The Union Cabinet on Wednesday extended the final period of funding under the scheme from 31 March to 31 March 2023. The PMVVY scheme applied through Life Insurance Company (LIC) is aimed at senior citizens (60 years and above). Has to pay a fixed minimum pension based on assured return on buy price/subscription amount.
| Scheme Name | Pradhan Mantri Vay Vandana Yojana |
| Launched by | Life Insurance Corporation of India |
| Beneficiary | Citizens of india |
| An objective | Providing all important information about PMVVY |
| Official Website | click here |
| Year | 2020 |
How to apply for PM Vaya Vandana Yojana ?
Documents of Prime Minister Vay Vandana Scheme (Eligibility)
Prime Minister Vaya Vandana Scheme
Under the Pradhan Mantri Vay Vandana Yojana scheme, pension ranging from 1000 to 10,000 rupees can also be available.
The truth is, only the amount of curiosity is acquired within the form of a pension.
if you deposited Rs. 15 lakhs, then at the rate of 8%, it will get 1 lakh 20 thousand rupees of interest for this year. 10 – 10 thousand rupees will likely be given by making 30000 -30000 rupees every quarter and twice a yr by 60000 -60000 rupees or annually by rupees 120000 rupees.
Key facts of PMVVY Scheme
• Senior residents ought to be a minimum of 60 years or older under the PMVVY Scheme. Presently, the maximum age limit is not deterministic.
• Under the Prime Minister Vay Vandana Yojana, senior residents can invest a maximum of Rs. 15 lakhs.
• It’s a 10 years policy term scheme
• PMVVY scheme provides outdated age revenue security to senior residents of the country.
• The term of the coverage will be 10 years. The minimum pension will be Rs. 1000 per thirty days, Rs. 3000, 6000 / half-yearly, Rs. 12000 / yr. Maximum Rs. 30,000 / quarter, Rs. 60, 000 / half yr, and 1 , 20000 rupees per yr.
The offline application course of
The first applicant needs to visit the nearest LIC branch. After that, he will have to go to the branch and provides all his documents to the officer and give all his information.
LIC agents will apply beneath this scheme. After the verification of the application, the LIC agent will begin your policy of this scheme.