Title :
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Description :
This scheme providea social security during old age and protect the elderly aged 60 years and above against a future fall in their interest income due to uncertain market conditions and to provide social security during old age.
It is being implemented through Life Insurance Corporation (LIC) of India. As per the scheme, on payment of an initial lump sum amount ranging from a minimum purchase price of Rs. 1,50,000/- for a minimum pension of Rs 1000/- per month to a maximum purchase price of Rs. 7,50,000/- for maximum pension of Rs. 5,000/- per month, subscribers will get an assured pension based on a guaranteed rate of return of 8% pa for 10 years, payable monthly.
The tenure of the policy is 10 years. The investment limit is Rs 15 lack for senior citizen. Throughout the 10 years period of policy, the pension is payable in arrears at the end of each period. Payments are made monthly/quarterly/half-yearly/yearly whichever is selected by the pensioner. Loan facility is available after completion of 3 policy years. Taxes like Service tax or GST are exempted from PMVVY.
Eligibility:
- Should be 60 years or above
- Must be a citizen of India
Documents Required:
- Aadhaar Card
- Proof of Age
- Proof of Residence
- Passport size photos of the applicant
- Relevant Document/Declaration to show the retired status of the applicant
- Copy of the cheque leaf or the bank passbook's first page must be submitted
How To Apply ?:
Application forms are available in all the LIC branches. The application form must be submitted along with the relevant documents after self-attesting them.
Website :
Please click here
Start Date :
01/01/2015
Expiry Date :
12/31/2025