Pradhan Mantri Vaya Vandana Yojana | Pradhan Mantri Vaya Vandana Yojana Calculator | How to Fill Form PMVVY

Pradhan Mantri Vaya Vandana Yojana | Pradhan Mantri Vaya Vandana Yojana Calculator | How to Fill Form PMVVY





Pradhan Mantri Vaya Vandana Yojana :  It is a pension scheme for senior citizens 60 years and above. Under this scheme, senior citizens will get a guaranteed return of 8% for 10 years on opting for monthly pension option. Pradhan Mantri Vaya Vandana Yojana If you choose the annual pension option, you will get a guaranteed return of 8.3% for 10 years. The scheme is exempted from the GST. It will be available for sale for a year from the launch date i.e. 4 May 2017. Since its launch on 4 May 2017, LIC has also collected Rs 2,705 crore by selling 58,152 policies.




This policy can be purchased both online and offline.

The UIN of this scheme is 512G311V01.




Pradhan Mantri Vaya Vandana Yojana | Pradhan Mantri Vaya Vandana Yojana Calculator | How to Fill Form PMVVY




Good news For Pradhan Mantri Vaya Vandana Yojana : In the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, some important reforms have been made in the "Prime Minister Vay Vandana Yojana" keeping in mind the well being of senior citizens.







- Investment limit under PMVVY has been increased to 15 lakhs. It was seven and a half lakhs earlier. Due to increasing investment limit, senior citizens will be able to get pension up to Rs. 10 thousand per month.



- The investment deadline in PMVVY has been extended by two years to 31 March 2020. Prior to this, the investment deadline was 3 May 2018.



- Under PMVVY, the maximum investment limit has been changed from per family to per senior citizen. That is, if both husband and wife are senior in a family, then both of them can invest a maximum of 15 - 15 lakhs.










Mode of Pension (Payment) Payment:


Pension will be paid monthly, quarterly, half-yearly and annually to the pension holder. Pension will be paid by NEFT or through Aadhaar Enabled Payment System.









Benefits of Pradhan Mantri Vaya Vandana Yojana:




Pension Payment:


If the policy holder survives the entire policy term ie 10 years, then pension will be paid at the end of the period (monthly / quarter / half yearly / yearly) chosen by him.



For every 1000 rupees invested in the scheme,



80 rupees will be paid in monthly mode

80.5 rupees to be paid in quarterly mode

80.3 will be paid in half-year mode

83 in the annual mode to be paid









Pradhan Mantri Vaya Vandana Yojana Calculator
Using this link, you can calculate the pension received under Pradhan Mantri Vaya Vandana Yojana.

Calculate PMVVY Pension - Calculator







Death Benefit:


If the policy holder dies within 10 years of the policy term, the purchase price will be returned to his nominee.



Maturity Benefit:


If the policy holder survives the entire policy term i.e.  10 years, it  will be paid the last instalment of pension along with the your purchase amount.



Surrender Price:


This policy allows you to surrender to the prematurely in critical situations during the policy period. Serious situations here mean any kind of critical / terminal illness to you or your (spouse). In such case  a situation you can also surrender the policy and you will get 98% of the purchase price.



Loan Facility:


Loan facility is also available on completion of 3 years under the privacy and policy. Under the this, you can take a any loan of 75% of the maximum purchase price.

For the financial year 2016-17, the interest rate applicable to the loan is 10% pr Annum



Free Look Period:


If a policyholder is not satisfied with the "Terms and Conditions" of the policy, he / she can return the policy to the corporation within 15 days from the date of receipt of the policy with a reason for objection. (30 days if this policy is purchased online)

If the he  was first does so, he will be refunded at  the full amount after deducting the stamp duty and the installment of any pension.



Exclusion:


if any person suicide - If a policyholder commits suicide, in this case his nominee will be paid the full purchase price.




Tax benefit:


The amount deposited under this scheme of Section 80C of Income Tax 1961 is tax free. However, you will have to pay income tax on the interest earned from the deposited amount.



Pradhan Mantri Vaya Vandana Yojana Example:




Let us understand this scheme with the help of an example.

Suppose Rahul has invested in this scheme with the following details. He invests a lump sum from the his savings to ensure the your a fixed regular income for the next 10 years.



Age: 60 years

Purchase Price: Rs. 7,50,000

Policy term: 10 years

Purchase Year: 2017

Pension Mode: Monthly



So, the benefits received by Rahul in Pradhan Mantri Via Vandana Yojana will be as follows.



Pension Benefits:


Rahul will continue to receive Rs 5,000 as pension at the end of each month for the next 10 years. If the rate of interest is 8% (8% of Rs. 7,50,000) / whatever amount comes from 12, he will get every month if he survives for a period of 10 years.





Maturity Benefit:


At the completion of 10 years Rahul will get back the purchase price ie Rs 7,50,000 which he paid to buy the plan.





Death Benefit:


If Rahul dies at the age of 65, he will be paid 5000 as a pension every month for 65 years. And after his death, the purchase price of the policy i.e. Rs 7,50,000 will be paid to his nominee.





Surrender benefit:


Suppose at the age of 68, Rahul needs his money to treat himself or his wife's serious illness. In such a situation, till the age of 68, he will continue to pay Rs 5000 as monthly pension, and when he surrenders the policy at the age of 68, he will be refunded 98% of the purchase price. . That is, 98% of 7,50,000 = Rs 7,35,000







Pradhan Mantri Kisan Samman Nidhi Yojana -  Click Here

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