Government Schemes

Prime Minister Vaya Vandana Yojana

The scheme is a social security scheme and a pension scheme. The scheme belongs to the Government of India but is run by LIC. The maximum limit for investment under this scheme was earlier Rs 7.5 Lakhs which has now been increased to Rs 15 Lakhs. Also the deadline for investing in this PMVVY scheme 2022 was earlier 31st March 2022. It has been extended to 31 March. 2023 is done.

Dear friends today through this article we are going to provide you all information about Pradhan Mantri Vaya Vandana Yojana 2022 like application process, documents, eligibility, guidelines etc.

Details of Pradhan Mantri Vaya Vandana Yojana

What is the article about? Pradhan Mantri Vaya Vandana Yojana
Who launched it? Life Insurance Corporation of India
Beneficiary Citizens of India
purpose Providing all important information about Pradhan Mantri Vaya Vandana Yojana

PMVVY Scheme 2022 Application Form
The first installment of pension is available after 1 year, 6 months, 3 months, 1 month of depositing the amount, it depends on which option you choose, the interested beneficiary of this 2022 Pradhan Mantri Vaya Vandana Yojana country so, he can do it online and offline and buy the policy.

Apply Online You can purchase the policy by registering online by visiting the official website of LIC and apply offline by visiting the branch of LIC and avail the benefits of PM Vaya Vandana Yojana 2022.

Benefit of Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana is not a tax saving scheme.
This scheme is an investment scheme.
All citizens above 60 years can invest up to Rs 1500000 before 31 March 2023.
Citizens are given pension ranging from ₹ 1000 to ₹ 9250 per month depending on investment.
Income earned through this scheme will be taxed as per prevailing tax laws and tax rates applicable from time to time.
Besides this scheme is exempted from GST.
Tom Insurance attracts 18% GST on all general insurance policies. But GST has not been levied on Pradhan Mantri Vaya Vandana Yojana.

Deduction under Section 80C of the Income Tax Act cannot be claimed by citizens investing under this scheme.

Purpose of Pradhan Mantri Vaya Vandan Yojana
The main objective of Pradhan Mantri Vaya Vandana Yojana is to provide pension to senior citizens of India. This pension is paid to them by paying interest on the investment they have made.

Through this scheme the senior citizens of the country become self-reliant and do not need to depend on others in their old age. Financial independence will be created among the senior citizens through this scheme.

Features of Pradhan Mantri Vaya Vandan Yojana

Pradhan Mantri Vaya Vandana Yojana has been launched especially for senior citizens above 60 years of age.

Through this scheme, the beneficiary is guaranteed pension for 10 years.

The scheme is managed by Life Insurance Corporation of India.

Through Pradhan Mantri Vaya Vandana Yojana you can earn interest income at the rate of 7.40% per annum.

This plan can be purchased online and offline.

Earlier this scheme was closed on 31 March 2020 but now the period of this scheme has been extended till March 2023.
Under this scheme, pension can be availed monthly, quarterly, half yearly and annually.
The purchase price along with the final amount of pension will be refunded after completion of 10 years.
A loan of up to 75% of the purchase price can also be availed through this policy.
This loan facility can be availed only after completion of 3 years of policy term.
With this plan, emergency withdrawals of up to 98% of the purchase price can also be made.

If the beneficiary dies before the completion of 10 years, the purchase price is returned to the nominee.

Merits of Pradhan Mantri Vaya Vandana Yojana

  • Applicants must be permanent residents of India.
  • Minimum age of applicant should be 60 years.
  • There is no upper age limit under this scheme.
  • The policy tenure under this scheme is 10 years.

Important Documents of Pradhan Mantri Vaya Vandana Yojana

  • Aadhaar card
  • PAN card
  • Proof of age
  • Amount of income
  • Proof of residence
  • Bank Account Passbook
  • mobile no
  • Passport size photo

How to Apply for Pradhan Mantri Vaya Vandana Yojana 2022?

Interested beneficiaries of the country who want to apply under Pradhan Mantri Vaya Vandana Yojana, then they can apply online and offline, follow the procedure given below and avail the benefits of the scheme.

First applicants should 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 Reeigstration option, you need to click on that option. After this the application form will open before you. After this you need to fill all the information asked in the form like name. , Address, Aadhaar Number etc.
After filling all the information, you need to upload all your documents and then finally click on submit button.
This way your online registration will be completed.

Pradhan Mantri Vaya Vandana Yojana Offline Application Process

First the applicant should contact his nearest LIC branch. After this, the officer of that branch should provide all his documents and provide all his information.

Central or State Information: State

Location : Karnataka India

Published Date : 2021

Information Term : Short in

Purpose of Information : Employee

Information Format : JPJ

Information Size : 672kb

Number of Pages : 02

Scanned Copy : Yes

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Password Protected : No

Image Available : Yes

Download Link Available : Yes

Copy Text : No

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LIC agent will submit your application under this scheme. After verification of application, LIC agent will initiate your policy of this scheme.

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