amount through Internet Banking or Aadhaar Enabled Payment System AEPS. When buying the policy, investors should share information related to a bank account.

Important things to note:

– The loan facility is available on PMVVY after three years of the policy.

– The maximum loan amount cannot exceed 75% of the purchase price.

– Tax benefits like other pension schemes of the government are not available in the scheme.

Senior Citizen Saving Scheme 2020:

The Ministry of Finance has released new rules related to the Senior Citizen Saving Scheme 2019 (SCSS) 2019. These rules will replace SCSS Rules 2004.

In this scheme, any person retiring at the age of 60 years can invest their money for five years. SCSS earns more interest than bank fixed deposits. The new rules will not apply to accounts already in operation.

After all, things considered, we must say that the Pradhan Mantri Vaya Vandana scheme is one of the great schemes launched by the government of India.

Pradhan-Mantri-Vaya-Vandana-Yojana-PMVVY

Pradhan-Mantri-Vaya-Vandana-Yojana-PMVVY

Everyone wants to secure their future. Since most people do not get a pension now. In such a situation, the government is with you and so they have launched this new scheme to help you.

If someone invests Rs. 15 lakhs in this scheme, he or she will continue to get a pension of Rs. 10,000 every month until the scheme continues.