The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens aged 60 years and above. It was introduced in May 2017 and is currently open for subscription. The LIC Pension scheme offers an assured return of 8% per annum for 10 years, payable monthly. The main aim of the PMVVY is to provide social security during old age, especially to those who do not have any other source of income. The scheme also aims to encourage people to save for their retirement. If you are a senior citizen and are looking for a retirement plan with guaranteed returns, the PMVVY may be a good option for you. In this blog post, we will take a look at the features of the PMVVY and how it works.
| Pradhan Mantri Vaya Vandana Yojana (Plan No. 856, UIN : 512G336V01) |
| Company Website : Click Here |
| Date of Launch : 01.02.2020 |
What is LIC Pradhan Mantri Vaya Vandana Yojana Plan?
The LIC Pradhan Mantri Vaya Vandana Yojana Plan is a government-backed pension scheme that offers seniors a guaranteed returns for 10 years. The scheme is available to citizens aged 60 and above, and provides an annual interest rate of 7.4%. With a minimum investment of Rs 1,50,000, the scheme allows for partial withdrawals and loan facility against the policy.
What are the Benefits of the Pradhan Mantri Vaya Vandana Yojana Plan?
The Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens that was launched by the Life Insurance Corporation of India in May 2017. The scheme allows senior citizens to invest in an insurance plan and receive a guaranteed monthly pension for a period of 10 years.
The main benefits of the Pradhan Mantri Vaya Vandana Yojana are:
1. It provides a guaranteed monthly pension income for seniors.
2. It offers liquidity through partial withdrawal and loan facilities.
3. It provides death benefit in the form of return of purchase price or payment of pension to the nominee, whichever is higher.
4. The scheme has a low entry age of 60 years and does not require any medical examination for enrollment.
5. It offers tax benefits under Section 80C of the Income Tax Act, 1961.
Who is Eligible for the LIC Pradhan Mantri Vaya Vandana Yojana Plan?
The LIC Pradhan Mantri Vaya Vandana Yojana Plan is a government-sponsored pension scheme that offers senior citizens a guaranteed annual return of 8% for a period of 10 years. The scheme is open to all Indian citizens aged 60 years and above.
Read More: LIC Best Term Insurance Plans | Lic Jeevan Umang Policy
How to Apply for the LIC Pradhan Mantri Vaya Vandana Yojana Plan?
The LIC Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens. It offers an assured return of 8% per annum for a period of 10 years. The maximum investment limit under this scheme is Rs 15 lakh. The minimum investment limit is Rs 1,50,000.
To apply for the LIC Pradhan Mantri Vaya Vandana Yojana Plan, you can either visit your nearest LIC branch or apply online through the LIC website.
If you are applying offline, you will need to fill out the application form and submit it along with required documents to your nearest LIC branch. The documents required are listed below:
-Proof of identity (PAN Card/Aadhaar Card/Passport)
-Proof of age (Birth Certificate/Passport/Driving License)
-Proof of address (Aadhaar Card/Voter ID Card/Passport)
-Cancelled cheque leaf or bank passbook
If you are applying online, you will need to login to your account on the LIC website and fill out the online application form. After submitting the form, you will be directed to make the payment using any of the following methods: net banking, credit card or debit card. Once the payment is made, your policy will be activated and you will receive a confirmation email from LIC.
Read More: LIC Term Plan | LIC Saral Jeevan Bima | LIC Whole Life Insurance Policy
Conclusion
The LIC Pradhan Mantri Vaya Vandana Yojana is a great option for those who are looking for an annuity plan. It offers a guaranteed return of 8% per annum, which is higher than most fixed deposit rates. In addition, it also offers income tax benefits and the option to avail a loan against the policy. If you are looking for a retirement solution that gives you peace of mind and financial security, the LIC Pradhan Mantri Vaya Vandana Yojana is definitely worth considering.
