The Buyt Desk
A financially secure person dodges fear, stress, depression, anxiety and lives with the feeling of safety and comfort. It gives the power to handle crises. The government of India came up with PM Vaya Vandana Yojna with the intent to provide financial security to senior citizens.
This scheme is an addition to the floating social security schemes run by the Government of India to secure the future of senior citizens. It is a pension and retirement scheme operated by the Life Insurance Corporation Of India (LIC). The policy was launched on 4th May 2017 and was available till 31st March 2020. Now, the Government of India has further extended it to three years of the period, i.e. till 31st March 2023. Check the complete details of PM Vaya Vandana Yojana.
Who Is Eligible For PM Vaya Vandana Yojana?
The eligibility criteria for buying this policy are.
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The applicant must be a citizen of India and 60 years of age.
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There is no bar for the maximum age limit.
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The applicant has to take this policy for the term of ten years.
The minimum corpus for policy purchase is one and a half Lakh (1.5 Lakh), which will offer a monthly pension of Rs. 1000.
The maximum corpus an applicant could spend is fifteen Lakh rupees (Rs 15 Lakh), which will offer a monthly pension of ten thousand rupees (Rs. 10,000).
What Are The Documents Required For PM Vaya Vandana Yojana?
The list of documents to enrol in policy is the Aadhaar card, proof of address, proof of age, the applicant’s passport size photograph.
Why Should You Invest In PM Vaya Vandana Yojana?
PMVVY policy is a senior citizen pension and retirement policy. Its benefits are multiple. Here are the key benefits of this policy.
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It provides the assured return at the interest rate of 7.40 per cent per annum for ten years.
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It offers a fixed amount as a pension, every month, quarter, half-yearly and yearly as chosen by the applicant.
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The applicant receives the entire amount (includes final and the purchase price) after policy period accomplishment, i.e. ten years.
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The applicant can borrow a 75 per cent loan of the total policy amount after three years of buying the policy in case of emergency.
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The applicant could withdraw up to 98 per cent of the policy purchase price to meet emergency needs.
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In case of mishappening with the applicant within the policy tenure, the nominee would receive the purchase price.
What is The Procedure To Buy This Policy?
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An eligible senior citizen could buy the policy both ways, online and offline. In the online process, the applicant needs to log onto the official website of LIC, https://licindia.in/.
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Then select the pension plan in the product category and proceed.
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Fill the form
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Attach relevant documents and upload the form.
In the offline process, the applicant could contact any authorized LIC agent or visit the LIC branch.
