Pradhan Mantri Vaya Vandana Yojana 2021? PMVVY Yojana- Complete Details

Pradhan Mantri Vaya Vandana Yojana 2021:-The Prime Minister Vay Vandana Yojana was launched on 4 May 2017 by the Government of India for senior citizens of the country. This is a pension scheme. Under this scheme, senior citizens of 60 years or more opt for monthly pension, they will get 8% interest for 10 years. If they choose the annual pension option, they will get 8.3% interest for 10 years. | Senior citizens will get a good interest on their investment under Pradhan Mantri Vay Vandana Yojana.

Pradhan Mantri Vaya Vandana Yojana 2021

This scheme is a social security scheme and pension plan. This scheme is by the Government of India but is being run by LIC. The maximum limit to invest under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs. Also, the deadline for investing in this Pradhan Mantri Vaya Vandana Yojana 2021 was earlier 3 May 2018, which was increased to 31 March 2020.

Has been given Dear friends, today we are going to provide you all information about Pradhan Mantri Vaya Vandana Yojana 2021 like the application process, documents, eligibility, guidelines, etc. through this article.

Pradhan Mantri Vaya Vandana Yojana 2021 December Update

There are many insurance plans offered by the Life Insurance Corporation of India. One of these is the Prime Minister Vay Vandana Yojana. The pension amount is provided to the beneficiaries under this scheme. Under this scheme, the government has revised the rate of pension and extended the period of sale of the scheme for three years from the financial year 2020-21 to 31 March 2023.

The insurance rates sold during each year under the Pradhan Mantri Vay Vandana Yojana, as per the terms and conditions, the guaranteed rates of pension will be reviewed and it will be decided by the Finance Ministry at the beginning of each year how much the guaranteed rate for that year Will be. Pension will be provided at the rate of 7.40% per annum by 31 March 2021.

Key Highlights of Pradhan Mantri Vaya Vandana Yojana 2021

  • What is the article about Pradhan Mantri Vay Vandana Yojana?
  • Who launched Life Insurance Corporation of India?
  • Beneficiary citizens of India
  • Objective To provide all important information about Pradhan Mantri Vaya Vandana Yojana
  • Official website:- click here
  • The year 2021

Prime Minister Vay Vandana Yojana Free Look Period

If a policyholder is not satisfied with the terms and conditions of the Pradhan Mantri Vaya Vandana Yojana, he can return the policy within 15 days of taking the policy. If the policy is purchased offline, it can be returned within 15 days and if the policy is purchased online, it can be returned within 30 days.

It is also mandatory to provide the reason for returning the policy while returning the policy. If the policyholder returns the policy, he will be refunded the purchase price after deducting the stamp duty and the accumulated pension amount.

Vayana Vandana Yojana Minimum and Maximum Purchase Price

Here are some of the minimum and the maximum purchase price of various modes of pension under the Pradhan Mantri Vay Vandana Yojana.

Mode of Pension Minimum Purchase Price Maximum Purchase Price

  • Annual Rs 1,44,578 Rs 7,22,892
  • Half Yearly Rs 1,47,601 Rs 7,38,007
  • Quarterly Rs 1,49,068 Rs 7,45,342
  • Monthly Rs 1,50,000 Rs 7,50,000

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Pradhan Mantri Vay Vandana Yojana New update

The Union Cabinet on Wednesday extended the last period of investment under this scheme from 31 March 2020 to 31 March 2023. The PMVVY scheme implemented through Life Insurance Corporation (LIC) is aimed at senior citizens (60 years and above). Has to pay a fixed minimum pension based on assured return on purchase price/subscription amount. Under this scheme, senior citizens will have to invest Rs 1,56,658 for a minimum pension of Rs 12,000 per year and Rs 1,62,162 for getting a minimum pension amount of Rs 1000 per month.

