Pradhan Mantri Vaya Vandana Yojana 2024: Apply Online, Eligibility

Pradhan Mantri Vaya Vandana Yojana Apply Online & Registration Form | Pradhan Mantri Vaya Vandana Yojana Check Beneficiary Category & Key Guidelines & Selection Procedure | Pradhan Mantri Vaya Vandana Yojana Check Benefits & Features | Pradhan Mantri Vaya Vandana Yojana Check Minimum & Maximum Pension Amount | Pradhan Mantri Vaya Vandana Yojana Check Eligibility & All Details |

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme introduced by the Government of India to offer financial security and stability to elderly individuals. Managed by the Life Insurance Corporation of India (LIC), this scheme grants or assists senior citizens with competitive interest rates and assured returns on their investments.

This article will provide you with all types of information about the Pradhan Mantri Vaya Vandana Yojana 2024 like purpose, Eligibility Criteria, Benefits, Features, important documents, etc. Apart from this, we will share the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.

Pradhan Mantri Vaya Vandana Yojana  

Senior citizens aged 60 years and above can avail of the benefits of the Pradhan Mantri Vaya Vandana Yojana by investing a lump sum amount to receive regular pension payments. This scheme offers a fixed pension for 10 years, providing a stable source of income for the recipients. It is a trustworthy and secure investment opportunity tailor-made for senior citizens.

The Pradhan Mantri Vaya Vandana Yojana is a pension scheme that is non-linked and non-participating, ensuring that the pension amount remains unaffected by external factors such as stock market performance. Familiarizing oneself with the key terms of this scheme is crucial before proceeding with the online application. Stay tuned for the latest updates on the deadline for online applications.

Highlights of Pradhan Mantri Vaya Vandana Yojana 

The highlights of this scheme are as follows:-

Objectives of Pradhan Mantri Vaya Vandana Yojana  

The primary objective of the Pradhan Mantri Vaya Vandana Yojana is to provide financial independence and social security to senior citizens. The scheme aims to ensure that elderly individuals have a regular income stream to meet their daily expenses and lead a dignified life. Understanding the important terms & conditions will help senior citizens make informed decisions and fully utilize the benefits offered by the Pradhan Mantri Vaya Vandana Yojana.

Additionally, the Pradhan Mantri Vaya Vandana Yojana also aims to promote a culture of savings among senior citizens by offering attractive interest rates on their investments. By encouraging savings, the scheme aims to empower senior citizens and enable them to meet any unforeseen medical or personal expenses that may arise in the future. The applicants will need to go through the important terms and conditions for this scheme.

List of Top 10 Schemes To Provide Nourishment To Lactating And Pregnant Women

The list of schemes is as follows:-

• Pradhan Mantri Matru Vandana Yojana
• Pradhan Mantri Surakshit Matritva Abhiyan
• Pradhan Mantri Swasthya Suraksha Yojana
• Pradhan Mantri Jan Arogya Yojana
• Pradhan Mantri POSHAN Abhiyaan
• Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana
• Pradhan Mantri Vaya Vandana Yojana
• Pradhan Mantri Shram Yogi Maandhan Yojana
• Pradhan Mantri Kisan Samman Nidhi Yojana
• Pradhan Mantri Sansad Adarsh Gram Yojana

Pradhan Mantri Vaya Vandana Yojana Last Date

The applicants will be able to get an online registration after applying online for this scheme. For this, they will also need to get to know the last date by which they can get registration. The last date for online form submission has not yet been released by the selection body.  Whenever it is released, we will update you through this article till then you can wait for a moment.

Beneficiary Category

This scheme is open to all senior citizens aged 60 years and above. There is no maximum age limit for participation in the scheme, making it accessible to all elderly individuals who wish to secure their financial future. So this will act as a selection parameter that will make sure that the applicants will be able to get an online registration.

Key Guidelines

Here are some key guidelines to consider for this scheme:-

• The scheme offers a guaranteed pension for a period of 10 years.
• The minimum investment amount is ₹1,56,658, which will yield a monthly pension of ₹1,000.
• The maximum investment amount is ₹15,00,000, which will yield a monthly pension of ₹10,000.
• Pension payments can be received on a monthly, quarterly, half-yearly, or yearly basis, as per the preference of the investor.
• The scheme allows premature exit under exceptional circumstances, such as critical illness of the investor or the spouse.
• On the death of the investor, the purchase price will be refunded to the nominee or legal heir.
• The scheme is exempt from Goods and Services Tax (GST).
• Senior citizens can avail of a loan against the policy after the completion of three policy years.
• The scheme offers a 30-day free look period for individuals to review the terms and conditions before finalizing their investment.
• Income tax benefits may be available under the prevailing tax laws.

Pradhan Mantri Vaya Vandana Yojana Selection Procedure

The selection procedure for this scheme is simple and hassle-free. Interested individuals can visit their nearest LIC branch or approach authorized agents to obtain the necessary application form. Once the application form is filled and submitted along with the required documents, LIC will verify the details and process the application. Upon successful verification, the applicant will receive a policy document containing all the relevant details of the scheme.

