What is Pradhan Mantri Vaya Vandana Yojana 2022 ? PMVVY Scheme – Complete Details

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PM Vaya Vandana Yojana Application | PMVVY Scheme Online Apply | Vaya Vandana Yojana Application Form | PMVVY Scheme In Hindi

Pradhan Mantri Vaya Vandana Yojana has been launched by the Government of India on 4 May 2017 for the senior citizens of the country. This is a pension scheme. Under this scheme, senior citizens of 60 years and above who opt for monthly pension will get 8% interest for 10 years. If they choose annual pension option, they will get 8.3% interest for 10 years. | Under the Pradhan Mantri Vaya Vandana Yojana , senior citizens will get good interest on their investments.

PMVVY Scheme 2022 | Pradhan Mantri Vay Vandana Yojana

This scheme is a Social Security Scheme and Pension Plan, this scheme belongs to the Government of India but is being run by LIC. The maximum limit to invest under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs, along with this , the deadline to invest in this  PMVVY Scheme 2022 was earlier 3 May 2018 which was increased to 31 March 2020. has been given Dear friends, today through this article we   are going to provide you all the information about Pradhan Mantri Vaya Vandana Yojana 2022 like application process, documents, eligibility, guidelines etc.

Pradhan Mantri Vaya Vandana Yojana 2022 Application Form

 The first installment of pension will be received after 1 year, 6 months, 3 months, 1 month, it depends on which option you choose, the interested beneficiaries of the country who want to apply under this  PMVVY Scheme 2022 . He can do it both online and offline and can buy the policy . Online Application You can buy the policy by registering online by visiting the official website of LIC and can apply offline by visiting the branch of LIC and can take advantage of PM Vaya Vandana Yojana 2022 .

Pradhan Mantri Vaya Vandana Yojana Purchase Price and Pension Amount

turn of pensionminimum purchase pricepension amountmaximum purchase pricepension amount
annual1566581200 per annum1449086111000 per annum
half yearly1595746000 half yearly147606455500 per half yearly
quarterly1610743000 per quarter148993327750 per quarter
monthly1621621000 per month15000009250 per month

Key Highlights of Pradhanmantri Vaya Vandana Yojana

what is the article aboutPradhan Mantri Vay Vandana Yojana
Who launched?Life Insurance Corporation of India
beneficiaryCitizens of India
ObjectiveProviding all important information about Pradhan Mantri Vaya Vandana Yojana
Official websiteclick here
Year2022

Pradhan Mantri Vay Vandana Yojana tax benefits

  • Pradhan Mantri Vaya Vandana Yojana is not a tax saving scheme.
  • This scheme is an investment plan.
  • All citizens above 60 years of age can invest up to Rs 1500000 before 31 March 2023.
  • Citizens will be provided a pension of ₹ 1000 to ₹ 9250 per month depending on the investment.
  • Returns received through this scheme are taxed as per the prevailing tax laws and the rate of tax as applicable from time to time.
  • Apart from this, this scheme has been given exemption from GST.
  • Tom Insurance attracts 18% GST among all general insurance policies. But GST is not levied on Pradhan Mantri Vaya Vandana Yojana.
  • The deduction under section 80C of the Income Tax Act cannot be claimed by a citizen investing under this scheme.

Vay Vandana Yojana Free Look Period

If a policy holder is not satisfied with the terms and conditions of Pradhan Mantri Vaya Vandana Yojana , he can return the policy within 15 days of taking the policy. If the policy is purchased offline then it can be returned within 15 days and if the policy is purchased online it can be returned within 30 days. It is also mandatory to provide the reason for returning the policy while returning the policy. If the policy holder returns the policy, he will be refunded the purchase price after deducting the amount of stamp duty and pension deposited.

