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PM Vaya Vandana Yojana 2024 This is a government pension scheme, under which any senior citizen of the country can get a guaranteed pension. Application in the scheme can be done online under LIC and official website.
In today’s article we will tell you Pradhan Mantri Vaya Vandana Yojana Will also share complete information, interest rate, eligibility, required documents, and application process.
Read the article till the end. With this, you can easily know all the information related to the scheme.
Pradhan Mantri Vaya Vandana Yojana in Hindi PMVVY 2024-25
Pradhan Mantri Vaya Vandana Yojana It is a type of government pension and social security scheme. This scheme was launched on 4 May 2017 keeping in mind the senior citizen of the country. This scheme is still benefiting the people today.
To this PM Vaya Vandana Yojana Senior Pension Insurance Scheme The one which was started in 2003 was started after being successful till 2014.
When this scheme was launched, the maximum amount that an individual can invest was Rs 7.50 lakh and the interest rate was @ 8%. Simultaneously, the investment limit in the scheme was one year.
The investment limit till 3 May 2018 was changed and it was increased to 31 March 2020. Due to continuous increase in investment in the scheme, its investment limit was again increased.
now PM Vaya Vandana Yojana 2024 (Revised 2020) as per the changes in the interest rate and now the investment limit under the scheme 31 March 2024 has been extended to.
LIC Pradhan Mantri Vaya Vandana Yojana
now Ministry of Finance, Government of India The terms and conditions of the scheme and the interest rate for the policies sold at the beginning of each year will be reviewed by the
from this year to 2024 PMVVY Interest Rate is fixed @7.40 pa. LIC of India is fully authorized to operate this scheme.
Application for this scheme can be done offline as well as online. To buy this plan online please visit the website www.licindia.in log on.
PM Vaya Vandana Yojana Highlights
| scheme name | Pradhan Mantri Vaya Vandana Yojana |
| who started | PM Modi ji |
| when did it start | 4 May 2017 |
| beneficiary | All citizens of the country who want to take pension |
| interest rate | @7.40 per year |
| maximum investment limit | Rs 15 lakh |
| Maximum Pension Payment | 9250/- per month |
| Last Date of Investment Limit (Scheme Validity) | 31 March 2024 |
| application procedure | online/offline |
| official website | licindia.in |
PM Vaya Vandana Yojana Interest Rate 2024-25
PM Vaya Vandana Yojana 2024 (PMVVY) gives a government return of 7.4% p.a. on monthly payable (investment).
if you monthly pension scheme If you subscribe, then 7.4% p.a. interest is equal to 7.66% p.a.
Since this scheme essentially works as a pension scheme, it does not attract any GST or service charge.
However, there is no income tax relief for this scheme. Returns are taxable. (Pradhan Mantri Vaya Vandana Yojana Tax Benefit: No Tax Relief. The Returns Are Taxable.)
The difference between the interest generated by LIC-Life Insurance Corporation and the assured return of 7.4% will be borne by the Government of India.
The central government will pay the difference amount as subsidy to LIC.
आम बोलचाल की भाषा में LIC Pension में निवेश करने को खरीदना कहते है। यदि हम योजना को खरीदने की बात करते है , इसका मतलब है आप योजना में मासिक इन्वेस्ट (निवेश) करते है। इसे खरीद कीमत (Purchase Price) भी कह सकते है।
Seven Benefits Of PM Vaya Vandana Yojana
(1) PM VVY Pension Payment:
PM Vaya Vandana Yojana 2024 When you retire at the age of 60 by investing a maximum of 15 lakhs during the policy term of 10 years, you will get minimum 1000/- pension payment and maximum 9250/- pension (at the end of each term as per the method chosen) ) Is obtained.
(2) Death Benefit:
In case of death of the pensioner during the policy term of 10 years, the purchase price is returned to the beneficiary.
If you have added a nominee to the scheme, then the pension payment is received by him.
(3) Maturity Benefit:
On survival of the pensioner till the end of the policy term of 10 years, the purchase price along with the last pension installment will be payable.
(4) Surrender Value:
PMVVY Under this, you can go out of the plan at any time in the interval of 10 years. For this you have been given full discount.
As the pensioner needs money for the treatment of any critical/terminal illness of self or spouse, they can opt out of the scheme.
The Surender Value to be paid in such cases will be 98% of the purchase price.
(5) Tax benefits
There is no tax benefit (tax relief) under this PMVVY. The pension you receive is taxable. That means you have to pay tax.
It will be added to your income and taxed at the same Marginal Tax Rate as Fixed Deposit (FD).
(6) Free-look period
If you have applied in the scheme but you do not find the term and condition of this policy right, then you can be out in 15 days. (within 30 days if you join online)
But in this case you (pension holder) will get the full amount after deducting stamp fee and fee for pension paid (if any).
(7) Loan facility
PM Vaya Vandana Yojana 2024 Loan facility is available under If you complete 3 years of the policy term in the plan, then after that you can take advantage of PMVVY Loan facility.
The maximum loan that can be given to you should be 75% of the policy purchase price. The rate of interest to be charged for the loan amount will be determined by LIC from time to time.
Loan interest will be recovered from the pension amount payable under the policy.
If you want to compare the benefits of this scheme with any other pension scheme, then you should see the pension scheme list given below.
