PM Vaya Vandana Scheme:
- This scheme requires a high amount to be withheld for pension. Beneficiary can opt for monthly, quarterly, semi-annual or yearly option for pension.
- The loss between the revenue to LIC and the fixed return is compensated by the Government of India as a subsidy.
- If you spend Rs. 12,000 if you want to get a pension of Rs. 1,56,658 have to be invested, while to get a monthly pension of Rs.1000 you have to invest Rs. 1,62,162 have to be invested.
- Maximum Rs. 15 lakh on an investment of up to Rs. 9250 per month pension. That is, if there are two senior citizens, both Rs. 15-15 lakhs can be invested.
- If the investor survives after the policy term of 10 years, the invested amount will be returned along with the final installment of pension.
- If an investor dies during the policy tenure, his nominee will get the full amount invested back.
A person above 60 years can avail it.
There is no minimum income limit to avail the Pradhan Mantri Vaya Vandana Yojana of the Finance Ministry. Anyone above 60 years of age can avail it. This central government scheme is administered by the Life Insurance Corporation of India (LIC), in which the Life Insurance Corporation is guaranteed by the government. It provides Social Security to protect against declining interest income for seniors age 60 or older in an uncertain market. Income security in old age is provided to senior citizens by means of guaranteed pension/income provision on a defined contribution basis.
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The date of joining the scheme was extended twice.
The Pradhan Mantri Vaya Vandana Yojana was launched from May 4, 2017 to May 3, 2018, which was first extended to March 31, 2020. The government extended the scheme for the second time till March 31, 2023 so that more senior citizens can benefit . The interest rate is changed every year. In the current financial year, this interest rate is 7.4 percent, with monthly pension benefits. So choosing the option of annual pension gives a return of 7.66 percent.
You can invest in the scheme in this way.
In PM Vaya Vandana Yojana you can apply both online and offline. You can apply online on LIC website. While for offline application you have to go to any branch of LIC.
Documents required for this
To apply under this scheme, Aadhaar Card, PAN Card, Birth Certificate, Residential Proof, Bank Account Passbook, Passport size photograph of the applicant and proof of retirement if any are required.
Option to cancel the plan if you don’t like it
After purchasing the Pradhan Mantri Vaya Vandana Yojana, if you do not like anything including its terms or the amount of pension to be received, you can cancel it. You can return it within 15 days if you have taken the plan through offline investment and within 30 days if you have bought the policy online. The money will be returned to your account after deducting some charges.
More information contact here.
You can call 022-67819281 or 022-67819290. Tollfree number 1800-227-717 and email id onlinedmc@
licindia.com website https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do