PMVVY Scheme 2022 The Pradhan Mantri Vaya Vandana Yojana is a pension scheme introduced by the Indian government. It is designed to provide senior citizens with a guaranteed monthly pension. The scheme is managed by the Life Insurance Corporation of India, and it offers an assured return of 8% per annum for a policy tenure of 10 years. The scheme is open to citizens of India who are 60 years of age or older, and it offers pension options of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month. The scheme also offers death and survival benefits to the policyholder and their spouse.
PMVV Yojana 2022-23 Key of Benefits
The Pradhan Mantri Vaya Vandana Yojana offers a number of benefits to senior citizens who enroll in the scheme. Some of the key benefits are:
1. Guaranteed monthly pension: The scheme provides senior citizens with a guaranteed monthly pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000, depending on the option chosen by the policyholder.
2. Assured return: The scheme offers an assured return of 8% per annum for the policy tenure of 10 years.
3. Easy enrollment: The enrollment process is simple and convenient, with minimal documentation required.
4. Flexible payment options: The premium paid in a lump sum or in equal installments.
5. Death and survival benefits: The scheme also offers death and survival benefits to the policyholder and their spouse.
6. Tax benefits: Premiums paid under the scheme are eligible for tax benefits under Section 80C of the Income Tax Act.
Pradhan Mantri Vaya Vandana Yojana Eligible Conditions and Other Details
To be eligible for the Pradhan Mantri Vaya Vandana Yojana, you must be a citizen of India and be 60 years of age or older. The scheme has a maximum entry age of 79 years, and the policy tenure is 10 years. The minimum pension under the scheme is Rs. 1,000 per month, and the maximum is Rs. 5,000 per month. The maximum purchase price for the pension is Rs. 15 lakh, and the maximum pension that availed is Rs. 60,000 per year. The scheme also has a maximum maturity age of 90 years. These are the key eligibility conditions and restrictions for the Pradhan Mantri Vaya Vandana Yojana SBI/ LIC/ Post Office Available.
A) Minimum Age Entry : 60 Years (Completed)
B) Maximum Age Entry : No Limit
C) Policy Term : 10 Years
D) Minimum Pension :
- ₹ 1000/- Per Month
- ₹ 3000/- Per Quarter (ચોથો ભાગ)
- ₹ 6000/- Per Half Year (6 મહિના)
- ₹ 12,000/- Per Year
E) Maximum Pension
- ₹ 9,250/- Per Month
- ₹ 27,750/- Per Quarter
- ₹ 55,500/- Per Half Year
- ₹ 1,11,00/- Per Year
Payment of Purchase Price in PMVVY Scheme
The Pradhan Mantri Vaya Vandana Scheme The Minimum and Maximum Purchase Price Under Different Modes Of Pension Will Be As Under :
|Mode of Pension||Minimum Purchase Price (Rs.)||Maximum Purchase Price (Rs.)|
|Half – Yearly||1,59,574/-||14,76,064/-|
Mode Of pension Payment PMVVY Yojana 2022
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System. The purchase of the policy under this Government subsidised scheme requires unique Aadhaar number validation.
The first installment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
PMVVY Yojana Calculator Per Purchase Price
The Pension Rate For 1000/- Purchase Price For Different Modes Of Pension Payment Ate As Below :
PMVVY Scheme Loan Facility
Loan Facility Available After Completion 3 Policy Years. The Maximum Loan That Granted 75% Of The Purchase Price. The Rate Of Interest To Be Changed For Loan Amount Shall Be Determined At Periodic Intervals.
For The Loan Sanctioned Till 30th April, 2021 The Application Interest Rate Is 9.5% p.a. For The Entire Term Of The Loan.
Loan interest recovered from the pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding recovered from the claim proceeds at the time of exit.
Official Website PMVVY Yojana Page
FAQ PMVVY Scheme
PMVVY is the abbreviation for the Pradhan Mantri Vaya Vandana Yojana. It is a pension scheme for senior citizens, introduced by the government of India. The scheme is designed to provide a regular income to senior citizens during their retirement years, so that they can meet their daily expenses and maintain their standard of living. The scheme is administered by the Life Insurance Corporation of India (LIC), and interested individuals can purchase the pension plan from any branch of the LIC.
As of now, it is not possible to invest in PMVVY online. The scheme is administered by the Life Insurance Corporation of India (LIC), and interested individuals can purchase the pension plan from any branch of the LIC. To invest in PMVVY, you will need to visit a branch of the LIC in person and fill out the necessary application forms. You can also contact the LIC through their customer care number or visit their website for more information.
The PMVVY is a pension scheme for senior citizens, so the eligibility criteria for the scheme are based on the age of the individual. To be eligible for PMVVY, an individual must be 60 years of age or older. In the case of a married couple, only the primary applicant (the spouse who is applying for the pension) needs to be 60 years or older. The other spouse can be of any age.