Pradhan Mantri Vaya Vandana Yojana Minimum and Maximum Pension Amount

mode of pensionminimum pensionmaximum pension
annualRs 12,000Rs 1,11,000
half yearlyRs 6,000Rs 55,500
quarterlyRs 3,000Rs 27,750
monthlyRs 1,000Rs 9,250

Pradhanmantri Vaya Vandana December Update

There are many insurance plans provided by Life Insurance Corporation of India. One of these is the Pradhan Mantri Vaya Vandana Yojana. Under this scheme, the amount of pension is provided to the beneficiaries. Under this scheme, the government has modified the rate of pension and extended the period of sale of this scheme for three years, which is from the financial year 2020-21 to 31 March 2023. The insurance scheme sold during each year under the Pradhan Mantri Vaya Vandana Yojana will be reviewed and the guaranteed rates of pension will be reviewed at the beginning of each year by the Ministry of Finance as per the terms and conditions. Will be Pension will be provided at the rate of 7.40% per annum till 31st March 2021.

Vay Vandana Yojana Minimum and maximum purchase price

The minimum and maximum purchase price for various modes of pension under the Pradhan Mantri Vaya Vandana Yojana are as follows.

mode of pensionminimum purchase pricemaximum purchase price
annualRs 1,44,578Rs 7,22,892
half yearlyRs 1,47,601Rs 7,38,007
quarterlyRs 1,49,068Rs 7,45,342
monthlyRs 1,50,000Rs 7,50,000

Pradhan Mantri Vay Vandana Yojana New Update

The Union Cabinet on Wednesday extended the last period of investment under this scheme from 31 March 2020 to 31 March 2023. The purpose of the PMVVY scheme implemented through Life Insurance Corporation (LIC) is for senior citizens (60 years and above). is to be paid an assured minimum pension on the basis of assured return on purchase price / subscription amount. Under this scheme, senior citizens will have to invest Rs 1,56,658 for a minimum pension of Rs 12,000 per annum and Rs 1,62,162 to get a minimum pension amount of Rs 1000 per month.https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1263031216623595520&lang=en&origin=https%3A%2F%2Fpmmodiyojana.in%2Fpradhan-mantri-vaya-vandana-yojana%2F&sessionId=c684b0dd4258a1d07d772d58d8001cad00c943e7&theme=light&widgetsVersion=75b3351%3A1642573356397&width=550px

Purpose of Pradhan Mantri Vaya Vandana Yojana

The main objective of Pradhan Mantri Vaya Vandana Yojana is to provide pension to the senior citizens of India. This pension will be provided to them by paying interest on the investment made by them. Through this scheme, the senior citizens of the country will become self-reliant and they will not need to depend on others in old age. Financial independence will be generated among senior citizens through this scheme.

Pradhan Mantri Vaya Vandana Yojana 2022

Senior citizens can invest up to a maximum of Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana . Under this scheme, now the maximum investment limit has been changed from per family to per year citizen, that means both husband and wife are senior citizens in a family, then they can invest Rs. You can also take advantage of the bonus. Under PMVVY Scheme 2022  , the pensioner has the right to take the interest amount as pension.

Pradhan Mantri Vaya Vandana Yojana

PM Vaya Vandana Scheme 2022- Pradhan Mantri Vaya Vandana Yojana

Under the Pradhan Mantri Vaya Vandana Yojana  , a pension of 1000 to 10,000 rupees is also available. Under this PM Vaya Vandana Scheme 2022 , pension is ensured with a guaranteed annual returns of 8% for 10 years. By increasing the investment limit, the senior citizen will get 10 thousand rupees per month while the minimum 1000 rupees pension amount is guaranteed. Actually, only the amount of interest is received in the form of pension. It means if you have deposited Rs 15 lakh, then it will get interest of Rs 1 lakh 20 thousand per year at the rate of 8%, this amount of interest on monthly basis. 10 – 10 thousand rupees will be given every quarter by doing 30000 -30000 rupees and 2 times in a year by doing 60000 -60000 rupees or once in a year by 120000 rupees.

