What is the Pradhan Mantri Vaya Vandana Yojana

1. What is the Pradhan Mantri Vaya Vandana Yojana?
2. Key Features of the Scheme
3. Benefits offered
4. Eligibility Conditions for Pradhan Mantri Vaya Vandana
5. How does it work?
6. Alternatives to Pradhan Mantri Vaya Vandana Scheme
7. Conclusion

Pradhan Mantri Vaya Vandana Eligibility Conditions: Who is Eligible for the Scheme?

Are you a senior citizen looking for a reliable source of regular income? If so, then the Pradhan Mantri Vaya Vandana Yojana scheme might just be the solution you need! But before jumping in, it’s important to know if you meet the eligibility criteria. In this post, we’ll break down everything you need to know about the scheme and who exactly is eligible. So sit back, relax and let us guide you through all the details!

What is the Pradhan Mantri Vaya Vandana Yojana?

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a scheme that provides an assured return of 8% per annum for 10 years to senior citizens aged 60 years and above. The scheme can be purchased from any LIC office or agent, and can be done so either offline or online. The scheme is backed by the Government of India, and thus, is a safe investment option for senior citizens.

Eligibility Conditions:

-The applicant must be a resident Indian citizen.

-The age limit is 60 years and above.

-The minimum investment amount is Rs 1,50,000, while the maximum investment amount is Rs 15,00,000.

-The policy term is 10 years.

-The policy cannot be surrendered or assigned during the policy term.

Key Features of the Scheme

The Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens. It was launched in May 2017 and is currently open to new subscribers. The scheme offers an assured return of 8% per annum for a period of 10 years. The minimum investment is Rs 1,50,000 and the maximum investment is Rs 15,00,000. Senior citizens aged 60 years and above are eligible to invest in the scheme.

Benefits offered

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens aged 60 years and above. It offers an assured return of 8% per annum for 10 years. The minimum investment under the scheme is Rs 1,50,000 and the maximum investment is Rs 15,00,000.

The scheme provides an income of Rs 1,000 per month to the pensioner. In case of death of the pensioner during the policy term, the nominee will receive the purchase price along with interest.

The scheme is open to all Indian citizens aged 60 years and above. The investor can be either an individual or a joint holder with his/her spouse.

Eligibility Conditions for Pradhan Mantri Vaya Vandana

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens aged 60 years and above. It was launched on 4th May, 2017 by the Ministry of Finance. The scheme is administered by the Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum for 10 years. The minimum investment is Rs. 1,50,000 and the maximum investment is Rs. 15,00,000. The maturity value is paid after 10 years at the end of the policy term.

To be eligible for PMVVY, an individual must:

– Be a citizen of India

– Be aged 60 years or above

– Have a valid PAN card

How does it work?

Alternatives to Pradhan Mantri Vaya Vandana Scheme

Conclusion