Updated By: LatestGKGS Desk
Pradhan Mantri Vaya Vandana Yojana A Government Pension Scheme eligibility Benefits
Pradhan Mantri Vaya Vandana Yojana: A Government Pension Scheme Benefits and Eligibility criteria
The Pradhan Mantri Vaya Vandana Yojana was launched by the Government on 4th May 2017. This is a Government Pension Scheme.
It's aim is to provide social security to senior citizens & to protect elders from an kind of fall in mental condition.
The activation period of scheme is from 4th May 2012 to 31st March 2020.
The scheme does not provide tax deduction benefit,under the section 80C of Income Tax Act.
Benefits of Pradhan Mantri Vaya Vandana Yojana
*The scheme is managed & operated by Life Insurance Corporation(LIC).
*The scheme allows premature exist,in case of any illness and 98% of the purchase price shall be refunded.
*After 3 policy years it offers loan upto 75% of the purchase price and
*The scheme also provides an assured return of 8%p.a. which is monthly payable and is exempted from service tax/GST.
*If the pensioner dies during the policy term of 10 years , the beneficiary or nominee willbe provided the benefits of scheme.
Eligibility for Pradhan Mantri Vaya Vandana Yojana
*The individual should be 60 years or above.
*The policy term will be of 10 years.
*The investment limit should be Rs.15 lakh per senior citizen.
*Monthly pension range is between Rs. 1000-10,000