PM Vaya Vandana Yojana New Update

This policy plan is for 10 years. Under this scheme, an assured payout at the rate of 7.40 per cent per annum will be made for the policy sold till March 31, 2021. Under PM Vaya Vandana Yojana , the pensioner can choose monthly, quarterly, half yearly or yearly pension at the time of purchase. Under this scheme, you can take a maximum pension of about Rs 9,250 every month. 27,750 per quarter, Rs 55,500 every half year and Rs 1,11,000 per year. Along with increasing the duration of this scheme, the government has made major amendments in it. Under the Vaya Vandana Yojana  , the minimum investment of Rs 1 lakh 62 thousand 162 has been amended in the amount provided for a minimum pension of one thousand rupees (annual) every month.

PM Vay Vandana Yojana 2022

If a senior citizen leaves the scheme in the middle or leaves, then there is also an option to withdraw his amount before maturity in the scheme. 98% of the amount deposited from the side will be returned. Under this PM Vaya Vandana Yojana 2022 , after 3 years of depositing the amount, you can also take a loan, you can take a loan up to 75% of the amount you deposit, the interest on the loan amount is fixed every quarter. You will have to pay interest every 6 months till you do not return the amount. The amount of interest will be deducted from the pension given.

Interest Rates of Pradhan Mantri Vaya Vandana Yojana

pension optionfixed interest rate
monthly7.40%
quarter7.45%
half yearly7.52%
annually7.60%

Vay Vandana Yojana Payment

You can pay the Pradhan Mantri Vaya Vandana Yojana monthly, quarterly, half yearly or annually. You will have to make this payment either through NEFT or through Aadhaar Enabled Payment System.

pension options

  • monthly
  • quarter
  • half yearly
  • There is an option to take it on an annual basis, you can choose any option as per your wish.
  • Pension will be paid through NEFT or through Aadhaar enabled payment system.

Maturity Benefits of Pradhan Mantri Vaya Vandana Yojana 2022

  • If the pensioner is alive till the policy term of 10 years, along with the deposited amount, pension will also be given.
  • If the pensioner dies, the amount deposited in the death of the pensioner will be returned to the nominee within 10 years of the policy term.
  • If the pensioner commits suicide, then the deposited amount will be returned.

Pradhan Mantri Vay Vandana Yojana Surrender Value

If a person is not able to make payment under the Pradhan Mantri Vaya Vandana Yojana. Or for some reason there is a need for money and he wants to leave the scheme. So in this case 98% of the amount paid will be refunded. Apart from this, if you are not satisfied with the terms and conditions of this policy. In this case, you can return the policy within 15 days if the policy is purchased offline and within 30 days if the policy is purchased online. The full amount paid by you will be returned to you upon return.

PM Vay Vandana Yojana Loan Facility

You can also get a loan under the Pradhan Mantri Vaya Vandana Yojana. This loan can be availed after 3 years of policy completion. Under this scheme you can be provided up to 75% of the amount paid. The interest rate on this loan will be charged at 10% Enum.

Some important things of PM Vaya Vandana Yojana

  • Pension is provided to the senior citizens of the country after 60 years of age through Pradhan Mantri Vaya Vandana Yojana . To get this pension, the beneficiary has to pay the premium amount.
  • The policy term under this plan is 10 years.
  • Under the Pradhan Mantri Vaya Vandana Yojana, the premium amount will be paid on the basis of the mode of pension.
  • Pensioners can make monthly, quarterly, half-yearly and annual payments under this scheme.
  • If the beneficiary dies, the purchase price of the pension is passed on to the legal heir.
  • Pradhan Mantri Vaya Vandana Yojana can be purchased without any medical examination and under this scheme, premature exit is allowed in certain circumstances.
  • 9% of the purchase price is provided if the beneficiary exits the scheme prematurely.
  • The beneficiary can also get the loan after 3 years of purchasing this scheme.
  • Loan under this scheme 75% of the purchase price can be availed.

