Pradhan Mantri Vaya Vandana Yojana | PMVVY | PM Vaya Vandana Yojana
Pension schemes are beneficial for securing your after-retirement life. We have different pension proposals available for us. These campaigns can provide ultimate security to your post-work years. We can choose a better pension plan by understanding all the aspects of these proposals. The Pradhan Mantri Vaya Vandana Yojana scheme is one such pension scheme crafted for the benefits of citizens of 60 years and above age group. This page will detail the A to Zs of the PMVVY scheme for the advantage of users. You can lead a safe and peaceful retirement life with this policy.
Table of Contents
- About Pradhan Mantri Vaya Vandana Yojana
- What Can You Obtain From Pradhan Mantri Vaya Vandana Yojana?
- Pradhan Mantri Vaya Vandana Yojana Policy Features
- Methods for Applying Pradhan Mantri Vaya Vandana Yojana Scheme?
About Pradhan Mantri Vaya Vandana Yojana
PMVVY scheme is the pension scheme available especially for protecting elderly citizens of India. This proposal was accessible for us from 4th May 2017 to 31st March 2020. Senior citizens can make use of this program for their benefit. You can apply for this project from the Life Insurance Corporation. Using this scheme you can claim 8% of your payment as a pension for your lifetime.
What Can You Obtain From Pradhan Mantri Vaya Vandana Yojana?
PMVVY plan can benefit you with regular financial assistance. Following are the perks of the scheme.
- The plan can provide you an interest rate of 8% for your payment.
- The total sum of the deposit along with the final pension term will be provided, after the completion of 10 years.
- You can avail of a 75% loan from your deposit amount after three years of tenure.
- The candidate can claim 98% of the purchase value for emergency medical expenses.
- In case of the applicant’s death during the period of the policy, the nominee can claim the deposit amount.
Pradhan Mantri Vaya Vandana Yojana Policy Features
The amazing features of the Pradhan Mantri Vaya Vandana Yojana are as given below.
The purchase value of the PMVVY scheme depends on the mode of pension.
For Yearly pension:
Minimum Purchase Value: INR 1,56,658/-
Minimum Pension Value: INR 12000 per year
Maximum Purchase Value: INR 14,49,086/-
Maximum Pension Value: INR 1,11,000 per year
For Half-yearly Pension:
Minimum Purchase Value: INR 1,59,574/-
Minimum Pension Value: INR 6000 per half-year
Maximum Purchase Value: INR 14,76,064/-
Maximum Pension Value: INR 55,500 per half-year
For Quarterly Pension:
Minimum Purchase Value: INR 1,61,074/-
Minimum Pension Value: INR 3000 per quarter
Maximum Purchase Value: INR 14,89,933/-
Maximum Pension Value: INR 27,750 per quarter
For Monthly Premium
Minimum Purchase Value: INR 1,62,162/-
Minimum Pension Value: INR 1000 per month
Maximum Purchase Value: INR 15,00,000/-
Maximum Pension Value: INR 9,250 per month
Who Can Apply For PMVVY Policy?
Following are the eligibility criteria for using the Pradhan Mantri Vaya Vandana Yojana proposal.
- The application should be of above 60 years of age.
- There is no maximum age limit for the scheme.
- The candidate must have Indian nationality.
How Long You Can Apply For Pradhan Mantri Vaya Vandana Yojana Scheme?
The original last date for applying for this scheme is 31st March 2020. However, now you can apply for this scheme till 31st March 2023.
Methods for Applying Pradhan Mantri Vaya Vandana Yojana Scheme?
You can apply for the PMVVY scheme through online and offline mode. The below details can help you in this regard.
The following steps can help you in applying for the scheme through online mode.
Step 1: Access the official website of LIC. https://licindia.in/
Step 2: Locate and select the choice for applying the PMVVY scheme on the home page.
Step 3: Fill in your contact details and confirm the inputs.
Step 4: Provide the necessary information.
Step 5: Submit the application after ensuring the correctness of the data you have provided.
Step 6: Upload the necessary documents.
You can apply for the PMVVY scheme in offline mode by following the steps given below.
Step 1: Obtain the application form from the LIC office.
Step 2: Fill the application with all the necessary information.
Step 3: Attach all the essential documents.
Step 4: Submit the completed application to the LIC office.
Essential Documents for PMVVY Scheme
The following are the supportive documents essential for completing Pradhan Mantri Vaya Vandana Yojana.
- Aadhar card
- Age proof
- Residential Proof
- Photograph of the applicant (Passport Size)
- Retirement proof
Mode of Payment
After finishing your PMVVY application, you can start your pension payment based on the scheme you chose. You can select a monthly, quarterly, half-yearly, and annual pension payment method. You will receive a pension depending on the payment plan you have selected. You can pay your pension deposit through NEFT or Aadhar Enabled Payment System.
The Pradhan Mantri Vaya Vandana Yojana scheme can provide you excellent financial benefits. The tenure of the scheme is for ten years.
You can close your policy before maturity under critical circumstances. The plan will allow you to claim 98% of your total deposit amount for medical emergencies and illness. You can apply for a surrender of the pension plan for the diagnostic activities of your spouse.
You can apply for a loan from your deposit amount during the tenure of the scheme. A loan facility is available after the successful completion of three years of your pension proposal. You can obtain 75% of your purchase value as a loan with an interest rate of 10% per half-yearly.
The PMVVY scheme is for ten years duration. The applicant will receive a pension as per the plan selected throughout the program. You can claim the purchase value after the successful completion of ten years.
If the applicant dies during the period of the scheme, the entire sum of the purchase value will be paid to the nominee.
The nominee can claim the purchase value, even in the case of the suicide death of the applicant.
Free Look Period
The applicant can close their account if they are not content with the policy terms. You can terminate your policy within 15days from the date of receiving the policy. If you have applied for the policy through online mode, you can close the account within 30 days of duration.