PMVVY, Pradhan Mantri Vaya Vandana Yojana (प्रधानमंत्री वय वंदना योजना) – Eligibility, Benefits

PMVVY, Pradhan Mantri Vaya Vandana Yojana (प्रधानमंत्री वय वंदना योजना) – Eligibility, Benefits, पीएम गर्भावस्था सहायता योजना आवेदन | Pradhan Mantri Matritva Vandana Yojana | प्रधानमंत्री मातृ वंदना आवेदन फॉर्म | Mantri Matritva Vandana Yojana

This scheme is a Social Security Scheme and Pension Plan, this scheme belongs to the Government of India but is being run by LIC. The maximum limit to invest under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs, along with this, the deadline to invest in this PMVVY Scheme 2022 was earlier 3 May 2018 which was increased to 31 March 2020. has been given Dear friends, today through this article we are going to provide you all the information about Pradhan Mantri Vaya Vandana Yojana 2022 like application process, documents, eligibility, guidelines etc.

pMVVY, Pradhan Mantri Vaya Vandana Yojana

PMVVY, Pradhan Mantri Vaya Vandana Yojana (प्रधानमंत्री वय वंदना योजना) – Eligibility, Benefits

The first installment of pension will be received after 1 year, 6 months, 3 months, 1 month, it depends on which option you choose, the interested beneficiaries of the country who want to apply under this PMVVY Scheme 2022. He can do it both online and offline and can buy the policy. Online Application You can buy the policy by registering online by visiting the official website of LIC and can apply offline by visiting the branch of LIC and take advantage of PM Vaya Vandana Yojana 2022.

Eligibility for PMVVY

  • There are no specific eligibility criteria as such for PMVVY scheme except that the subscriber must be a senior citizen, i.e.  (above the age of 60 years).
  • The applicant must be an Indian citizen.
  • There is no maximum entry age for the PMVVY scheme. 
  • The applicant must be ready to avail of the policy term of ten years.
  • The minimum pension provided under the PMVVY are as follows:
    • Rs. 1,000 per month.
    • Rs. 3,000 per quarter.
    • Rs. 6,000 per half-year.
    • Rs.12,000 per year.
  • The maximum pension provided under the PMVVY are as follows:
    • Rs. 9,250 per month.
    • Rs. 27,750 per quarter.
    • Rs. 55,500 per half-year.
    • Rs. 1,11,000 per year.
  • The total purchase price under the PMVVY should not exceed Rs.15 lakh.

Documents Required for PMVVY

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

  • Aadhaar card
  • PAN card
  • Proof of age
  • Proof of address
  • Proof of income
  • Bank account passbook
  • Passport size photo of the applicant
  • Documents indicating that the applicant has retired from employment

Pradhan Mantri Vaya Vandana Yojana Application Form

The first installment of pension will be received after 1 year, 6 months, 3 months, 1 month, it depends on which option you choose, the interested beneficiaries of the country who want to apply under this PMVVY Scheme 2022. He can do it both online and offline and can buy the policy. Online Application You can buy the policy by registering online by visiting the official website of LIC and can apply offline by visiting the branch of LIC and take advantage of PM Vaya Vandana Yojana 2022.

Key Highlights of Pradhanmantri Vaya Vandana Yojana

what is the article aboutPradhan Mantri Vaya Vandana Yojana
Who launched?Life Insurance Corporation of India
beneficiarycitizens of india
ObjectiveProviding all important information about Pradhan Mantri Vaya Vandana Yojana
official websitehttps://licindia.in/Products/Pension-Plans/Pradhan-Mantri-Vaya-Vandana-Yojana1
साल2022

Tax Benefits of Pradhan Mantri Vaya Vandana Yojana

  • Pradhan Mantri Vaya Vandana Yojana is not a tax saving scheme.
  • This scheme is an investment plan.
  • All citizens above 60 years of age can invest up to Rs 1500000 before 31 March 2023.
  • Citizens will be provided a pension of ₹ 1000 to ₹ 9250 per month depending on the investment.
  • Returns received through this scheme are taxed as per the prevailing tax laws and the rate of tax as applicable from time to time.
  • Apart from this, this scheme has been given exemption from GST.
  • Tom Insurance attracts 18% GST among all general insurance policies. But GST is not levied on Pradhan Mantri Vaya Vandana Yojana.
  • The deduction under section 80C of the Income Tax Act cannot be claimed by a citizen investing under this scheme.

Payment of Purchase Price

The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price. The minimum and maximum Purchase Price under different modes of pension will be as under:

Mode of PensionMinimum Purchase PriceMaximum Purchase Price
YearlyRs. 1,56,658/-Rs. 1,449,086/
MonthlyRs. 1,62,162/-Rs. 15,00,000/-

Application Procedure for PMVVY

Online procedure:

  • Log onto the official website of LIC.
  • Click on the ‘Buy Online Policies’ option and click on the ‘Click here’ button by scrolling down the page.
  • Click on the ‘Pradhan Manti Vaya Vandana Yojana’ option under the ‘Buy Policy Online’ heading.
  • A new page will open. Click on the ‘Click to Buy Online’ option.
  • Enter the contact details and click on the ‘Proceed’ button.
  • Fill out the application form.
  • Submit the online application, upload the documents as requested and click on the ‘Submit’ button to complete the registration.

LIC New Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan 856 of LIC | PMVVY updated | Pension Plan

Final Words

If a person is not able to give money under the Pradhan Mantri Vaya Vandana Yojana or for some reason he wants to leave this policy, then he can go. In this case 98% of the total amount paid by the pensioner will be returned to them, also under this scheme, if you are not satisfied with its terms and conditions, you can withdraw it within 15 days of buying the policy offline .

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