PM Vaya vandan Yojna: Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens above 60 years of age by the Government of India. This scheme of the government is operated by Life Insurance Corporation of India (LIC). The objective of this scheme is to provide financial assistance to senior citizens by providing them regular pension.
Benefits of the plan
The policyholder will receive an assured return of 8% per annum for the term of the policy.
If the policyholder survives the entire term, the pension will be paid in arrears.
If the policyholder passes away during the term itself, the purchase price of the policy is returned to the nominee.
– If the policyholder survives the policy term, the policyholder will receive the purchase price as well as the last pension installment.
After three years of buying the policy, the policyholder can take a loan. The interest rate of the loan goes up to 10 percent per annum. Loan facility is one of the reasons for the immense popularity of this scheme.
– Policy can be canceled within 15 days, there is also facility to buy online
Eligibility for PM Vaya vandan Yojana
– Candidate’s age should be at least 60 years
– There is no upper age limit
The duration of PMVVY scheme is ten years
– Minimum pension that can be paid monthly, quarterly, half yearly and annually is Rs 10,000, 30,000, 60,000 and Rs 1,20,000
Documents Required for PMVVY
– Aadhar card
– age proof
– address proof
– Passport size photo
– other documents
How to apply in PMVVY
– Visit any nearest LIC branch
– fill out the form
Attach all the required documents with the form
– Submit the form with all the documents
– Visit the official website of LIC
– Select the “Buy Policy Online” tab
– Now, scroll down and click on “Click here to buy” option
Click on the option “PMVVY”
– Click on Buy Online option
– Enter all the information
– Now, click on proceed option
– fill out the form
– Upload all required documents
– Now, submit the form
NRIs will also be able to get Aadhaar card made, these documents will be needed
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How to Apply to PMVVY know all process
Pradhan Mantri Vaya Vandana Yojana is a pension scheme by the Government of India for senior citizens above the age of 60 years. This scheme of the government is operated by the Life Insurance Corporation of India (LIC).
Story first published: Saturday, November 12, 2022, 20:19 [IST]