In this COVID 19 period, all the senior citizens who are giving the instalments of Pradhanmantri Vaya Vandana Yojana are unable to give the instalments. At this hard time, there is no way of earning money for all the citizens of India and due to this, the citizens of India are unable to give the instalments of PMVVY. so for them, there is good news that the Pradhan Mantri Vaya Vandana Yojana has extended his last date. This yojana is supported by the LIC [Life corporation of india].
PMVVY – Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana is a pension scheme started by the Indian government in the year 2017. This scheme is started for the senior citizens of India who are from 60 years above and this scheme is available from 4th May 2017 to 31 March 2020.
Eligibility Criteria For PMVVY Scheme 2020
- Applicants minimum age – 60 years completed and will be above 60 years.
- Applicants maximum age – no maximum age limit for any applicant.
- Applicants investment limit – 15 lakh Per Citizen.
- Policy Term And Time – 10 Years.
- Applicants minimum pension amount – Rs 1000 per month.
- Applicants minimum pension per quarter – Rs 3000 per quarter.
- Applicants minimum pension of half-year – Rs 6000 half-year.
- Applicants minimum pension of a whole year – Rs 12000 for a whole year.
- Applicants Maximum pension amount – Rs 10000 per month.
- Applicants Maximum pension amount per quarter – Rs 30000 per quarter.
- Applicants Maximum pension amount of half-year – Rs 60000 of half-year.
- Applicants Maximum pension amount of a whole year – Rs 1,20,000 whole year.
PMVVY Pension Scheme Online 2020
|Name of Yojana||Pradhan Mantri Vaya Vandana Yojana|
|Yojana Type||Pension Scheme|
|Pension Eligibility||60 Years or above|
|Pension started on||4th May 2017|
|Pension last date||31 May 2020|
Benefits of PMVVY 2020
The benefits of pradhan Mantri Vaya Vandana Yojana are as follows –
- The pension will be payable at the fixed time of the scheme like any person want to give the money monthly, half-yearly, quarterly, yearly. At that time only the person has to give the amount.
- if the person who is the beneficiary will be dead under the time of 10 years policy then the amount will be given to the beneficiaries family member.
- This scheme is free from the GST/Service tax plan.
- By this scheme, the loan will be given up to 75% to the person after 3 years of the time.
- The loan money will be recovered from the instalments given by the person.
- This scheme will give 8% PA monthly For 10 years.
Ways of Payment of Pradhan Mantri Vaya Vandana Yojana
- The ways by PMVVY payment are Monthly, quarterly, half-yearly, yearly and these instalments will be given on the fixed time at which the instalment will be given.
- The instalments will be given by 1 Month,1 Year, At the half-year, At quarter year from the time of the instalment start.
Loan Facility For PMVVY
The loan facility for Pradhanmantri Vaya Vandana Yojana will be given to the consumer after 3 years of the period and the loan is given 75% of the purchase price of the consumer. The loan amount will be recovered from the instalments given by the consumer and they will be deducted automatically with the time.
Free Look for PMVVY
If a citizen wants to take a free look or he/she is not satisfied with the terms and conditions of PMVVY then he /she can take his policy return in 1 month from the date of starting policy. The amount will be refunded to the bank account of the citizen in a short time.
Pradhan Mantri Vaya Vandana Yojana – Official Website
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