If you’re married and seeking to take advantage of a highly advantageous government pension scheme, this article is a must-read for you.
Today, we’ll introduce you to a pension scheme designed exclusively for married individuals, particularly senior citizens.
Introducing PM Vaya Vandana Yojana
In collaboration with LIC, the Government of India has launched this scheme.
Under PM Vaya Vandana Yojana, any citizen can invest up to Rs. 1,500,000.
Upon reaching the age of 60, the invested amount is returned as a pension.
The government aims to bolster the financial well-being of elderly citizens through this initiative.
Objectives of PM Vaya Vandana Yojana
The primary goal of this scheme is to provide pensions to all elderly Indian citizens.
Citizens invest in this scheme and earn interest, which is then disbursed to them as a pension.
The scheme aims to promote self-sufficiency and empowerment among the elderly population.
Features and Benefits
1) Investment-based scheme, not a savings scheme.
2) Monthly pension is provided after reaching 60 years of age.
3) The monthly pension ranges from ₹1,000 to ₹9,250.
4) Maximum investment allowed is ₹1,500,000.
5) No GST or taxes are applicable to the investments or returns.
6) Tax exemption is granted under this scheme.
Eligibility Criteria
1) Only permanent residents of India can avail the scheme.
2) Minimum age requirement is 60 years.
3) There is no upper age limit for participation.
4) The policy duration is 10 years.
5) Required Documents
To apply for the scheme, you need the following documents:
1) Aadhar card
2) PAN card
3) Proof of age
4) Income details
5) Proof of residence
6) Bank account passbook
7) Mobile number
8) Passport-sized photograph
Applying for PM Vaya Vandana Yojana Online
To apply for the government’s PM Vaya Vandana Yojana online, follow these steps:
1) Visit the official LIC website.
2) Log in to the homepage and click on the Customer Portal option.
3) On the new page, select the “Don’t Have An Account? Sign Up” option.
4) Fill out the registration form with accurate information, including your Aadhaar number and address.
5) Upload scanned copies of the required documents, along with your passport-sized photograph and signature.
6) Review the entered details and submit the form.
7) Once registered, you’ll receive a user ID and password.
Applying for PM Vaya Vandana Yojana Offline
To apply offline, follow these steps:
1) Visit your nearest LIC branch.
2) Inform them about your intent to apply and invest in Pradhan Mantri Vaya Vandana Yojana.
3) Obtain an application form, which will require various details from you.
4) Fill out the application form and attach self-attested photocopies of the required documents.
5) Submit the completed application form at the LIC branch.
