Pradhan Mantri Vaya Vandana Yojana: Central Government of India, Prime Minister Narendra Modi has launched Pradhan Mantri Vaya Vandana Yojana on 26th May 2020, is a social security scheme. The scheme is being operated by Life Insurance Corporation of India (LIC), under which a monthly pension is assured to the married people.
It is an insurance cum pension scheme for the senior citizens aged 60 years and above which was available from 4th May, 2017 to 31st March, 2020. The scheme has now been extended for another three years after March 31, 2020 till March 31, 2023. Both husband and wife can avail this benefit after the age of 60 years.
About Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana is an insurance cum pension scheme for the senior citizens aged 60 years under which a monthly pension is assured. The scheme was launched on 26th May 2020 by the Government of India, Prime Minister Narendra Modi. All the married people can invest till 31 March 2023 take advantages of this scheme.
If both husband and wife want to avail the benefit of this scheme after the age of 60 years, then both will have to invest an amount of 15 lakh rupees, that is a total of 30 lakh rupees. This scheme also has a plan that only one person can invest in this scheme. If you invest Rs 15 lakh, the annual interest will be Rs 111000 and his monthly pension will be Rs 9250.
PMVVY Eligibility Criteria
To be eligible for Pradhan Mantri Bhaiya Vandana Yojana, you need to fulfill the eligibility criteria given below –
- The individuals must be 60 years or higher.
- This plan is for 10 years.
- You have to invest an amount of 15 lakh rupees.
Benefits of PMVVY
Following are the major benefits under the Pradhan Mantri Vaya Vandana Yojana (PMVVY) –
- Under PMVVY, the pensioner will receive an assured return of 8% P.A.
- Both husband and wife can avail this benefit after the age of 60 years.
- This plan is for 10 years means after 10 years your invested money will be returned to you.
- This scheme also has a plan that only one person can invest in this scheme.
- In case of death of the pensioner during the policy tenure of 10 years, the purchase price will be paid to the beneficiary.
Payment of Purchase Price
The scheme can be purchased by paying a lump sum purchase price. The pensioner has the option to choose either the pension amount or the purchase price. The minimum and maximum purchase price under various modes of pension will be as follows –
|Mode of Pension||Minimum Purchase Price||Maximum Purchase Price|
|Half-Yearly||Rs. 1,47,601||Rs. 14,76,015|
|Yearly||Rs. 1,44,578||Rs. 14,45,783|
Here is the list of required documents you need to apply for Pradhan Mantri Vaya Vandana Yojana –
- Aadhaar Card
- Pan Card
- Bank Details
How to Apply For Pradhan Mantri Vaya Vandana Yojana?
Do you want to apply for Pradhan Mantri Vaya Vandana Yojana online, then follow these steps below –
- Step 1: Visit the official website of Life Insurance Corporation of India.
- Step 2: On the homepage, you will find “Pension Plan” under ‘Products’ option.
- Step 3: Click on the link and a new page will open where you will find “Apply ” button.
- Step 4: Fill up the registration form of pension scheme with your name, mobile number.
- Step 5: Submit the application form and a 9-digit access id will receive to your mobile number.
- Step 6: Now open the PMVVY application form with access id.
- Step 7: Now fill up the application form and upload documents.
- Step 8: Submit the application form and you will receive an acknowledge and policy number.