Pradhan Mantri Vaya Vandana Yojana 2023 (PMVVY): Complete information about interest rate, maturity benefit, application process

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Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana

Pradhanmantri Vaya Vandana Yojana has been launched by the Government of India on 4 May 2017 for the senior citizens of the country. This is a pension scheme. Under this scheme, if senior citizens of 60 years of age or above choose the option of monthly pension, then they will get 8% interest for 10 years. If they choose the annual pension option, then they will get 8.3% interest for 10 years. | Under Pradhan Mantri Vaya Vandana Yojana, senior citizens will get good interest on their investments.

Pradhanmantri Vaya Vandana Yojana 2023

This scheme is a Social Security Scheme and Pension Plan. This scheme belongs to the Government of India but is being run by LIC. The maximum limit for investment under this scheme was earlier Rs 7.5 lakh, which has now been increased to Rs 15 lakh. Along with this, the time limit for investment in this  PMVVY Scheme 2023 was earlier March 31, 2022, which has been increased to March 31. 2023 has been done. Dear friends, today through this article we are going to provide you all the information about Pradhan Mantri Vaya Vandana Yojana 2023 like application process, documents, eligibility, guidelines etc.

Information about Pradhan Mantri Vaya Vandana Yojana

what is the article aboutPradhanmantri Vaya Vandana Yojana
Who launched it?Life Insurance Corporation of India
Beneficiarycitizens of india
ObjectiveProviding all important information about Pradhan Mantri Vaya Vandana Yojana
official websitehttps://www.licindia.in/Home
Year2023

Some important information related to Pradhanmantri Vaya Vandana Yojana 2023

  • An interested senior citizen can get a pension of ₹ 10,000 per month by investing a maximum lump sum of ₹ 1,500,000 under this scheme.
  • The lump sum amount deposited under this scheme is tax free under Section 80C of the Income Tax Act 1961. But the beneficiary will have to pay income tax on the interest received from the invested amount.
  • If the policyholder wants to receive pension every month, he will get interest at the rate of 8%. If he wants to receive pension once every year, he will receive interest at the rate of 8.3%.
  • The policy holder has the option to receive pension monthly, quarterly, half-yearly or annually for a policy term of 10 years.
  • To join under the Pradhan Mantri Vaya Vandana Yojana, the beneficiary does not need to undergo any medical test.
  • Under this scheme, the deposited investment amount is returned along with the final payment of pension after 10 years of investment. If the policy holder receiving pension dies within 10 years of joining the scheme, the deposited amount will be refunded to the nominee.