Apply Pradhan Mantri Vaya Vandana Yojana (PMVYY) at LIC
Varishtha Pension Bima Yojana (VPBY): -
Varishtha Pension Bima Yojana (VPBY) started during the year 2014-15. Under which senior citizens of the age of 60 made eligible for the pension. Under this pension scheme, after giving a lump sum amount of Rs 666665, you had a provision of pension of Rs 5000 on a monthly basis.
Pradhan Mantri Vaya Vandana Yojana 2017-18: -
Prime Minister Modi has initiated this Pradhan Mantri Vandana Yojna to assist senior citizens. This pension plan is being launched in the budget of 2017-18. A lump sum premium payment of Rs 2.66 lakh given to Lifetime monthly pension of Rs 2 thousand. Apart from this, an assured return of 8% given.
Benefits of PMVVY 2017: -
- The Central Government has launched this scheme on May 4, 2017.
- In this scheme citizens above 60 years of age made beneficiaries / eligible.
- Can apply from May 4, 2017, to May 3, 2018.
- In this scheme, you can get a monthly pension of Rs 1,000 for 10 years by paying a one-time premium of Rs 1,44,578.
- And on the one-time premium of 7,22,892 rupees, pensioner get a monthly pension of Rs 5000.
Pradhan Mantri Vaya Vandana Yojana LIC Application Form
For Purchasing PMVVY Plan at LIC, you can visit the link given Click Here
Terms of the Pradhan Mantri Vaya Vandana Yojana: -
- The total amount of pension released to the family does not exceed the maximum pension limit to take advantage of this PMVVY.
- Under this scheme, the pensioner, his spouse and dependents included in the family.
- The duration of the plan is for maximum 10 years.
- In the plan, the insured can select it on monthly, quarter, half yearly and yearly basis.
- If for any reason the pensioner dies, then the premium paid (purchase price) return to the nominee-legal heir of the pensioner.
- Tax rate will depend on the income tax slab and pensionable income will be eligible for the pensioner's hand.
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