PM Vaya Vandana Yojana- Know the Complete information about interest rate, maturity benefit, application process

The Indian government introduced the PM Vaya Vandana Yojana for senior citizens in May 2017. This scheme offers pension benefits to individuals aged 60 years or above. They receive an interest rate of 8% for a period of 10 years. Additionally, the government provides attractive interest rates on investments made under this scheme.

.What is PM Vaya Vandana Yojana?

Pradhan Mantri Vaya Vandana Yojana is a pension scheme provided by the government for people aged 60 years and above. The pension amount remains fixed throughout the policy term. If someone opts for a 10-year policy, they receive an 8% interest benefit. Moreover, if they choose to receive their pension yearly, they get an interest rate of 8.3%.

PM Vaya Vandana Yojana Latest Update

The government has extended the investment deadline for Pradhan Mantri Vaya Vandana Yojana from 31 March 2020 to 31 March 2023. In this scheme, provided by the Life Insurance Corporation, senior citizens are guaranteed a fixed amount after turning 60 years old. The beneficiaries receive a minimum pension of Rs 12,000 per year, which is equivalent to Rs 1,000 per month.

PM Vaya Vandana Yojana Objective

The government introduced the Pradhan Mantri Vaya Vandana Yojana to give elderly individuals their pension in a lump sum. Additionally, they can choose to receive it annually or monthly. This helps older people become financially stable and self-sufficient during their old age, allowing them to live without worries. The Central Government initiated this scheme with the aim of achieving these goals.

PM Vaya Vandana Yojana Benefit / Features

• The Government of India has initiated this scheme, and it is exclusively available to Indian citizens.
• Only individuals aged 60 years and above can benefit from the Pradhan Mantri Vaya Vandana Yojana.
• Under this scheme, a person who invests up to Rs 15 lakh receives a monthly pension of Rs 9,250.
• In case of accidental death, the nominee of the individual in the Pradhan Mantri Vaya Vandana Yojana can receive the invested amount.
• Senior citizens receive the investment amount through the Pradhan Mantri Vaya Vandana Yojana administered by the central government.

PM Vaya Vandana Yojana Interest Rate

PM Vaya Vandana Yojana Premium Payment

Under this scheme, individuals have the flexibility to choose how they want to pay the premium amount. They can opt to pay on a monthly, quarterly, half-yearly, or yearly basis, depending on their preference and financial situation. It’s important to note that once they have made a selection, they cannot change it later.

PM Vaya Vandana Yojana Important Points

• You can apply for Pradhan Mantri Vaya Vandana Yojana both online and offline.
• The government has set a fixed period of up to 10 years for this scheme.
• After completing 3 years, beneficiaries can avail the facility of loan assistance.
• The pension amount is received only after the investment by individuals aged 60 years or more.
• The government has made some recent changes, allowing investment until 31 March 2023.
• Only Indian senior citizens are eligible to apply for this scheme.

Eligibility in Pradhan Mantri Vaya Vandana Yojana

• Residency in India is mandatory to be eligible for this scheme.
• The minimum age requirement for this scheme is 60 years or more, but there is no specified maximum age limit.
• The policy duration for Pradhan Mantri Vaya Vandana Yojana is fixed at 10 years.

PM Vaya Vandana Yojana Documents

• Aadhaar card is required for this scheme to store your important information with the government.
• PAN card is also necessary to ensure accurate account-related information.
• An age certificate is required to provide accurate age-related information.
• The original resident certificate is needed to establish residency in India.
• Bank account information must be provided for the amount to be received in your account.
• A valid mobile number is necessary to receive timely updates about the scheme.
• A passport-size photo should be attached for easy identification.

Official website of Pradhan Mantri Vaya Vandana Yojana

The government has introduced the official website for Pradhan Mantri Vaya Vandana Yojana. To apply for this policy, you can visit LIC where you will find the policy application form. Additionally, the website allows you to conveniently pay the policy installments online. Moreover, the website serves as a comprehensive source of information, providing all the necessary details and insights about the scheme.

PM Vaya Vandana Yojana Online Application

• To apply online for Pradhan Mantri Vaya Vandana Yojana, click on the official website link.

• Once clicked, the homepage will appear.

• On the homepage, find the specific link for the scheme and click on it.

• Access the application form through the link.

• The form contains important information that should be read carefully.

• Fill in the required details in the form after reviewing all the information.

• Attach the necessary documents along with the form.

• Submit the completed form.

• After completing the registration process, a confirmation message will be sent to your phone indicating the approval of your application.

Offline application in Pradhan Mantri Vaya Vandana Yojana

• To apply offline for Pradhan Mantri Vaya Vandana Yojana, visit the nearest branch of LIC.
• Contact the officer at the branch and collect the necessary documents.
• Provide your information to the officer who will assist you.
• The LIC agent will then insure you under Pradhan Mantri Vaya Vandana Yojana.
• Your policy will commence once this process is completed.

Check Pradhan Mantri Vaya Vandana Yojana Status

To check the status of Pradhan Mantri Vaya Vandana Yojana, you can go to LIC’s website, on whose home page you will see the status option. Click on it and enter your required information. Status will open in front of you.

Helpline number of Pradhan Mantri Vaya Vandana Yojana

A helpline number, 022 6827 6827, has been provided for Pradhan Mantri Vaya Vandana Yojana. By dialing this number, you can obtain information about the nearest LIC office or any other details related to the scheme.

Frequently Asked Questions (FAQs) – Pradhan Mantri Vaya Vandana Yojana

1. What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

   – PMVVY is a government pension scheme designed for individuals aged 60 years and above, providing them with fixed pension benefits.

2. What is the latest update on PMVVY?

   – The government has extended the investment deadline for PMVVY from 31 March 2020 to 31 March 2023, allowing senior citizens to avail themselves of the scheme.

3. What is the objective of PMVVY?

   – The objective of PMVVY is to provide senior citizens with a stable pension amount, helping them achieve financial stability during their old age.

4. What are the benefits/features of PMVVY?

   – PMVVY is exclusively available to Indian citizens aged 60 years and above. It offers a fixed interest rate on investments, with a monthly pension amount based on the invested sum.

5. What is the interest rate offered by PMVVY?

   – The interest rate for PMVVY varies based on the chosen pension option. For monthly pension, the interest rate is 7.40%, for quarterly pension it is 7.45%, for half-yearly pension it is 7.52%, and for annual pension it is 7.60%.

6. How can one make premium payments for PMVVY?

   – Premium payments for PMVVY can be made on a monthly, quarterly, half-yearly, or yearly basis, as per the individual’s preference.

7. What are the eligibility criteria for PMVVY?

   – The scheme is open to Indian citizens who are 60 years or above. There is no maximum age limit.

8. What documents are required for PMVVY?

   – Documents such as Aadhaar card, PAN card, age certificate, resident certificate, bank account information, and a passport-size photo are necessary for applying to PMVVY.

9. How can one apply for PMVVY online?

   – To apply online for PMVVY, visit the official website, access the application form, fill in the required details, attach the necessary documents, and submit the completed form.

10. How can one apply for PMVVY offline?

   – To apply offline, visit the nearest LIC branch, collect the required documents, provide your information to the LIC officer, and complete the application process.

11. How can one check the status of their PMVVY application?

   – To check the status, visit the LIC website, find the status option, enter the required information, and the status will be displayed.

12. Is there a helpline number for PMVVY?

   – Yes, a helpline number (022 6827 6827) is available for PMVVY, providing assistance and information regarding the nearest LIC office and other related details.

Information about Pradhan Mantri Vaya Vandana Yojana

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