Pradhan Mantri Vaya Vandana Yojana (PMVVY) Toll-free Phone number, Features, Objectives, Official Website- Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May 2017 to 31st March 2020. PMVVY can be purchased offline as well as online through Life Insurance Corporation (LIC) of India. Currently, the maximum amount the amount a senior citizen can invest is Rs. 7.5 lakh. The proposed change in Budget 2018 will double it to Rs. 15 lakh. The scheme provides an assured return of 8 percent per annum payable monthly (equivalent to 8.30 percent per annum) for 10 years.
Eligibility for this Scheme:
- Minimum Entry Age: 60 years (completed)
- Maximum Entry Age: No limit
- Policy Term: 10 years
- Investment limit: Rs 15 lakh per senior citizen
- Minimum Pension: Rs. 1,000/- per month
Rs. 3,000/- per quarter
Rs.6,000/- per half-year
Rs.12,000/- per year
- Maximum Pension: Rs. 10,000/- per month
Rs. 30,000/- per quarter
Rs. 60,000/- per half-year
Rs. 1,20,000/- per year
Mode of pension payment
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
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.
- Aadhar card
- Age proof
- Address proof
- Passport size photo
- Relevant documents proving that the applicant has retired.
How to apply for this Scheme:
The senior citizen can apply either online or offline for Pradhan Mantri Vaya Vandana Yojana.
- Offline Mode: The Government has implemented this scheme through LIC and hence the application form should be filled and submitted to any branches of LIC office. The application form can be procured by either visiting any LIC office
- Online Mode: For Online Purchase, you have to visit the official website LIC or Life Insurance Corporation of India: @licindia.in
Other Famous Schemes-
Comment below your views about this scheme.