(PMVVY) LIC Pradhan Mantri Vaya Vandana Yojana: After retirement, everybody tries to make life more comfortable in their own way. After retirement, there is no financial issue of any type, so that pension plan or retirement plan is recommended. The law is that when you start your professional life, you should start planning for retirement.
If you are not prepared for a retirement plan while doing business or a job, then you will have to work in old age as well. There are several governments and private schemes in the market today which are delivering good retirement planning. If you want to invest money in a safe place, then Pradhan Mantri Vaya Vandana Yojana can be an excellent option for you. Your money will be secure in PM Vaya Vandana Scheme and on investing you will get a fixed pension every month.
If you want to get a pension every month by investing a lump sum, then ‘PM Vaya Vandana Yojana is a government pension scheme for you. This plan is being executed by the Life Insurance Corporation of India (LIC-LIC). On May 4, 2017, the Government of India founded the Pradhan Mantri Vaya Vandana Scheme’ keeping in mind the senior citizens of the nation.
The name of the scheme being operated by the government is Prime Minister Vaya Vandana Yojana This is a pension scheme, under which the benefit of a monthly pension gets an interest of 7.40 percent annually for 10 years on their investment.
Pradhan Mantri Vaya Vandana Scheme is being operated by Life Insurance of India (LIC). However, this plan belongs to the Government of India. Under this scheme, any senior citizen can invest up to Rs. Earlier the maximum investment limit was Rs 7.50 lakh.
Highlights of Prime Minister Vaya Vandana Yojana
PMVVY offers a pension, death benefits, and maturity advantages.
Based on the pension mode picked by the subscriber, PMVVY provides a pension for a policy term of 10 years. The investment price of the policy is returned to the benefit of the pensioner during the policy term of 10 years. If the subscriber survives the policy term of 10 years then the purchase price is returned along with the last installment
| Pension Mode | Minimum Pension | Maximum Pension |
| annual | Rs 12,000 | Rs 1,11,000 |
| half yearly | Rs 6,000 | Rs 55,500 |
| quarterly | Rs 3,000 | Rs 27,750 |
| monthly | Rs 1,000 | Rs 9,250 |
PMVVY Scheme 2022 Benefits
Income Tax Exemption is not available in Vaya Vandana Yojana
The last date to apply for this plan is 31 March 2023.
GST exemption is available in this plan
There is an alternative of both monthly and annual pensions in this scheme.
Under PMVVY Scheme 2022, the age of senior citizens should be at least 60 years or more. At present, there is no maximum age limitation.
The term of the policy would be 10 years. The minimum pension will be Rs 1000 per month will be Rs 3000, 6000/per half-yearly, and Rs 12000/per year. The maximum will be Rs 30,000/per quarter, Rs 60,000/per half-yearly, and Rs 1,20000 per annum.
Under the Pradhan Mantri Vaya Vandana Scheme 2022, senior citizens can invest a maximum of Rs 15 lakh.
The policy term of this scheme is 10 years.
PMVVY scheme provides old-age income protection to the senior citizens of the country.
You will not have to pay GST under this plan
Invest can be made till 31st March 2023
The last date to invest under the PM Vaya Vandana Scheme launched by the Central Government was 31 March 2022. This has now been increased by the government to 31 March 2023 i.e. Now the willing old citizens who want to take advantage of monthly and annual pensions in their old age by investing lump sum amounts under this scheme, can now submit their application by 31 March 2023. This scheme has been started by the government with the goal of making the old age of the old citizens of the nation safe and happy.
How many pensions On How Much Investment?
If any 60-yr-old senior citizen wants a monthly pension of Rs 1,000, then he will have to invest Rs 1.62 lakh. Under this scheme, a maximum pension of Rs 9250 can be received. For this senior citizens will have to invest Rs 15 lakh. The main purpose of the Vaya Vandana Scheme is to provide pensions to the senior citizens of the country.
Only a few months are left for senior citizens to subscribe to Prime Minister Vaya Vandana Yojana (PMVVY). PMVVY will be available for sale till 31st March 2023. Administered by LIC, PMVVY is a government-subsidized pension scheme for senior citizens aged 60 years and above. The scheme provides immediate monthly/quarterly/half-yearly/annual pensions to senior citizens when they buy the scheme by making a lump sum payment of up to Rs.15 lakh.
PMVVY interest rate
For policies bought up to 31-03-2023, the interest rate applicable to the scheme will be 7.40% p.a. Payable monthly (i.e. equal to 7.6% p.a.). This assured interest rate will be payable for the full policy term of 10 years for all policies bought up to March 31, 2023.
Prime Minister’s Vaya Vandana Yojana Interest Rates
| pension | rate of interest |
| Monthly | 7.40% |
| Quarterly | 7.45% |
| half yearly | 7.52% |
| per annum | 7.60% |
Eligibility of Prime Minister Vaya Vandana Yojana
It is compulsory for the applicant to be a permanent resident of India.
The applicant’s minimum age should be 60 years.
There is no maximum age limit under this scheme.
The term of the policy under this scheme is 10 years.
Important Documents of PM Vaya Vandana Scheme
- Aadhar card
- pan card
- age proof
- income proof
- Proof of residence
- Bank Account Passbook
- mobile number
- passport size photograph
PMVVY Yojana 2022 Application Form
The first installment of the pension will be available 1 year, 6 months, 3 months, and 1 month after depositing the amount, it depends on which option you choose, the interested beneficiaries of the country who want to apply under this Pradhanmantri Vaya Vandana Scheme 2022 If So, he can do it both online and offline and can purchase the policy. Apply Online You can buy the policy by registering online by visiting the official website of LIC and can apply offline by visiting the branch of LIC and can take benefit of PM Vaya Vandana Scheme 2022.
How to Apply for PM Vaya Vandana Yojana 2022?
Interested beneficiaries of the country who want to apply under the Pradhan Mantri Vaya Vandana Scheme can apply online and offline, follow the procedure given below and take benefit of the scheme.
First of all the applicant has to go to the official website of LIC.
After visiting the official website, the home page will be open in front of you.
On this home page, you will see the option of Registration, you will have to click on that option. Following this, the application form will open in front of you. After this, you will have to fill in all the information asked in the form like name, address, aadhar number, etc.
After filling in all the information, you will have to upload all your documents and then eventually click on the submit button.
In this method, your online registration will be completed.
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