The Government of India, Under the Supervision of Our Honorable Prime Minister, has launched a new pension scheme for old age citizens will be given to citizens once he reached to 60 Years or more. The Government named this scheme as “Pradhan Mantri Vaya Vandana Yojana. This scheme is only for the Senior Citizens of the country. This scheme is operated by the biggest Insurance Group and Investment Corporation company called “Life Insurance Corporation of India”.
One Can invest up to Rs 15 Lakh under this scheme and he will get the pension amount up to Rs 10,000/- per month at the attracted rate of interest. Suppose if someone have invested Rs 15 Lakh under this scheme, after the completion of 60 years, he will get 10,000/- per month. Also he will get 8% rate of interest on the total amount means he will get the interest amount as his pension i.e total interest on Rs 15 lakh at 8% = 1,20,000. You will get Rs 10000 per month as a pension.
The best part of this scheme is that if someone wants to leave this scheme in between due to some reasons, he will be given 98% of the amount he invested under this scheme. One can also apply for a loan after the completion of 3 years under this scheme.
Eligibility Criteria to Apply Under PM Vaya Vandana Yojana:-
- Applicant must be 60 years old or more.
- Must be a citizen of India.
- One can invest maximum of Rs 15 lakh under PM Vaya Vandana Yojana.
- Must have a Bank Account.
- Applicant PAN Card
- Applicant Aadhaar Card
- Applicant Passport Size Photo.
- Visit the official website of Life Insurance Of Corporation.
- On the homepage, click on Buy Policy – PM Vaya Vandana Yojana” option.
- On the next page, choose the policy.
- A new web page will open in front of you.
- Click on Buy Online Button.
- You will be given a application form.
- Fill all the details.
- Upload the relevant documents.
- Enter the submit Button.
- In this way you can apply for PM Vaya Vandana Yojana through LIC Official website.
- Under the PM Vaya Vandana Yojana, there is no maximum entry age.
- One will get the assured pension.
- One can also apply for loan after the completion of 3 years under this scheme.
- One can get 98% of the investment amount if he/she left the policy before the maturity period.
- One can get the attracted rate of interest on his amount.