Pradhan Mantri Vaya Vandana Scheme has started by the central government for providing benefits like pensions to the senior citizen of the country. Under the PMVVY Scheme Life Insurance LIC provides an assured return of 8% per annum for 10 years. The scheme was launched in the Budget Speech of the financial year 2018-19. The eligible senior citizens of the country may invest the capital money under Vaya Vandana till 31st December 2020. The minimum amount of purchase is Rs. 1, 50,000/- and the maximum purchase price is Rs. 15, 00,000/-
LIC Vaya Vandana Scheme
Under the Pradhan Mantri Vaya Vandana Yojana once you have to purchase the policy. After the maturity of the policy (10 years later from the date of purchasing policy) the LIC will pay you Purchase price and 8 % interest rate per annum of ten years time period. The objective of the Pradhan Mantri Vaya Vandana Scheme is to secure the future of citizens after their retirements. The complete details of the purchase price, interest rates and time duration are in the form of chart is given in just below section.
Brief Summary Of PMMVY
|Scheme name||Vaya Vandana Scheme|
|Launched date||financial year 2018-19|
|Ministry||Ministry of Finance|
|Start date to apply||Available now|
|Last date to apply||31st march 2020|
|Objective||To secure the future of citizens after retirement|
|Category||Central govt. Scheme|
About PMVVY 2020
The PMVVY scheme provides old age income security to senior citizens of the country. In the Pradhan Mantri Vaya Vandana Scheme government gives the guarantee of assured pension/return linked to the subscription amount. LIC Vaya Vandana provides an assured return of 8% per annum for 10 years. The interest under the scheme is provided on a monthly, quarterly, half-yearly and yearly basis.
Key Features Of Vaya Vandana Features
- Maximum limit PMVVY is Rs. 15 lakhs per senior citizen.
- LIC of India is operating this scheme.
- The assured interest of 8 % per annum on the purchase price.
- Time duration of the scheme is 10 years.
- The first instalment of pension shall be paid after yearly, half-yearly, quarterly or monthly respectively depend upon the mode of the scheme.
- The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
- Scheme also provides the relief in Tax.
Mode Interest Rate Vaya Vandana Scheme
|Mode of Pension||Minimum Purchase Price||Maximum Purchase Price||Pension Interest rate (p.a)||Pension amount|
|Yearly||Rs. 1,44,578/-||Rs. 14,45,783/-||8.3 %||12,000|
|Half-yearly||Rs. 1,47,601/-||Rs. 14,76,015/-||8.13 %||6,000|
|Quarterly||Rs. 1,47,601/-||Rs. 14,90,683/-||8.50 %||3,000|
|Monthly||Rs. 1,50,000/-||Rs. 15,00,000/-||8.00 %||1,000|
Benefits Of PM Vaya Vandana Scheme
- On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
- On the death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
- On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
- Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
- The rate of interest to be charged for loan amount shall be determined at periodic intervals
Eligibility for PMMVY
- Minimum age limit is 60 years.
- There is no upper age limit.
- Aadhaar Card is Required
How To Apply For Pradhan Mantri Vaya Vandana
- The interested candidates who want to apply for Pradhan Mantri Vaya Vandana go to the official website of LIC.
- You can also contact their nearest LIC Branch for the offline application mode.
- We are also providing you the direct links in just below section.
- Click on the buy online section and provide all the required detail.
- Click on the submit button