PM Pension Yojana: Pradhan Mantri Vaya Vandana Yojana was started to make the elderly financially self-reliant at the crucial stage of their life. Know everything about this scheme
PM Vaya Vandana Yojana: There is good news for senior citizens. Now the government has started ‘PM Vaya Vandana Yojana’ for people above 60 years of age. Under this, you can get a pension (Senior Citizens Savings Scheme) up to Rs 1,11,000 annually.
How long is the period
Pradhan Mantri Vaya Vandana Yojana has been started to make the elderly financially self-reliant at the crucial stage of their life. Its duration was till March 31, 2020, but now it has been extended till March 2023.
Who will benefit
The minimum working age to join this scheme is 60 years. That is, citizens of 60 years or more can invest in it. There is no maximum age limit under this.
LIC has got the responsibility
A person can invest up to a maximum of Rs 15 lakh in this scheme. The responsibility of operating this scheme has been entrusted to Life Insurance Corporation (LIC). For pension in this scheme, you have to invest a lump sum amount. And then you can opt for monthly, quarterly, half-yearly, or yearly pension.
Read More: Big News! If you have an account in PNB, you will get the benefit of 8 lakh rupees, know-how
How much will be the annual pension?
Under this scheme, you will have to invest Rs 1,62,162 for a pension of Rs 1000 per month. Under this scheme, the maximum monthly pension is Rs 9,250, quarterly Rs 27,750, half-yearly pension of Rs 55,500, and an annual pension of Rs 1,11,000.
How to invest
You can dial 022-67819281 or 022-67819290 for detailed information about the PMVVY scheme. Apart from this, you can also dial a toll-free number – 1800-227-717.
Service Tax Exemption
This scheme is exempted from Service Tax and GST. And the most important thing is that you can also withdraw this money ahead of time for the treatment of any serious disease or spouse.
Required documents
For investment in Pradhan Mantri Vaya Vandana Yojana, it is mandatory for you to have a copy of the PAN card, a copy of the address proof, and a copy of the first page of the bank passbook.
Loan facility also available
There is also a loan facility for you in this scheme. In this, you can take a loan on PMVVY after 3 years of the policy. The maximum loan amount cannot exceed 75% of the purchase price. The scheme does not provide tax benefits like other pension schemes of the government.
