Prime Minister's Vaya Vandana Plan for Senior Citizens

Title : Prime Minister's Vaya Vandana Plan for Senior Citizens

Pradhan Mantri Vaya Vandana Yojana – Eligibility, Benefits

The Government of India concocts various federal retirement aide plots every so often dependent on the need of great importance. Public Provident Fund (PPF), Atal Pension Yojana, National Pension Scheme, Senior Citizens Saving Scheme, and numerous different plans are as of now utilitarian throughout recent years. 

They are well known among the individuals who are arranging and dealing with their retirement. Another expansion to the rundown is Pradhan Mantri Vaya Vandana Yojana (PMVVY). 

PMVVY is a retirement and annuity plot that is worked and overseen by the Life Insurance Corporation of India (LIC), the biggest extra security supplier in India. Here are generally the subtleties you might need to know about the plan.

What is Pradhan Mantri Vaya Vandana Yojana? 

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is retirement cum annuity conspire declared by the Indian Government. The arrangement is financed by the public authority and was dispatched in May 2017. 

The cash contributed by the buyers of the plan is known as the price tag. As the sovereign certifications back the plan, it offers a guaranteed pace of profit from venture. 

The plan pays out normal benefits and the recurrence can be month to month, quarterly, or yearly. The PMVVY is a great option in contrast to customary bank stores.

Eligibility for PMVVY

There are no particular qualification standards as such for PMVVY conspire with the exception of that the supporter should be a senior resident (over the age of 60 years). The candidate should be an Indian resident. 

There is no most extreme passage age for PMVVY plot. Likewise, the candidate should be prepared to benefit the arrangement term of ten years. The base price tag is Rs 1.5 lakh, and it offers a month to month benefits of Rs 1,000. 

The most extreme price tag is Rs 15 lakh, and it offers a month to month benefits of Rs 10,000.

Documents Required for PMVVY

The following are the requisite documents to subscribe under the PMVVY scheme:

• Aadhaar card
• Proof of age
• Proof of address
• Passport size photo of the applicant
• Documents indicating that the applicant has retired from employment

Benefits of Pradhan Mantri Vaya Vandana Yojana

The following are some of the key benefits of subscribing to PMVVY scheme:

• The PMVVY scheme provides subscribers with an assured return at the rate of 8% to 8.3% for 10 years
• The PMVVY scheme provides a fixed sum regularly
• The entire amount (including the final pension and the purchase price) would be paid out once the policy term of 10 years is completed
• Loan of up to 75% of the purchase price can be availed after three years to cover emergencies
• Due to medical emergencies (self and spouse), the subscribers can withdraw 98% of the purchase price
• If the subscriber passes away within the term of the policy, then the nominee would be paid out with the purchase price

Application Procedure

One can subscribe to the PMVVY scheme in the following ways:

i) Online procedure:

• Log onto the official website of LIC
• Select ‘pension plans’ under products and proceed
• Fill the relevant application form
• Submit the online application and upload the documents as requested

ii) Offline Procedure

• Collect the application form at any of the LIC branches
• Duly fill the application form
• Submit the duly filled application form by attaching all relevant documents

Pension Policy

As mentioned earlier, the minimum purchase price is Rs 1,50,000 for a monthly pension of Rs 1,000. The amount of pension that a subscriber receives would depend on their purchase price:

PMVVY is a great investment option for senior citizens. This scheme can be considered by those senior citizens that are looking for a regular pension. However, to invest in this scheme, one should have a considerable amount in hand.

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