Pradhan Mantri Vaya Vandana Yojana (PMVVY) – The scheme is an exclusive beneficiary to the senior citizens who are aged 60 years, the Government of India announced the scheme for the benefit of the people who are aged over 60 years and the scheme is available with the duration of 4th May 2017 to 3rd May 2018. In the given duration time the senior citizens have to avail the scheme benefits to get financial security after the retirement stage.
Most of the senior citizens are facing issues like financial support during and after the retirement stage. After the age of 60 years, they are completely unable to secure financial support from the existing Medium. This is because of various reasons like lack of awareness on future planning, unable to understand the future importance of financial security, etc.
The Objective and Benefits of Pradhan Mantri Vaya Vandana Yojana (PMVVY)
The scheme is directly beneficial to the people who come under senior citizenship and aged above 60 years. Under the scheme, the total assured returns of 8% per annum will be provided into the equivalent amount For the 10 years. The pension amount will be payable at the end of each period during the policy term of minimum 10 years. Depending upon the frequency the pensioner request the amount will be credited to the pensioners account directly on monthly, quarterly, half-yearly and yearly.
After successful Action of 10 years duration by getting the benefits of the scheme, the pensioner will get the total amount of investment as your final payment table directly to the respective member account directly. In case of death happens to the pensioner the total amount will be given to the beneficiary. There is a ceiling of getting the pension to a maximum based on the whole family and independent members.
Under the skin, there is an option to premature exit available. Due to any critical situations or circumstances, The policyholder can exit by stating the proper reason for his or her or the spouse. In such cases by considering the premature amount will be provided of 98% of the total investment. In case of death happens during the 10 years of the period the amount will be given to the beneficiary directly. There is no scope to involve any third party Agencies or medium to proceeding with.
In case of any shortfall of the committed scheme benefits due to any reason will be replaced by the government of India on the subsidy based scheme.
Age and eligibility criteria for PMVVY
There are a certain age restriction and eligibility Determined under the scheme to avail the benefits by the senior citizens. The minimum age to enter into the scheme is 60 years which means a person should complete his 60 years of life at the time of availing the scheme benefits. There is no limitation What age to enter into the scheme after 60 years. The minimum policy duration is 10 years with the scope of exit available based on the circumstances and reasons provided. The minimum pension amount of rupees 1000 will get weather senior citizens, this means on the quarterly basis the pension will get 3000, on the hourly basis will get 6000 rupees and per annum, he will get the total of 12000 rupees. The maximum pension amount per month is rupees 5000/-. The pensioner can get them on various periods like monthly/ quarterly/ half yearly / Yearly. Based on the mode of tension duration selected by the pensioner at the time of availing the scheme benefits the amount will be credited directly to their bank account. There is no necessity to visit any branch or Bank for the monthly pension amount. There is a ceiling for a family to avail the scheme benefits and monthly pension based on the number of people from my family and other alternative sources of income the maximum amount can avail by a senior citizen, depending upon the earnings of the spouse. By considering all the factors the benefits of the pension scheme will be allocated to a senior citizen.
To avail the scheme the senior citizens can visit the nearby LIC office or else in online they can purchase in the LIC – Life Insurance Corporation of India online portal to buy the scheme: http://www.licindia.in/
The minimum purchase price is Rupees 1.44 lacs per year and the maximum of rupees 7.22 lacs. Based on the expected monthly pension senior citizens can get desired I want to purchase the scheme benefits. Based on the selection mode offline or online, senior citizens can buy the scheme also the installment can be payable monthly/ quarterly/ half yearly / Yearly.
In case of an emergency, the scheme holder can get the loan in the total amount paid. The maximum amount avail as a loan is up to 75% of the total amount invested till the date. The average loan amount will reflect their monthly pension benefits.