The objective of Prime Minister Vay Vandana Yojana

The main objective of Pradhan Mantri Vaya Vandana Yojana is to provide pensions to senior citizens of India. This pension will be provided to them by paying interest on the investment made by them. Through this scheme, senior citizens of the country will become self-sufficient and they will not have to depend on others in old age. Financial independence will arise among senior citizens through this scheme.

Pradhan Mantri Vaya Vandana Yojana 2021

Under Prime Minister Vay Vandana Yojana, senior citizens can invest up to a maximum of Rs 15 lakh. Under this scheme, now the maximum investment limit has been changed from per family to citizen per annum. That means husband and wife are both senior citizens in a family, then they can both invest Rs 15 – 15 lakh separately and invest. You can also avail the bonus. Under the PMVVY Scheme 2021, the pensioner has the right to take the interest amount as a pension.

Pradhan Mantri Vaya Vandana Yojana 2021

Under the Pradhan Mantri Vay Vandana Yojana scheme, pension ranging from 1000 to 10,000 rupees is also available. Under this PM Vaya Vandana Scheme 2021, the pension is guaranteed with a fixed annual return of 8% for 10 years. Increasing the investment limit would have given Senior Citizens a guarantee of getting a minimum of Rs.10,000 per month while a minimum pension of Rs.1000 per month.

Actually, the interest amount is received only in the form of a pension. It means if you have deposited Rs. 15 lakh, then at the rate of 8%, it will get 1 lakh 20 thousand rupees of interest for this year, this amount of interest is paid monthly. 10 – 10 thousand rupees will be given by making 30000 -30000 rupees every quarter and twice a year by 60000 -60000 rupees or once a year by rupees 120000 rupees.

Pradhan Mantri Vaya Vandana Yojana 2021 Application Form

The first installment of pension will be received after 1 year, 6 months, 3 months, 1 month after depositing the amount, depending on which option you choose, if the interested beneficiaries of the country want to apply under this PMVVY Yojana 2021

They can do both online and offline and can buy the policy. Online application, you can purchase the policy by registering online by visiting the official website of LIC and can apply offline by visiting the branch of LIC. And you can avail the PM Vay Vandana Scheme 2021.

PM Vaya Vandana Yojana New Update

This policy plan is for 10 years. Under this scheme, assured payment will be made at the rate of 7.40 percent per annum for the policy sold by 31 March 2021. Under the PM Vaya Vandana Yojana, the pensioner can choose monthly, quarterly, half-yearly, or yearly pension at the time of purchase. Under this scheme, you can get a maximum pension of about 9,250 rupees every month.

You can get a pension of Rs 27,750 every quarter, Rs 55,500 every half year, and Rs 1,11,000 every year. Along with extending the duration of this scheme, the government has made major amendments to it. The amount of minimum investment up to Rs 1 lakh 62 thousand 162 has been amended in the amount provided for a minimum pension (annual) of one thousand rupees every month under Vyay Vandana Yojana.

PM Vaya Vandana Yojana 2021

If a senior citizen abandons the scheme in the middle or exits, then there is also an option to withdraw his money before maturity in the scheme. If the pensioner has a serious illness, then the pensioner is required to get the money for treatment. 98% of the amount deposited from the side will be returned. Under this PM Vay Vandana Yojana 2021, after 3 years of depositing the amount, you can also take a loan, you can take a loan up to 75% of the amount you deposit. Interest on the loan amount is fixed every quarter. You will have to pay interest every 6 months till you pay back the amount. The interest amount will be deducted from the pension given.

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Prime Minister Vay Vandana Yojana interest rates

Pension option fixed interest rate

  • 7.40% monthly
  • Quarter 7.45%
  • Half-yearly 7.52%
  • 7.60% annually

Vayana Vandana Yojana Payment

You can pay the Pradhan Mantri Vaya Vandana Yojana monthly, quarterly, half-yearly or annually. You have to make this payment either through NEFT or through Aadhaar Enabled Payment System.

