Updated By: LatestGKGS Desk
Pradhan Mantri Vaya Vandana Yojana, pension plan, policy and payment details
A useful government scheme for senior citizens
Pradhan Mantri Vaya Vandana Yojana is Pension plan for Senior citizen announced by Government of India.
This plan is a government-subsidized pension scheme which will avail guaranteed 8% return in monthly mode and 8.3% return in yearly mode.
This scheme will be very helpful to senior citizens. Under this scheme, elders can invest their saving and also get a guaranteed rate of return. This scheme will be affected to all senior citizen of the country.
Under the Pradhan Mantri Vaya Vandana Yojana scheme, a citizen can take up to 75% loan for minimum 3-year policy.
Under the Pradhan Mantri Vaya Vandana Yojana government would provide Rs. 5000 monthly pension to the payment of 7,22,892 premium.
This policy will be valid for 10 years, the user has a need to choose three option of pension as you can see below.
- Three Month
- Six Month
- Twelve Month
The premium will be pay through ECS & NFT method.
The highlight of Pradhan Mantri Vaya Vandana Yojana 2017-18
Which people crossed 60 Years of their age they are available to get the advantage of this scheme.
This scheme will be launch in session 2017-18 and plan will be open for subscription from 04 May 2017 to 03 May 2018.
Total premium payment will be around Rs. 1,44,578 fetches a monthly pension of Rs. 1,000 for 10 Years.
As well as, Rs. 7,22,892 premium payment would provide Rs. 5000 monthly pension.
