The last date to apply for PM Vay Vandana Yojana is 31 March 2023. This is a pension scheme, which is being operated by LIC. Both husband and wife can get its benefit.
Pension Scheme: Everyone wants to secure their future by taking lessons from today’s uncertain times, but sometimes savings are not possible due to weak economic condition. Many people are unable to invest for the future despite being in a job or profession. Many people are prone to misunderstand or scam investment schemes. In such a situation, you can apply for Pradhan Mantri Vaya Bandana Yojana. By investing in this scheme you can secure your future and money and get pension at a fixed rate every month during your old age. The good thing is that both husband and wife are given the facility to invest together in Pradhan Mantri Vaya Vandana Yojana, which both can take advantage of together in the future.
Who gets the benefit of this scheme
Life Insurance Corporation of India (LIC) has launched Pradhan Mantri Vaya Vandana Yojana, under which monthly, quarterly or half-yearly pension is given on lump sum investment. All ordinary citizens of the country can take advantage of this scheme and after retirement can meet their financial needs with self-sufficiency.
Pradhan Mantri Vaya Vandana Yojana was earlier released from 4th May 2017 to 31st March 2020 but now applications have been opened for the period till 31st March. Any senior citizen above 60 years of age Rs 1.62 Lakh Can invest Rs. 15 lakhs to Rs. 15 lakhs, in return for which interest is received at the rate of 7.40 percent per annum for 10 years.
What are the rules of the scheme
- Under Pradhan Mantri Vay Vanjana Yojana, to get a pension of Rs 1,000 every month, an investment of Rs 1.62 lakh will have to be made.
- You can invest a maximum of Rs 15 lakh in this scheme, after which a pension of Rs 9,250 is given every month.
- The tenure of this scheme is 10 years, after which the amount invested is returned.
- If you want, you can also take a loan up to a maximum of 75% after 3 years of investment for personal needs.
Necessary documents
It is mandatory to have these documents to apply for Pradhan Mantri Vaya Vandana Yojana.
- Pan card
- Aadhar Card
- Income certificate
- Residence certificate
- Copy of bank passbook
Where to apply
If you also want to take advantage of insurance policy plus pension facility of Pradhan Mantri Vaya Vandana Yojana, then you can contact your nearest LIC branch. For more information, you can also take advantage by contacting toll free number- 1800-227-717 or 022-678191290 .
Disclaimer: Some of the information given in the news is based on media reports. Farmer brothers, before implementing any suggestion, do consult the concerned expert.
