Pradhanmantri Vay Vandana Yojana

Pradhanmantri Vay Vandana Yojana

The maximum investment limit under Pradhan Mantri Vay Vandana Yojana (PMVVY) has been increased to Rs 15 lakh.  With this the time limit for investment in the scheme has been extended to two years.  The deadline was May 3, 2018, now it has been extended to March 31, 2020.  Earlier, 3.11 lakh senior citizens had benefited under the Senior Pension Insurance Scheme-2014.

How to take a policy ? :

Registration for Pradhan Mantri Vay Vandana Yojana can be done both online and offline.  For online enrollment one has to go to LIC's website and for offline one has to go to any branch of LIC.

How much can be deposited? :

Under this scheme one lump sum amount has to be deposited once.  This amount can be a minimum of Rs 1.50 lakh and a maximum of Rs 15 lakh.  The pensioner will have the right to take the amount of interest or in the form of pension or lumpsum.

Pension mode :

Mode - Minimum Deposit Amount - Maximum Deposit Amount :

•  Annual - 1,44,578 - 14,45,784
•  Half-monthly - 1,47,601 - 14,76,014
•  Quarterly - 1,49,068 - 14,90,684
•  Monthly - 1,50,000 - 15,00,000

8 to 8.30 percent return :

Deposits under PMVVY yield a fixed return of 8 to 8.30% per annum.  The rate of interest will be determined on the order in which the pensioner takes the amount of pension monthly, quarterly, semi-annually or annually.  The pensioner will get eight per cent interest per month, while the annual pensioner will get 8.30 per cent interest.

વ્હાલી દીકરી યોજના વિશે જાણો

Guarantee of return :

In fact the amount of interest is received in the form of a pension.  For example, if Rs 15 lakh is deposited, it will earn Rs 1 lakh 20 thousand per annum at the rate of eight per cent.  This amount of interest is given as pension of 10-10 thousand rupees per month, 30-30 thousand rupees every three months, 60-60 thousand rupees twice a year or 1 lakh 20 thousand rupees once a year.  The only difference is that the government reviews the interest rate on other deposits every three months, while the interest rate on PMVVY is fixed at at least eight per cent.  Keep in mind that if you choose to take a pension on a quarterly, half-yearly or annual basis, you will have to deposit less than Rs 15 lakh accordingly.

Know these things in particular :

• The first installment of pension will be received one year, six months, three months or one month after the deposit.
•  It has the option to take pension on monthly, quarterly, half-yearly or annual basis.
•  Pension is given along with the deposit amount till the pensioner survives till the policy term of 10 years.
•  If the pensioner dies within 10 years of the policy term, the deposit is refunded.
•  If the pensioner commits suicide, the deposit is not refunded.

સરદાર આવાસ યોજના વિશે જાણો

Terms of availing the scheme :

1. Must have completed at least 60 years of age.

 2. There is no maximum age limit after 60 years.

 3. Policy Term - 10 years.

 4 Minimum pension - 1 thousand per month

 - 3000 rupees per month

 - 6000 rupees per month

 - Rs. 12,000 per month

 5. Maximum pension - Rs.  10,000 per month

 - Rs. 30,000 per month

 - Rs. 60,000 per month

 - 1 lakh 20 thousand rupees per month

પ્રધાનમંત્રી વય વંદના યોજના 👉ગુજરાતીમાં વાંચો

No pension of more than Rs 10,000 per family :

According to the website of LIC, the administrator of the scheme, the maximum pension limit applies not to a pensioner but to his family.  This means that no matter how many people from a family take a pension plan under the Pradhan Mantri Vay Vandana Yojana, the total amount of pension received by all of them will not exceed Rs 10,000.  The pensioner's family includes the spouse and their dependents in addition to the pensioner.