<–2/”>a >with the rise in Average life expectancy there is a need to provide the senior citizens with social security. Hence government of India came up with PMVVY to provide pension and hence income security.
Eligibility
A senior citizen above the age of 60 years of age will fall under the scheme.
Available for one year from the date of launch.
Features
- Will provide interest of over 8% for 10 years.
- NEFT of amount to pensioner at the end of selected time period.
- IF a pensioner dies during the policy term of 10 years, the purchase price would be refunded to the nominee.
- Minimum pension is of Rs. 1000 and maximum of Rs. 5000.
- After completion of 3 year , loan facility will also be available capped at 75% of the invested amount.
- The policy can be purchased by paying lum sum amount.
- No medical examination is required to buy the policy.
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Social security benefits are one of the most important aspects of a welfare state. They help to protect people from the financial hardship that can result from Unemployment, sickness, disability, old age, and other contingencies. The Pradhan Mantri Bima Yojana (PMBY) is a very important scheme that provides life insurance cover to millions of people who would otherwise not be able to afford it. The scheme is also very affordable and easy to enroll in.
The PMBY was launched by the Government of India in 2015. The scheme provides life insurance cover of Rs. 2 lakh to all families with an annual income of less than Rs. 1 lakh. The scheme is voluntary and open to all Indian citizens aged 18 to 50 years.
The PMBY is a one-time premium scheme. The premium for the scheme is Rs. 330 per year. The premium can be paid annually, half-yearly, quarterly, or monthly. The premium can be paid through any of the following modes:
- Bank account
- Post office account
- Debit card
- Credit card
- Net Banking
- Mobile banking
The PMBY is a very important scheme for the poor and vulnerable sections of Society. The scheme provides life insurance cover to millions of people who would otherwise not be able to afford it. The scheme is also very affordable and easy to enroll in.
The PMBY has been very successful in providing life insurance cover to the poor and vulnerable sections of society. As of March 2019, over 50 crore people have enrolled in the scheme. The scheme has also been very beneficial for the families of the deceased beneficiaries. In the event of the death of the insured person, the family of the deceased receives a lump sum amount of Rs. 2 lakh. This amount can be used to meet the expenses of the funeral and other immediate needs of the family.
The PMBY is a very important scheme that has helped to improve the lives of millions of people in India. The scheme has provided life insurance cover to the poor and vulnerable sections of society and has also been beneficial for the families of the deceased beneficiaries. The PMBY is a shining example of the Government of India’s commitment to providing social security to its citizens.
The PMBY is one of the many social security schemes that have been launched by the Government of India in recent years. These schemes have helped to improve the lives of millions of people in India and have made a significant contribution to the country’s development. The Government of India is committed to providing social security to all its citizens and will continue to launch new schemes and improve existing schemes in the future.
What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-backed pension scheme that provides guaranteed monthly income to senior citizens. The scheme was launched in May 2015 and is open to all Indian citizens aged 60 years and above.
How does PMVVY work?
Under PMVVY, subscribers can choose to pay a lump sum amount or make monthly contributions. The minimum Investment amount is Rs. 1,000 and the maximum is Rs. 15 lakh. The pension amount is payable for a period of 10 years or till the death of the subscriber, whichever is earlier.
What are the benefits of PMVVY?
The main benefit of PMVVY is that it provides a guaranteed monthly income to senior citizens. The pension amount is payable for a period of 10 years or till the death of the subscriber, whichever is earlier. This makes PMVVY a very attractive option for those who are looking for a secure Source Of Income in their retirement years.
Another benefit of PMVVY is that it is a government-backed scheme. This means that the government guarantees the payment of the pension amount. This makes PMVVY a very safe investment option.
What are the eligibility criteria for PMVVY?
To be eligible for PMVVY, you must be an Indian citizen aged 60 years and above. You must also have a bank account in your name.
How can I apply for PMVVY?
You can apply for PMVVY online or offline. To apply online, you can visit the official website of the Life Insurance Corporation of India (LIC). To apply offline, you can visit any LIC branch near you.