Implementation Procedure

The implementation procedure for this scheme is as follows:-

• Senior citizens need to fill out the application form with accurate personal and financial details.
• They must submit the form along with the necessary documents, such as age proof and address proof.
• After verification, LIC will issue a policy document to the applicant.
• The applicant needs to make a lump sum investment in the scheme, which will determine the pension amount.
• The pension will be credited to the beneficiary’s bank account on a monthly, quarterly, half-yearly, or yearly basis, as chosen by the individual.

Supervision Body

This scheme is supervised and administered by the Life Insurance Corporation of India (LIC), which is a trusted and renowned institution in the insurance sector. LIC ensures the smooth functioning of the scheme and handles all the necessary processes, including enrollment, verification, and disbursement of pension payments. So this will be the selection body that will put effective implementation of this scheme.

Minimum Pension Amount

The minimum pension amount under this scheme is Rs. 1,000 per month or Rs. 12,000 per annum. This means that senior citizens who opt for this scheme are guaranteed a minimum pension of Rs. 1,000 per month for the duration of the policy term. So this is the minimum pension amount that will need to be submitted by the pensioners.

Maximum Pension Amount

The maximum pension amount under the PMVVY is Rs. 10,000 per month or Rs. 1,20,000 per annum. This means that senior citizens can receive a maximum pension of Rs. 10,000 per month for the duration of the policy term. The pension amount is paid out on a monthly, quarterly, half-yearly, or annual basis, as chosen by the policyholder. So this is the maximum pension amount that will need to be submitted by the pensioners.

Policy Term

The policy term for this scheme is 10 years. During this period, the pension amount will be paid out to the policyholder as per the chosen frequency. At the end of the policy term, the purchase price along with the final installment of the pension will be refunded to the nominee or legal heirs of the policyholder. So this will be the total term or tenure of this scheme.

Investment Limit

The investment limit for the PMVVY is Rs. 15 lakhs per senior citizen. This means that an individual can invest a maximum of Rs. 15 lakhs in this scheme. The pension amount is directly proportional to the investment made, so a higher investment will result in a higher pension amount. However, it is important to note that the maximum pension amount is capped at Rs. 10,000 per month, regardless of the investment made.

Benefits of Pradhan Mantri Vaya Vandana Yojana  

The benefits of this scheme are as follows:-

• Regular income: PMVVY provides a stable and guaranteed pension to individuals for a specified period.
• High interest rates: The scheme offers attractive interest rates, ensuring a higher return on investment.
• Financial security: It provides financial stability to senior citizens, enabling them to meet their daily expenses and medical needs.
• Tax benefits: The pension received under PMVVY is eligible for tax benefits under section 80C of the Income Tax Act.
• Flexible payout options: Pensioners can choose to receive their pension monthly, quarterly, half-yearly, or annually, as per their preference.
• Loan facility: After three policy years, policyholders can avail of loans up to 75% of the purchase price to meet any unforeseen expenses.
• Survival benefit: In case the policyholder survives the policy term, the purchase price along with the final installment of the pension is paid.
• Death benefit: In the event of the policyholder’s demise during the policy term, the purchase price is refunded to the nominee.
• Easy application process: The scheme can be easily accessed through various authorized insurance companies or agents.
• No medical examination: PMVVY does not require any medical examination for enrollment, making it hassle-free for senior citizens.

Features of Pradhan Mantri Vaya Vandana Yojana 

The features of this scheme are as follows:-

• Age eligibility: The scheme is available for individuals aged 60 years and above.
• Policy term: The policy term is ten years.
• Investment limit: The maximum investment limit under PMVVY is ₹15 lakhs per individual.
• Interest rate: The scheme offers an attractive interest rate of %, payable monthly.
• Pension amount: The pension amount is determined based on the purchase price and the chosen payout frequency.
• Policy revival: In case the policy lapses, it can be revived within two years from the date of the first unpaid premium.
• Portability: Policyholders have the option to transfer their policy from one insurer to another without any charges.
• Non-linked plan: PMVVY is a non-linked, non-participating pension plan.
• Government guarantee: The scheme is backed by the Government of India, providing security to policyholders.
• Interest payment: The interest earned under PMVVY is payable on a monthly basis.

Pradhan Mantri Vaya Vandana Yojana Eligibility Criteria 

The applicants will need to follow the below-mentioned points to apply online for this scheme:- 

• The applicant must be an Indian citizen.
• The minimum age for entry is 60 years.
• There is no maximum age limit.
• The scheme is available for purchase both offline and online.
• Applicants need to provide the necessary documents as proof of age and identity.

Important Documents 

Some of the important documents required to apply online for this scheme are as follows:- 

• The applicant must be an Indian citizen.
• The minimum age for entry is 60 years.
• There is no maximum age limit.
• The scheme is available for purchase both offline and online.
• Applicants need to provide the necessary documents as proof of age and identity.

Pradhan Mantri Vaya Vandana Yojana Apply Online

As this scheme has been recently launched no such information has been released with the help of various social networking sites regarding the application procedure to apply online for the Pradhan Mantri Vaya Vandana Yojana. Whenever the application procedure is launched, we will update you through this article otherwise, the applicant can visit the Official Website.

Contact Information

In case of queries and questions come to your mind regarding the Pradhan Mantri Vaya Vandana Yojana, then you may contact this office address:-

• Office Address:- 
  • Yogakshema Building, 
  • Jeevan Bima Marg, 
  • P.O. Box No – 19953, 
  • Mumbai – 400 021