Pradhan Mantri Vaya Vandana Yojana Features

  • Pradhan Mantri Vaya Vandana Yojana has been specially started for those old citizens whose age is 60 years.
  • Through this scheme, guaranteed pension is provided to the beneficiary for 10 years.
  • This plan is operated by Life Insurance Corporation of India.
  • Through Pradhan Mantri Vaya Vandana Yojana, you can earn interest income at the rate of 7.40% per annum.
  • This plan can be purchased through both online and offline means.
  • Earlier this scheme was closed on 31 March 2020 but now the duration of this scheme has been extended till March 2023.
  • Pension under this scheme can be received monthly, quarterly, half yearly and annually.
  • The purchase price along with the final amount of pension will be refunded after the completion of 10 years.
  • Loan up to 75% of the purchase price can also be availed through this policy.
  • This loan facility can be availed only after the completion of 3 years of the policy term.
  • With this plan, an emergency withdrawal of up to 98% of the purchase price can also be made.
  • If the beneficiary dies before the completion of 10 years, the purchase price will be returned to the nominee.

Key facts of PMVVY Scheme 2022

  • Under PMVVY Scheme 2022 , the age of senior citizen should be at least 60 years or more. At present there is no maximum age limit.
  • The term of the policy will be 10 years. The minimum pension that will be Rs 1000 per month will be Rs 3000, 6000 / half yearly, Rs 12000 / year. The maximum will be Rs 30,000 / quarter, Rs 60,000 / half yearly, and Rs 1,20000 per annum.
  • Under the Pradhan Mantri Vaya Vandana Yojana 2022  , senior citizens can invest a maximum of Rs 15 lakh.
  • The policy term of this scheme is 10 years.
  • PMVVY scheme provides old age income security to the senior citizens of the country.
  • You will not have to pay GST under this scheme.

Key Points of PM Vaya Vandana Yojana

age60 Years (Completed)No limits
policy term10 years
pension modeMonthly, Quarterly, Half Yearly and Yearly (in Rs.)
purchase price1,50,000 Monthly
1,49,068 Quarterly
1,47,601 Half Yearly
1,44,578 Yearly
15,00,000 Monthly
14,90,683 Quarterly
14,76,015 Half Yearly
14,45,783 Yearly
pension amount1,000/- Monthly
3,000/- Quarterly
6,000/- Half yearly
12,000/- Annual
10,000/- Monthly
30,000/- Quarterly
60,000/- Half-yearly
1,20,000/- Annual

Eligibility of Pradhan Mantri Vaya Vandana Yojana

  • The applicant must be a permanent resident of India.
  • The minimum age of the applicant should be 60 years.
  • There is no upper age limit under this scheme.
  • The policy term under this plan is 10 years.

Important Documents of PM Vaya Vandana Yojana

  • Aadhar Card
  • Pan Card
  • proof of age
  • proof of income
  • Proof of residence
  • bank account passbook
  • mobile number
  • Passport size photo

How to apply for PM Vaya Vandana Yojana 2022?

Interested beneficiaries of the country who want to apply under Pradhan Mantri Vaya Vandana Yojana , then they can apply online and offline, follow the method given below and take advantage of the scheme.

  • Firstly the applicant has to go to the official website  of LIC. After visiting the official website, the home page will open in front of you.
  • On this home page, you will see the option of registration, you have to click on that option. After that the application form will open in front of you. After this you will have to fill all the information asked in the form like name, address, aadhaar number etc.
  • After filling all the information, you have to upload all your documents and then finally click on the submit button.
  • In this way your online registration will be completed.

Offline Application Process

  • Firstly the applicant has to contact his nearest LIC branch. After this, the officer of the branch will have to give all his documents and give all his information.
  • LIC agent will make your application under this scheme. After the verification of the application, the LIC agent will start your policy of this plan.

contact details

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