You may not even know how many schemes the government runs. Some schemes are nationwide which are run by the central government while some schemes are limited to the state. But we cannot avail these schemes due to insufficient information. So today in this article we are going to talk about a similar plan.
If you have someone in your household who is above the age of 60 and you want to invest something in their name and you want to invest your lifetime earnings in a safe place. If this article is for you. Pradhan Mantri Vaya Vandana Yojana (PMYY) scheme will be very useful for all of you who want safe returns, then know about the complete details of this scheme today.
After investing under PMYY, seniors can get a maximum pension of around Rs 10,000 per month without loss of investment amount. If you also want to invest in Prime Minister Vandana’s plan and want to know the whole process, then read this article till the end
It is a pension scheme scheme, under this scheme, citizens above 60 years of age get a guaranteed return of 8 or 8.3 percent on their investment amount. The scheme is also excluded from the Good and Service Tax. The scheme was launched in the year 2017 and now the new last date to invest in the scheme is 31 March 2020. Prime Minister Via Vandana’s scheme is a pension scheme available for older citizens. On selecting the monthly pension, senior citizens get guaranteed pension under the scheme at a fixed rate for 10 years. The plan also provides death benefit.
Know what is the merit?
The minimum age for admission to the scheme is 60 years. This means senior citizens can invest 60 years or more. There is no maximum age limit. A person can invest a maximum of Rs 15 lakhs in this scheme.
For this, an application form has to be filed. Necessary documents should be attached in this form. Senior citizens can also apply for the scheme online.
And for this I have to use a link ato. https://eterm.licindia.in/onlinePlansIndex/pmvvymain.d
Know what documents you will need:
-Copy of a card
– Evidence (copy of Aadhaar, passport)
– Copy of the first page of the bank passbook, wherein the account holder requires pension. Apart from this, other evidences will also have to be provided.
What to keep in mind?
After three years of this policy, loan facility is available on PMVVY. The maximum loan amount cannot exceed 75% of the purchase price. Tax benefits like other government pension schemes are not available in the scheme.