PMVVY Vaya Vandana Yojana beneficiaries: Pradhanmantri Vaya Vandana Yojana is introduced by the government of India. Vaya Vandana Yojana is for all those residents who are 60 years and above. Firstly this scheme introduced by the government within the year 2017 and the goal to complete this yojana is 31st March 2020. Now the Government of India has extended the scheme until March 31st 2023. This is good news to all of the senior citizens those want to get the advantage of this scheme. According to the K.S. Dhatwalia via their tweet account, Principal Director General of the Press Information Bureau cabinet approves extension of Pradhan Mantri Vaya Vandana Yojana up to 31st March 2023 for an additional period of 3 years beyond 31st March 2020. Pradhan Mantri Vaya Vandana Yojana is for senior citizens. This scheme is implemented via Life Insurance Corporation of India. PMVVY is a pension scheme for all those individuals whose age is above 60 years. PMVVY scheme provides initially an assured rate of returns of 7.40% per annum of the Year.
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PMVVY Vaya Vandana Yojana Beneficiaries List
Annual reset of the insured rate of interest with effect from April 1st of the financial year in line with the revised rate of return of senior citizen Saving Scheme up to selling of 7.75%. Pension is payable at the end of each period during the policy terms of 10 years, as per the frequency of monthly quarterly half-yearly as June 2005 the Prisoner at the times of purchase.
Eligibility criteria
- Minimum age of entry is 60 year that is compulsory.
- Maximum age of entry is no limit.
- This policy is for 10 years.
- Investment limit is rupees 1500000 per person
- Minimum pension rupees is 1000 per month for quarterly rupees 3000, for half-yearly Rupees 6000 and rupees 12000 per year.
- Maximum pension rupees 12000 per month that is for quarterly 30,000 half-yearly 60000 and for 1 yearly 1,20,000.
- PMVVY scheme provides any short returns of a person simple monthly and extracted from service GST.
- This is scheme offer loan up to 75% of the purchase price after 3 policy year.
- This scheme is for premature exit for the treatment of any critical terminal illness of self or spouse.
- If any case scheme holder will die in 10 year period then the amount beneficiary is the nominee.
- The benefits of the schemes are overall applicable to the pensioner his/her spouse and dependence.
pm vaya vandana yojana pension scheme
Pradhanmantri Vaya Vandana Yojana aims to provide social security for senior citizens. This Yojana under the departments of financial services Government of India. The income Security Scheme for senior citizen is implemented Through The Life Insurance Corporation. Beneficiary candidates purchase this scheme through online and also offline mode. But in this COVID-19 lockdown period, online mode is beneficial. This is scheme provide Three Types of benefits to the common such as Pension Payment, death benefit and maturity benefit.
PMVVY
- The age of the beneficiary should be 60 years or above if they want to get the benefit of the schemes.
- The policy terms should be of 10 years.
- Investment limit should be rupees 15 lakh per senior citizens.
- The minimum pension should be rupees 1000 per month and should not be more than rupees 10000 per month.
PMVVY Vaya Vandana Yojana Beneficiaries
Capping management expenses at 0.5% per annum sofa funds of the scheme for first year of the scheme in respect of new policies issues and their after 0.3 p.a. for 2nd years and onward for next few years. Delegating the authority finance minister approve annual reset rate of return at the beginning of every financial year. This scheme is also card a social security scheme. This scheme in based on the assured return on the purchase price. This is game has revised the minimum investment to rupees 1,56,658 for pension of rupees 12000 per annum and 1,62,162 for getting a minimum pension amount of rupees 1000 per month under the scheme.
Steps to apply for PMVVY scheme
- If you want to apply for buy this scheme then you need to visit Life Insurance Corporation of India website.
- You just log on to the official website.
- In the official website you have to see the link Pradhan Mantri Vaya Vandana Yojana applies online click on that.
- After clicking on the given page you have to see a new page will open in front of you.
- You need to fill all the details given in the application form and at last click on the submit button.
If a candidate applies through online mode then the free look period is 30 days. The expenses on managing the schemes are kept at a 0.5% of assets under management per annum for the first year of the scheme, 2nd year 0.3% per annum and onwards for the next 9 years. According to the sources Expected financial liability range from an estimated expenditure of rupees 829 crores in the financial year 2023-24 to Rupees 264 crore in the last financial year 2032-33. One can invest a maximum amount of 15 lakh Under PMVVY scheme. This is a 10-year policy for senior citizens.
PMVVY Beneficiaries: Annual reset of insured rate of interest with effect from 1st April of financial year in a line with revised date of returns of senior citizens saving up to ceiling of 7.75% with fresh appraisal of the scheme on branch of this threshold at any points. Government has kept management expenses at 0.5% per annum fund of the schemes first year of the scheme in respect of new policies issued and thereafter house 0.3% per annum for 2nd year onward for the next 9 years.
Offline mode
- Offline mode is also available for this scheme.
- If you want to apply through offline mode then you need to visit the nearest LIC branch.
- A policyholder has an option to return the policy within 15 days of purchase if they apply through offline mode period is 30 days.
Senior citizens will have an option to operate in four ways that is monthly quarterly half-yearly and yearly. The first instalment of pension is paid after 1 year 6 month. These old depends upon the mode of Pension Payment. The Pension Payment through NEFT or Aadhaar enabled payment system. In this special system, any individual can apply for a loan after completion of 3 years. The loan granted for the beneficiary is 75% of the purchase price. PMVVY scheme does not provide tax deduction benefit under section 80c of the Income Tax Act. The scheme is exempted from goods and service tax.
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