Other Government Pension Scheme List
PM Vaya Vandana Yojana Premium Chart 2024-25 [LIC]
here you According to the mode of pension PM Vaya Vandana Yojana 2024 The Premium Chart has been prepared.
It shows how much amount you want to get as pension, then how much premium will you have to take for that.
Premium This is the maximum price that is deposited till the maximum investment interval of the plan.
PMVVY Premium Purchase Price Table
| mode of pension | minimum pension | minimum investment | maximum pension | maximum investment |
|---|---|---|---|---|
| annual | ₹ 12,000 | ₹ 1,44,578 | ₹ 1,20,000 | ₹ 14,45,784 |
| half yearly | ₹ 6,000 | ₹ 1,47,601 | ₹ 60,000 | ₹ 14,76,014 |
| quarter | ₹ 3,000 | ₹ 1,49,068 | ₹ 30,000 | ₹ 14,90,684 |
| monthly | ₹ 1,000 | ₹ 1,50,000 | ₹ 10,000 | ₹ 15,00,000 |
For example if you want to get minimum Rs 1000/- as pension per month, then you have to buy premium of Rs 1,50,000.
PM Vaya Vandana Yojana Calculator 2024,25
You will find many calculators online for PM Vaya Vandana Yojana.
Here we will tell you to draw your monthly pension using pen-copy itself without calculator.
If you want to know how much pension will be received by investing how much, for this you have to go through the above mentioned PM Vaya Vandana Yojana Premium Chart 2024 Will need
We tell you to use it to solve this question:
Question: Ram Singh has total Rs 10,00,000. If they want to invest this amount in Pradhan Mantri Vaya Vandana Yojana (want to buy premium), then how much pension will they get monthly?
Answer,
(i) मासिक (प्रीमियम चार्ट के उपयोग से) ₹ 1,50,000 निवेश करने पर = ₹ 1,000 मासिक पेंशन ∴ ₹10,00,000 निवेश करने पर = (?) => [₹10,00,000 x ₹ 1,000] /1,50,000 = ₹6666.67 मासिक पेंशन
You can also check premium online from LIC’s official calculator. For this click on the button below:
Eligibility of PMVVY
- The applicant must be a permanent resident of India.
- The minimum age of the applicant should be 60 years.
- There is no upper age limit under this scheme.
- The policy term under this plan is 10 years.
Required documents of PMVVY
- Aadhar card
- pan card
- proof of income
- Proof of residence
- age certificate
- bank account passbook
- mobile number
- passport size photo
PM Vaya Vandana Yojana Online Purchase 2024 (How to apply in Pradhan Mantri Vaya Vandana Yojana)
PM Vaya Vandana Yojana 2024 The entire workload has been assigned to LIC of India to make it online. LIC decides the interest rate for the policy every year.
If you want to buy the premium of this plan, then you can easily buy online PMVVY KYC sitting at home. It is like opening an online bank account.
For this you have to follow all these steps:
Step 1: Visit the official website of LIC of India
- To buy the premium of PM Vaya Vandana Yojana, you must first visit the official website of LIC.
- You can access the browser from the phone with your Aadhaar based mobile number. www.licindia.in type.
- Its home page will open in front of you.
Step 2: Click on Buy Online Policies
- When you click on the homepage, after that you see many options.
- you scroll down Buy Online Policies in the section of Click Here click the button
- Now you will get many government pension scheme policies in front of you.
Step 3: Do it on PMVVY
- When you come to this Buy Policy Online page, you get many policies.
- You click on PMVVY Policy.
- Now you will go to a new page. Here you will get some essential information related to PMVVY which we have told you:
- you read this too and then you Click To Buy Online Click on
Step 4: Complete the PMVVY KYC.
- Now you have to do your online KYC. For this you have to fill some online form. like :
- Contact Information
- Basic Pensioner Information
- Bank Details
- Upload Necessary Documents
- After filling all the required information and uploading the required documents, you will have to do a video KYC.
- In this video KYC you will be asked some questions.
- Your policy will open after reviewing all the information.
PMVVY Related FAQs
The beneficiaries of Pradhan Mantri Vaya Vandana are all those senior citizens, whose age is 60 and above. It is a type of pension scheme. In which you can get a monthly pension of Rs 1000 to Rs 9250 by investing once. You can buy the policy of this plan online and offline under LIC.
PM Vaya Vandana Yojana 2024 In order to get Rs 1000 which is the minimum pension amount, there will be a minimum premium (investment) of Rs 1,50,000.
The last date to buy PMVVY Premium has been fixed by LIC on 31st March 2024. You can invest up to a maximum of 15 lakhs till this date.
Under the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a government return of 7.4% per annum is obtained on monthly payable (investment). if you monthly pension scheme If you subscribe, then 7.4% p.a. interest is equal to 7.66% p.a.
There are four types of Pension Method in Pradhan Mantri Vaya Vandana Yojana:
, annual pension: You will receive the pension amount at the beginning of every year.
,half yearly pension: You will receive the pension amount every six-six months.
,Quarterly Pension: You will receive pension every three months.
,monthly:Pension will be received at the end of every month.
PM Vaya Vandana Yojana 2024 Interest Rate Today it is 7.40% pa. This rate is decided by LIC of India. In the year 2018, the interest rate was @ 8%.
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