Some Important Links:
Pension Options under PMVVY
| Mode of Pension | Minimum Purchase Price | Corresponding Pension Amount |
| Yearly | 1,44,578 | 12,000 per annum |
| Half-Yearly | 1,47,601 | 6,000 Half year |
| Quarterly | 1,49,068 | 3,000 per Qtr. |
| Monthly | 1,50,000 | 1,000 per month |
| Mode of Pension | Maximum Purchase Price (INR.) | Corresponding Pension Amount |
| Yearly | 7,22,892 | 60,000 per annum |
| Half-Yearly | 7,38,007 | 30,000 per half year |
| Quarterly | 7,45,342 | 15,000 per Qtr. |
| Monthly | 7,50,000 | 5,000 per month |
Pradhan Mantri Vaya Vandana Yojana Pension Rates
Pension rates payable under different modes of payment (Yearly, Half Yearly, Quarterly, and Monthly) are as under:
| Mode of Pension | Effective Pension Rate per annum for INR. 1000/- purchase price | |
| Yearly | 83.00 p.a | |
| Half-Yearly | 81.30 p.a | |
| Quarterly | 80.50 p.a | |
| Monthly | 80.00 p.a | |
NOTE (the Yojana will be administered by the LIC of India Co.)
Components of the Scheme
Here are the components of the Pradhan Mantri Vaya Vandana Yojana:
- Indian Citizens matured 60 years or more are qualified to put resources into PMVVY.
- The arrangement is open for membership from 04-May-2017 to 03-May-2018.
- One time premium instalment of around Rs 1, 44,578/ – brings a month to month annuity of Rs 1,000 for a long time.
- One time premium instalment of Rs 7,22,892/ – would give a month to month annuity of Rs 5000 (most extreme
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- The plan was launched some time ago. This plan is available from May 4, 2017, to May 3, 2018. Try getting a hook on it and take full advantage of the scheme as it is only out there for a limited time frame.
- This plan ensures a fixed return of 8 percent per annum on a monthly payment of 10 years.
- With the price tag of the arrangement, the last portion of the annuity will be paid on survival of the beneficiary till the finish of the approaching term of 10 years.
- Once the final three years of the policy have been completed (to meet cash requirements), 75 percent of the purchase price will be allowed by the government for borrowing. Loan interest will be paid from instalments of pension. The loan will be collected through the process of the claim.
- During the ten year period, pension monthly, quarter, half yearly, may be available according to the option chosen during the purchase of pensioners.
- This scheme has been exempted from service tax and GST.
- This plan can be purchased through both Life and Life Insurance Corporation (LIC) both offline and online.
- There is likewise consent for untimely withdrawal of this plan for the treatment of genuine sickness of any of the mates. In the case of clearance before such time, 98 percent of the purchase price of the scheme will be refunded.
- As indicated by the announcement of the Finance Ministry, the obligation of running this plan has been given to the Life Insurance Corporation of India.
- For the treatment of any serious/terminal illness of the spouse, or there is also permission for premature withdrawal of this scheme. In the case of clearance before such time, 98 percent of the plan purchase price will be refunded, in the case of withdrawal.
- The government will pay the cost associated with the cost of administrative and interest related to LIC in the form of cost and subsidy related to interest and real interest.
Conclusion
The main aim of the scheme is to provide financial security to the senior citizens who live in India and have no other financial security options. Depending upon the Criteria which means the age should be more than 60 years can get the scheme benefits. Irrespective of the Other financial sources.
There are various other benefits are also offering today senior citizens under the scheme to avail. A senior citizen can get a minimum of rupees 1000 as a pension per month and the maximum of rupees 5000 as a pension per month. This is purely depending upon the value purchase buy a senior citizen. There is a facility to avail loan option based on the investment the total of 75%.
Senior citizens can exit from the scheme at any point in time by stating a proper reason. The total of 98% of the amount can get a refund at the time of premature exit from the scheme. If the pensioner wishes to rejoin there are no additional magnet things to check with. By following a simple process can get the benefits of how the scheme in the letter on stages also.
Availing the benefits from a family is restricted the maximum based on the family status and the financial protection. The pension amount can get the senior citizens on monthly basis, quarterly basis, half yearly basis and also the daily basis. This is purely depending upon the senior citizen member request at the time of availing the scheme. The total of 8 % interest will be provided to the beneficiary. In case of any death or Accident happened Based on the cause the amount will be given to the nominee.
To any extent if the senior citizen fish to increase the scheme benefit to avail can proceed without having delay by means there are no additional factors to consider for getting the additional benefits.