HomeGovt SchemesPradhan Mantri Vaya Vandana Yojana (PMVVY) | new scheme for senior citizens

Pradhan Mantri Vaya Vandana Yojana (PMVVY) | new scheme for senior citizens

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Pradhan Mantri Vaya Vandana Yojana (PMVVY): Fill out the application form and check Vaya Vandana Yojana benefits, eligibility, key facts, and PMVVY application status. Pradhanmantri Vaya Vandana Yojana has been launched on 4 May 2017 by the Government of India for the senior citizens of the country.

Pradhan Mantri Vaya Vandana Yojana 2022-23

This scheme is a Social Security Scheme and Pension Plan, this scheme belongs to the Government of India but is being run by LIC. The maximum limit for investing under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs, along with this, the deadline for investing in this PMVVY Scheme 2022 was earlier March 31, 2022, which was increased to March 31, 2022. 2023 has been done.

How long can you invest in the scheme?

The deadline for this scheme will end on 31 March 2023. So this festive season, you can gift yourself a secure future. If you want to get a pension of Rs 1,000 every month, then you can make a minimum investment of Rs 1.50. On the other hand, after investing Rs 15 lakh, you can get a pension of Rs 9,250 and after the age of 60, you can get a pension of Rs 18,500 on the investment of Rs 15-15 lakh for both husband and wife.

Apply for a scheme like this

Let us tell you that the Pradhan Mantri Vaya Vandana Yojana is only for 10 years. You get a pension every month for 10 years. After this, you will get the full amount back. If a policyholder dies before 10 years, then you will get the basic amount in full. With this, after the start of the scheme, you can surrender it anytime. On the other hand, talking about pensions, you can get it every month, quarterly, half-yearly, or annually. You can apply for this scheme by visiting the LIC office.

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Now investment can be made in PM Vaya Vandana Yojana till March 31, 2023

The last date for investing under the PM Vaya Vandana scheme launched by the central government was March 31, 2022. Which has now been increased by the government to March 31, 2023, that is, now the interested senior citizens who want to avail of monthly and annual pensions in their old age by investing a lump sum amount under this scheme can now submit their application by March 31, 2023. You can join this scheme. This scheme has been started by the government with the aim of making the old age of the country’s senior citizens safe and happy.

Some important information related to Pradhanmantri Vaya Vandana Yojana 2022

Interested senior citizens can get a pension of ₹ 10000 per month by investing a maximum lump sum of ₹ 1500000 under this scheme.

  • The lump sum amount deposited under this scheme is tax-free under section 80C of the Income Tax Act 1961. But the beneficiary will have to pay income tax on the interest earned from the amount invested.
  • If the policyholder wants to receive a pension every month, he will get interested at the rate of 8%. If he wants to get a pension once every year, then he will get interested at the rate of 8.3%.
  • The policyholder has the option of receiving monthly, quarterly, half-yearly, or yearly pensions over the policy term of 10 years.
  • A beneficiary does not need to undergo any medical test to join under Pradhan Mantri Vaya Vandana Yojana.
  • After 10 years of investing under this scheme, along with the final payment of pension, the deposited investment amount is also returned. If the policyholder getting the pension dies within 10 years of
  • joining the scheme, the deposited amount will be refunded to the nominee.

Pradhan Mantri Vay Vandana Yojana Tax Benefits

  • Pradhanmantri Vaya Vandana Yojana is not a tax-saving scheme.
  • This scheme is an investment scheme.
  • All citizens above the age of 60 years can invest up to Rs 1500000 before March 31, 2023.
  • Depending on the investment, citizens will be provided pensions ranging from ₹ 1000 to ₹ 9250 per month.
  • The returns through this scheme are taxed as per the extant tax laws and applicable tax rates from time to time.
  • Apart from this, this scheme has been exempted from GST.
  • 18% GST is levied on Tom Insurance as against all General Insurance policies. But GST is not levied on Pradhan Mantri Vaya Vandana Yojana.
  • The deduction cannot be claimed by the citizen investing under this scheme under section 80C of the Income Tax Act.

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Eligibility of Pradhan Mantri Vaya Vandana Yojana

  • It is mandatory for the applicant to be a permanent resident of India.
  • The minimum age of the applicant should be 60 years.
  • There is no limit on the maximum age under this scheme.
  • The policy term under this plan is 10 years.

Important documents of PM Vaya Vandana Yojana

  • Aadhar card
  • pan card
  • proof of age
  • proof of income
  • Proof of residence
  • bank account passbook
  • mobile number
  • passport size photo

How to apply for PM Vaya Vandana Yojana 2022?

Interested beneficiaries of the country who want to apply under Pradhan Mantri Vaya Vandana Yojana can apply online and offline, follow our method given below and take advantage 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 open in front of you.
  • On this home page, you will see the option of Reeigstration, you will have to click on that option. After 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, Aadhaar number, etc.
  • After filling in all the information, you have to upload all your documents and then finally click on the submit button.
  • In this way, your online registration will be completed.

Pradhanmantri Vaya Vandana Yojana Offline Application Process

  • First of all the applicant has to contact his nearest LIC branch. After this, going to the branch, he will have to give all his documents to the officer and give all his information.
  • LIC agent will make your application under this scheme. After the verification of the application, the LIC agent will start your policy of this scheme.

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