Vaya Vandana Yojana beneficiaries: Pradhanmantri Vaya Vandana Yojana is announced by government of India. Vaya Vandana Yojana is for all those citizens whose is 60 years and above. Firstly this scheme announced by government in the year of 2017 and the target to complete this yojana is 31st March 2023. Now Government of India has extended the scheme till March 31st 2023. This is a good news to all the senior citizens those want to get the benefit of this scheme.
According to the KF detwalia through their tweet account Principal Director General of the Press Information Bureau cabinet approves extension of Pradhan Mantri Vaya Vandana Yojana up to 31st March 2023 for further period of 3 year beyond 31st March 2020. Pradhan Mantri Vaya Vandana Yojana is for senior citizens. This scheme is implemented through Life Insurance Corporation of India.Pm Vivah is a pension scheme for all those people whose age is above 60 years. Pmvvy scheme provide initially an assured rate of returns of 7.40% per annum of the Year.
Vaya Vandana Yojana Beneficiaries
Vaya Vandana Yojana Beneficiaries List
Annual reset of insured rate of interest with effect from April 1st of financial year in line with revised rate of return of senior citizen Saving Scheme up to selling of 7.75%. Pension is payable at the end of each period during the policy terms of 10 years, as per the frequency of monthly quarterly half yearly as June 2005 the Prisoner at the times of purchase.
- Minimum age of entry is 60 year that is compulsory.
- Maximum age of entry is no limit.
- This policy is for 10 years.
- Investment limit is rupees 1500000 per person
- Minimum pension rupees is 1000 per month for quarterly rupees 3000, for half yearly Rupees 6000 and rupees 12000 per year.
- Maximum pension rupees 12000 per month that is for quarterly 30,000 half yearly 60000 and for 1 yearly 1,20,000.
- PMVVY scheme provide any short returns of a person simple monthly and extracted from service GST.
- This is scheme offer loan upto 75% of the purchase price after 3 policy year.
- This scheme is for premature exit for the treatment of any critical terminal illness of self of spouse.
- If any case scheme holder will die in 10 year period then the amount beneficiary is the nominee.
- The benefits of the schemes are overall applicable to the pensioner his/her spouse and dependence.
pm vaya vandana yojana pension scheme
Pradhanmantri Vaya Vandana Yojana aim to provide social security for senior citizens. This Yojana under the departments of financial services Government of India. The income Security Scheme for senior citizen is implemented Through The Life Insurance Corporation. Beneficiary candidates purchase this scheme through online and also offline mode. But in this covid-19 lock down period online mode is beneficial. This is scheme provide Three Types of benefits to the common such as Pension Payment, death benefit and maturity benefit.
- The age of the beneficiary should be 60 years or above if they want to get the benefit of the schemes.
- The policy terms should be of 10 years.
- Investment limit should be rupees 15 lakh per senior citizens.
- The minimum pension should be rupees 1000 per month and should not be more than rupees 10000 per month.
lic pmvvy last date extended
Vaya Vandana Yojana Beneficiaries is a social security scheme for 60 years people and above. Now government of india has extended this schemes for 3 years. LIC initiate an assured rate of returns of 7.40% per annum for the year of 2020 and 21. PM Modi has extended the time of PMVVY scheme in India. Union Cabinet has approved extension of this Yojana up to 31st March 2023. Government allow 3 year of extension for this scheme.
According to the Director General Press Information Bureau the extension of the scheme will enable old is income security and welfare of senior citizens. This scheme will help for the senior citizens as the entry is of the scheme as 60 years.
Vaya Vandana Yojana Beneficiaries
Capping management expenses at 0.5% per annum sofa funds of the scheme for first year of the scheme in respect of new policies issues and their after 0.3 p.a. for 2nd years and onward for next few years. Delegating the authority finance minister approve annual reset rate of return at the beginning of every financial year. This scheme is also card a social security scheme. This scheme in based on the assured return on the purchase price. This is game has revised the minimum investment to rupees 1,56,658 for pension of rupees 12000 per annum and 1,62,162 for getting a minimum pension amount of rupees 1000 per month under the scheme.
Steps to apply for PMVVY scheme
- If you want to apply for buy this scheme then you need to visit Life Insurance Corporation of India website.
- You just log on to the official website.
- In the official website you have to see the link Pradhan Mantri Vaya Vandana Yojana applies online click on that.
- After clicking on the given page you have to see a new page will open in front of you.
- You need to fill all the details given in the application form and at last click on the submit button.
If candidate apply through online mode then the free look period is 30 days. The expenses on managing the schemes are kept at a 0.5% of assets under management per annum for the first year of the scheme, 2nd year 0.3% per annum and onwards for the next 9 years. According to the sources Expected financial liability range from an estimated expenditure of rupees 829 crore in the financial year 2023-24 to Rupees 264 crore in last financial year 2032-33. One can invest a maximum amount of 15 lakh Under Pradhan Mantri Vaya Vandana Yojana scheme. This is a 10 year policy for senior citizens.
PMVVY Final List: Download here
Vaya Vandana Yojana Beneficiaries: Annual reset of insured rate of interest with effect from 1st April of financial year in a line with revised date of returns of senior citizens saving up to ceiling of 7.75% with fresh appraisal of the scheme on branch of this threshold at any points. Government has kept management expenses at 0.5% per annum fund of the schemes first year of the scheme in respect of new policies issued and thereafter house 0.3% per annum for 2nd year onward for the next 9 years.
- Offline mode is also available for this scheme.
- If you want to apply through offline mode then you need to visit the nearest LIC branch.
- A policyholder has an option to return the policy within 15 days of purchase if they apply through offline mode period is 30 days.
Senior citizens will have an option to operate in four ways that is monthly quarterly half yearly and yearly. The first installment of pension is paid after 1 year 6 month. These old depends upon the mode of Pension Payment. The Pension Payment through NEFT or Aadhaar enabled payment system. In this special system any individual can apply for loan after completion of 3 years. The loan granted for the beneficiary is 75% of purchase price. Pradhanmantri Vaya Vandana Yojana scheme does not provide tax deduction benefit under section 80c of the Income Tax Act. The scheme is exempted from goods and service tax.
All candidates those who want to apply for the schemes if you have any contradictions in your mind then ask in below comment.