PM Pension Yojana: Pradhan Mantri Vaya Vandana Yojana was started to make elderly people financially self-reliant at the crucial stage of their life.
PM Vaya Vandana Yojana: There is good news for senior citizens. Senior citizens above 60 years of age can get pension up to Rs 1,11,000 annually under PM Vaya Vandana Yojana. The duration of the scheme was till March 31, 2020, but has been extended till March, 2023. Pradhan Mantri Vaya Vandana Yojana was started to make elderly people financially self-reliant at the crucial stage of their life.
The minimum age to join the scheme is 60 years. That is, senior citizens of 60 years or more can invest in it. There is no maximum age limit. A person can invest a maximum of Rs 15 lakh in this scheme. The responsibility of operation of the scheme has been entrusted to Life Insurance Corporation (LIC). A lump sum amount has to be invested for pension in this scheme. Beneficiaries can opt for monthly, quarterly, half-yearly or annual pension.
Annual pension of Rs 1.1 lakh will be available
Under this scheme, an investment of Rs 1.62 will have to be made for a pension of Rs 1000 per month. Under this scheme, the maximum monthly pension is Rs 9,250, quarterly Rs 27,750, half yearly pension of Rs 55,500 and annual pension of Rs 1,11,000.
How to invest
You can dial 022-67819281 or 022-67819290 for more details of PMVVY scheme. You can also dial toll-free number – 1800-227-717.
The PM Vaya Vandana Yojana scheme has been exempted from Service Tax and GST. Premature withdrawal is allowed for any serious or incurable disease or treatment of spouse.
For investment in Pradhan Mantri Vaya Vandana Yojana, you will have to submit a copy of the PAN card, a copy of the address proof, and a copy of the first page of the bank passbook along with the form.
Loan facility is available on PMVVY after 3 years of policy. The maximum loan amount cannot exceed 75% of the purchase price. The scheme does not provide tax benefits like other pension schemes of the government.
