PM Pension Scheme: Pradhan Mantri Vaya Vandana Yojana was launched to make the elderly financially self-reliant at the crucial stage of their life. Know everything about this scheme.
New Delhi: PM Vaya Vandana Yojana: There is good news for senior citizens. If you have not yet taken the benefit of PM Vaya Vandana Yojana, then hurry up. The government has started ‘PM Vaya Vandana Yojana’ for individuals higher than sixty years more mature. Under this, you can get a pension (Senior Citizen Saving Scheme) up to Rs 1,11,000 annually.
how long is the period
Pradhan Mantri Vaya Vandana Yojana has been beginning to build the older financially self-directed at the crucial stage of their life. Its duration was till 31 March 2020, but now it has been extended till March 2023. However, it is being told that some changes can be made in this in the new financial year.
who will benefit
The minimum age to affix this theme is sixty years. That is, voters of sixty years or a lot of will invest in it. There is no higher regulation underneath this.
LIC has got the responsibility
A person will invest up to a most of Rs15 lakh during this theme. The responsibility of the operation of this scheme has been entrusted to Life Insurance Corporation (LIC). For pension during this theme, you’ve got to speculate a payment quantity. And then you’ll prefer monthly, quarterly, half-yearly or annual pension.
What will be the annual pension?
Under this scheme, Rs 1,62,162 will have to be invested for a pension of Rs 1000 per month. The maximum monthly pension beneath this theme is Rs 9,250, quarterly Rs 27,750, a yearly pension of Rs 55,500, and an annual pension of Rs 1,11,000.
how to invest
For detailed information about the PMVVY scheme, you can dial 022-67819281 or 022-67819290. Apart from this, you’ll conjointly dial a toll-free range – 1800-227-717.
service tax exemption
The scheme has been kept free from service tax and GST. And the most vital factor is that you simply may also withdraw this cash untimely for the treatment of any serious unhealthiness or partner.
Required Documents
For investment in Pradhan Mantri Vaya Vandana Yojana, it’s necessary for you to own a duplicate of the PAN card, a duplicate of the address proof, and a duplicate of the first page of the bank passbook.
Loan facility also available
There is also a loan facility for you in this plan. In this, you’ll be able to take a loan on PMVVY once three years of the policy. The maximum loan amount cannot exceed 75% of the purchase price. This theme doesn’t offer tax advantages like alternative pension schemes of the govt.
