Pradhan Mantri Vaya Vandana Yojana (PMVVY)

What is Pradhan Mantri Vaya Vandana Yojana?

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme launched by the Government of India specifically for senior citizens. It provides them with a regular pension income to ensure financial stability during their retirement years. Administered by the Life Insurance Corporation of India (LIC), PMVVY aims to offer senior citizens a reliable avenue for securing their future finances.

Benefits of Pradhan Mantri Vaya Vandana Yojana

Benefit Details
Guaranteed Pension
Offers a guaranteed pension amount based on the purchase price and chosen pension mode (monthly/quarterly/half-yearly/yearly).
Policy Term
The scheme provides a tenure of 10 years, ensuring long-term financial security.
Return of Purchase Price
Upon completion of the policy term, the purchase price is refunded to the nominee in case of the pensioner’s demise.
Loan Facility
Policyholders can avail of a loan up to 75% of the purchase price after completion of three policy years.
Tax Benefits
Exempted from Goods and Services Tax (GST), making it a tax-efficient investment option.

Eligibility for Pradhan Mantri Vaya Vandana Yojana

Eligibility Criteria Details
Age
Minimum entry age: 60 years. There is no upper age limit.
Citizenship
Must be a resident of India.
Purchase Price
Minimum: ₹1.5 lakhs; Maximum: ₹15 lakhs per senior citizen.
Policy Term
The policy term is fixed at 10 years.

Official Website

How to Apply for Pradhan Mantri Vaya Vandana Yojana

  1. Visit LIC Office or Website: Applicants can apply online through the LIC website or visit the nearest LIC branch.
  2. Fill Application Form: Complete the application form with accurate details.
  3. Submit Required Documents: Attach documents such as proof of age, address, PAN card, bank account details, and a passport-sized photograph.
  4. Payment of Purchase Price: Pay the purchase price through available payment modes.
  5. Receive Policy Bond: Upon successful processing, the policy bond is issued to the applicant.
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Documents Required for Pradhan Mantri Vaya Vandana Yojana

Documents Details
Proof of Age
Birth certificate, Aadhaar card, PAN card, etc.
Proof of Address
Aadhaar card, utility bills, passport, etc.
PAN Card
Mandatory for taxation purposes.
Bank Account Details
For pension payments.
Passport-sized Photograph
For identification purposes.

How to Check Application Status

  1. Online Portal: Log in to the LIC portal using credentials to track the application status.
  2. Customer Care: Contact LIC customer service with the policy details for assistance.
  3. Visit LIC Branch: Personally visit the nearest LIC branch with relevant identification and policy information.

Sources and References

Common FAQs: Pradhan Mantri Vaya Vandana Yojana

  1. Is there an upper age limit for eligibility?
    No, there is no upper age limit for participating in PMVVY.
  2. What happens if I surrender the policy prematurely?

    Surrender value is payable only in case of critical illness of self or spouse.

  3. Are the pension payments taxable?

    Yes, pension income is taxable as per applicable income tax laws.

  4. Can I nominate someone for the policy benefits?

    Yes, you can nominate a person who will receive the benefits in case of your demise.

  5. Is PMVVY eligible for tax benefits?

    While the pension income is taxable, the scheme itself is exempt from GST.

This comprehensive overview of Pradhan Mantri Vaya Vandana Yojana aims to equip potential beneficiaries with essential information to make informed decisions about securing their retirement with financial stability.

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