  • Pension options
  • Monthly
  • Quarter
  • Half yearly
  • There is an option to take it on an annual basis, you can choose any option as per your wish.
  • The pension will be paid by NEFT or through the Aadhaar enabled payment system.

Maturity benefits of Pradhan Mantri Vaya Vandana Yojana 2021

Pension will be given along with the deposited amount if the pensioner is alive till the policy term of 10 years.
If the pensioner dies, the deposit amount will be returned to the nominee on death of the pensioner within 10 years of the policy term.
If the pensioner commits suicide, the deposited amount will be refunded.

Prime Minister Vay Vandana Yojana Surrender Value

If a person is not able to pay under the Pradhan Mantri Vaya Vandana Yojana. Or money is needed for some reason and he wants to leave this plan. In this case 98% of the amount paid will be returned. Also if you are not satisfied with the terms and conditions of this policy. In this case, if you have purchased the policy offline within 15 days and if you have purchased the policy online within 30 days, you can return it. The full amount paid by you will be provided to you upon return.

PM Vay Vandana Yojana loan facility

You can also get a loan under Pradhan Mantri Vay Vandana Yojana. These loans can be obtained after 3 years of completion of the policy. Under this plan you can be provided up to 75% of the amount paid. The interest rate on this loan will be charged at 10%.

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Some important things of Pradhan Mantri Vaya Vandana Yojana 2021

  • Through the Pradhan Mantri Vaya Vandana Yojana, senior citizens of the country are provided pension after the age of 60 years. The beneficiary has to pay the premium amount to get this pension.
  • The policy term under this scheme is 10 years.
  • The premium amount will be paid on the basis of mode of pension under Pradhan Mantri Vay Vandana Yojana.
  • The pensioner can make monthly, quarterly, half-yearly and annual payments under this scheme.
  • If the beneficiary dies, the purchase price of the pension is paid to the legal heir.
  • Pradhan Mantri Vaya Vandana Yojana can be purchased without any medical examination and permission to exit prematurely under this scheme is granted under certain special circumstances.
  • If the beneficiary exits the scheme before time, then he is provided 9% of the purchase price.
  • The beneficiary can also get a loan after 3 years of purchasing this plan.
  • 75% of the loan purchase price can be obtained under Pradhan Mantri Vay Vandana Yojana.

Key facts of Pradhan Mantri Vaya Vandana Yojana 2021

  • Under PMVVY Scheme 2021, the age of a senior citizen should be at least 60 years or more. At present, the maximum age limit is not deterministic.
  • The term of the policy will be 10 years. The minimum pension that will be Rs 1000 is Rs 3000, Rs 6000 / half yearly, Rs 12000 / year. Maximum Rs. 30,000 / quarter, Rs. 60, 000 / half yearly, and Rs. 1,200 / – per annum.
  • Under the Prime Minister Vay Vandana Yojana 2021, senior citizens can invest a maximum of Rs 15 lakhs.
    The policy term of this scheme is 10 years.
  • PMVVY scheme provides old age income security to senior citizens of the country.
  • Under this scheme you will not have to give GST.

Eligibility of Pradhan Mantri Vay Vandana Yojana

  • Applicant must be permanent resident of India.
  • The minimum age of the applicant should be 60 years.
  • There is no limit under this scheme of maximum age.
  • The term of the policy under this scheme is 10 years.

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Important documents of Pradhan Mantri 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 Pradhan Mantri Vaya Vandana Yojana 2021?

  • Interested beneficiaries of the country, who want to apply under Pradhan Mantri Vaya Vandana Yojana, can apply online and offline, follow our below given method and avail the scheme.
  • First of all, the applicant has to visit 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 registration option, you will have to click on that option. After this the application form will open in front of you. After that you will have to fill all the information asked in the form like name address, Aadhaar number etc.
  • After filling all the information, you will have to upload all your documents and then finally click on the submit button.
  • In this way your online registration will be completed.

Offline application process

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

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