Pradhan Mantri Vaya Vandana Yojana Complete Information, PMVVY, What is Vaya Vandana Yojana? Vaya Vandana Yojana Application Requirements.
As we all know that the Indian central and state Government often release many new schemes for the benefit of the people of the country. In this article we are going to provide you the details about the scheme in which the government will provide pension to the Senior Citizens every month.
What is PMVVY?
Under the Pradhan Mantri Vaya Vandana Yojana, all the old people will be provided the monthly Pension every month by the government. The person will be able to take the benefit of this scheme till the date 31st March 2023.
To take the benefit of this scheme, a person needs to meet some criteria that are necessary to get the advantage of this scheme. First is that the age of the beneficiary must be 60 years or above 60 years. There is no maximum age limit to take the benefit of this scheme. The tenue of this policy is only 10 years. A person can invest in this every month, quarter, six months and annually.
The minimum pension that can be taken is 1000 rupees monthly, 3000 rupees quarterly, 6 000 rupees for six months, and 12000 rupees annually. Per month maximum pension that can be earn is 10,000 rupees, 30,000 rupees quarterly, 60,000 rupees half-yearly, and 1,20,000 rupees annually.
About Vaya Vandana Yojana?
The Pradhan Mantri Vaya Vandana Yojana is started for the senior citizens of the country. On the 2017, 4th May this scheme was started by the PM Modi Government. Under his scheme all the senior citizen of the age 60 or above 60 years of age can invest for the 10 years and can take the benefit of interest. A person can invest total 15 lakh rupees and will get a pension of Rs 9250 every month.
When Money is Returned?
This scheme is a pension scheme, under this scheme the husband and wife will be able to get 18500 rupees per month. after the completion of 10 years, you will get the complete money back with interest.
10 years is the maturity period of this scheme. A person will be able to invest in this scheme only for ten years. After the completion of 10 years a person will get the whole invested money back with the interest rate.
Get Rs 18500?
If the husband and wife do investment of 15 lakhs rupees under the PMVVY means total investment of 30 lakhs rupees then they will get the benefit of interest at the rate of 7.40%. and they will earn an annual income of Rs 222000 from interest. And if you talk about the monthly interest then it is 18500 rupees every month. This money will be provided into the person bank account as a pension.
What is the Interest if only one Person Invest?
One person can invest maximum amount of Rs 15 lakh under this scheme. And they will get the annual interest of Rs 111000 which is Rs 9250 monthly.
PMVVY Eligibility Criteria
- Minimum Entry Age: – 60 Years (completed).
- Maximum entry age: – No Limit.
- Policy term: – 10 years
- Maximum pension: – per month:- Rs. 9250, Quarterly: – Rs 27750, Per half Year: – Rs 55500, Per year: – Rs 111000.
- Minimum Pension: – Per month: – Rs. 1000, Per Quarter: – 3000, Per half Year: – Rs 6000, Per year: – Rs 12000.
Vaya Vandana Yojana Required Documents
- Aadhaar card,
- Income certificate,
- Pan card,
- Bank passbook,
- Photo of the applicant,
- Birth certificate,
- Retirement document,
- And other important documents.
A person can take this plan from LIC. Through both online and offline. The chief motive of this scheme is to provide regular pension to the senior citizens during the fall in interest rates.
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