Pradhan Mantri Vaya Vandana Yojana Scheme Details

 Pradhan Mantri Vaya Vandana Yojana Scheme

Our Pradhan Mantri Narendra Modi starts the Vaya Vandana Yojana (PMVVY) pension scheme in India. It is used for senior citizens. They take care of their self, the scheme paid a guaranteed payout of pension at a specified interest rate for 10 years. This policy offers a death benefit in the form of a return of purchase price to the nominee. It was open for a short period and was then extended to 31 March 2020. Here we introduce the Pradhan Mantri Vaya Vandana Yojana Scheme full details, eligibility of the scheme.

Eligibility Of The Scheme

  • Minimum age of this policy 60 Years
  • Maximum no age limit
  • The maximum investment allowed per person is Rs 15 lakh.

How to Apply

The form needs to be filled up and requisite documents need to be attached along with the form. One can also invest in the scheme online at the following link: https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do

Required Documents

  • Xerox Copy of PAN card.
  • Xerox Copy of address proof (Aadhaar, passport).
  • Copy of cheque leaf or first page of bank passbook of the account in which pension needs to be credited

Purchase Price  

The policy scheme purchased by some payment of purchase price. The policyholder can choose pension payout frequency from monthly, quarterly, half-yearly and yearly options. The purchase amount price for yearly pension is Rs 1,44,578, whereas the maximum purchase price for the same is Rs 14,45,783. However, in case of a monthly payout option, the minimum purchase price is Rs 1.5 lakh and the maximum purchase is Rs 15 lakh.