Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana

This great scheme of Modi government is of your great use, so take advantage of it: The decision was taken at a cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday. Let us know that the scheme came to an end on 31 March 2020, but the government has now started it once again. Now this scheme will run for three years. Now the deadline to join this scheme is till March 2023. Under the Pradhan Mantri Vaya Vandana Yojana (PMVVY), pension is provided for the elderly.

This scheme is subject to LIC. Due to being a pension scheme, it will get benefits only after the age of 60 years. For PMVVY one has to invest at least Rs 1.50 lakh. After this, for the pension, the investor has to choose a fixed date, bank account and period. Suppose if you want pension on 15th of every month, then you have to choose this date. Similarly, the investor can also opt for pension option if he wants.

Meaning if you want monthly, quarterly, half-yearly or yearly pension then you can choose this option. If you select the monthly option, then every month the pension will come in the bank account, then on quarterly selection you will get a lump sum pension after every three months. Similarly, on half-yearly or yearly option selection, you will get a lump sum pension after 6 or 12 months respectively. Explain that the first installment of pension is received after 1 year of investment in the scheme, then the minimum amount of pension on monthly basis is Rs.1000 while maximum is Rs.10,000.

This pension scheme has many benefits. For example, if the investor dies in the middle, the purchase price is returned to the nominee. In this scheme, a person can invest at least 1.50 lakh and maximum of 15 lakh rupees, while at the time of purchasing the policy, the amount deposited by the investor is returned after the completion of 10 years. Investors are exempted from service tax or GST from the purchase of the policy.

Loan facility is also available after 3 years of investment. In addition, pre-mature withdrawal is also allowed under certain circumstances. The biggest thing is that there is no need of medical examination in this pension scheme. Currently, the government pays 8 to 8.30 percent on the amount deposited under this scheme. You can call 022-67819281 or 022-67819290 for more information about Pradhan Mantri Vaya Vandana Yojana (PMVVY).

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Along with this, one can also get information about the benefits of the scheme through toll free number- 1800-227-717 and email id-onlinedmc@licindia.com. Apart from this, you can understand about the scheme in detail by visiting the link https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do.