What are the documents required for PMVVY?
The following documents are required for PMVVY:
- Proof of identity (Aadhaar card, voter ID card, passport, etc.)
- Proof of address (ration card, electricity bill, etc.)
- Bank account statement
- Income tax return (if applicable)
What is the interest rate for PMVVY?
The interest rate for PMVVY is 8% per annum. This is a guaranteed rate of interest, which means that you will get a fixed monthly income for the duration of the scheme.
What is the tax benefit for PMVVY?
The premium paid for PMVVY is eligible for a deduction under Section 80C of the Income Tax Act. This means that you can claim a deduction of up to Rs. 1.5 lakh from your taxable income for the premium paid for PMVVY.
What is the exit option for PMVVY?
You can exit PMVVY after 3 years from the date of purchase. However, if you exit before 3 years, you will have to pay a penalty. The penalty amount is 3% of the total investment amount for each year that you have not completed.
What is the surrender option for PMVVY?
You can surrender PMVVY after 5 years from the date of purchase. However, if you surrender before 5 years, you will have to pay a surrender charge. The surrender charge is 3% of the total investment amount for each year that you have not completed.
What is the death benefit for PMVVY?
In case of the death of the subscriber, the nominee will receive the full amount of the investment, along with the accrued interest.
What is the loan facility for PMVVY?
You can avail a loan against your PMVVY policy after 5 years from the date of purchase. The loan amount will be up to 90% of the fund value. The interest rate on the loan is 8% per annum.
What is the premature death benefit for PMVVY?
In case of the premature death of the subscriber, the nominee will receive the full amount of the investment, along with the accrued interest. The nominee will also receive a monthly pension for the remaining tenure of the policy.
What is the review option for PMVVY?
You can review your PMVVY policy after 5 years from the date of purchase. You can choose to increase the pension amount, the premium amount, or the tenure of the policy.
What is the termination option for PMVVY?
You can terminate your PMVVY policy after 10 years from the date of purchase. However, if you terminate before 10 years, you will have to pay a penalty. The penalty amount is 3% of
- Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-sponsored pension scheme for senior citizens.
- The scheme was launched in May 2015 and is open to all Indian citizens aged 60 years and above.
- Under the scheme, subscribers can choose to pay a monthly premium for a period of 10, 15 or 20 years.
- The minimum monthly premium is Rs. 1,000 and the maximum is Rs. 5,000.
- The government will contribute an additional 50% of the premium paid by the subscriber.
- The maximum annual pension under the scheme is Rs. 1,50,000.
- The pension will be payable from the 60th month of the policy.
- The scheme is guaranteed by the government and there is no risk of loss of capital.
- The scheme is tax-free under Section 80C of the Income Tax Act.
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The scheme is a good option for senior citizens who are looking for a secure and guaranteed pension income.
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Which of the following is not true about Pradhan Mantri Vaya Vandana Yojana?
(A) It is a government-sponsored pension scheme for senior citizens.
(B) The scheme was launched in May 2015.
(C) The scheme is open to all Indian citizens aged 60 years and above.
(D) The minimum monthly premium is Rs. 1,000.
(E) The maximum annual pension under the scheme is Rs. 1,50,000. -
Under Pradhan Mantri Vaya Vandana Yojana, the government will contribute an additional 50% of the premium paid by the subscriber. This means that if a subscriber pays a monthly premium of Rs. 1,000, the government will contribute an additional Rs. 500. This will increase the subscriber’s monthly pension by Rs. 250.
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The maximum annual pension under Pradhan Mantri Vaya Vandana Yojana is Rs. 1,50,000. This means that a subscriber who pays a monthly premium of Rs. 1,000 for 10 years will receive a monthly pension of Rs. 1,500 after the age of 60.
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Pradhan Mantri Vaya Vandana Yojana is a good option for senior citizens who are looking for a secure and guaranteed pension income. The scheme is guaranteed by the government and there is no risk of loss of capital. The scheme is also tax-free under Section 80C of the Income Tax Act.