Pradhan Mantri Vaya Vandana Yojana LIC Plan No. 856 Apply Online, and Eligibility @licindia.in

Pradhan Mantri Vaya Vandana Yojana – LIC Plan No. 856 Apply Online, and Eligibility @licindia.in: The Central Government has started the Pradhan Mantri Vaya Vandana Yojana. All senior citizens will gain from this scheme. This scheme went into effect nationally on May 4, 2017. The Pradhan Mantri Vaya Vandana Yojana aims for all of the nation’s senior citizens who have got to the age of 60.

If they invest in the scheme, they will benefit from higher interest rates and long life. Senior citizens who choose a monthly pension under this scheme will get 8% interest for 10 years. They will get 8.3% interest for 10 years if they select the yearly pension option. Senior citizens who invest through the Pradhan Mantri Vaya Vandana Yojana will get low-interest rates. If you know more information about the Pradhan Mantri Vaya Vandana Yojana you have to read the article till the end.

Pradhan Mantri Vaya Vandana Yojana

According to the latest news and reports, Pradhan Mantri Vaya Vandana Yojana is a social security pension scheme that offers monthly pension benefits to senior citizens after they become 60. Life Insurance Corporation of India, which operates throughout all of India, is responsible for this scheme. By filling out an online form, citizens can enroll and obtain this scheme’s benefits. Over the period of the policy’s ten-year duration, it provides the beneficiary the set amount as a pension.

=After selecting the option of a monthly pension during the period of the policy’s ten-year duration, the beneficiary will get the benefit through the Pradhan Mantri Vaya Vandana Yojana at an interest rate of 8%. Additionally, the individual will earn interest if he chooses the annual pension at his convenience. Some such premium amounts will have to be paid under the Pradhan Mantri Vaya Vandana Yojana in order for senior individuals to take advantage of the pension amount. The citizens will pay Rs 156658 for the annual pension amount under this scheme over a 10-year period.

Key Highlights of Pradhan Mantri Vaya Vandana Yojana

Benefits of Pradhan Mantri Vaya Vandana Yojana

• Along with the money deposited, if the pensioner survives the 10-year insurance period, they will also receive a pension.
• In the Pradhan Mantri Vaya Vandana Yojana, individuals can also get loan assistance funds after three years.
• The eligible citizens will receive a monthly pension of Rs 9,250 after investing up to Rs 15 lakh in the scheme.
• The deposited amount will be repaid if the pensioner dies by suicide.
• If the pensioner passes away, the money that was deposited upon their death will be refunded to the nominee within ten years of the policy expiration date.

Purpose of Pradhan Mantri Vaya Vandana Yojana

The Pradhan Mantri Vaya Vandana Yojana’s main goal is to provide pensions to India’s senior citizens. They will get this pension by receiving interest on the investments they made. With the help of this scheme, the nation’s older citizens will learn how to depend on themselves instead of others as they age. Senior citizens will gain financial independence through this scheme.

Previously the maximum investment amount allowed under this scheme was seven and a half lakhs, but that limit has now been raised to Rs 15 lakhs in 2024 is finished. Through our post, candidates will be able to know all the information related to the portal, such as the advantage of registering on the portal, eligibility, key highlights, purpose, and application procedure of the Pradhan Mantri Vaya Vandana Yojana. If you want to know more details about the Pradhan Mantri Vaya Vandana Yojana then you must have to read this article till the end.

Also Check: UP Mission Rojgar Registration 2024

Eligibility of Pradhan Mantri Vaya Vandana Yojana

• The candidate must be a permanent resident of India.
• The applicant must be at least 60 years old.
• Under this scheme, there is no maximum age.
• This scheme policy period is 10 years.

Also Check: West Bengal Voter List

Required Documents to Apply for the Pradhan Mantri Vaya Vandana Yojana

• Aadhar card
• Pan card
• Age proof
• Income certificate
• Residential proof
• Passport size photo
• Bank passbook copy
• Mobile number

Also Check: e-RUPI Digital Payment

The process to Apply Online for the Pradhan Mantri Vaya Vandana Yojana

• First of all visit the official website of LIC http://licindia.gov.in/Home.
• After this, the homepage will open in front of your display screen.
• Now you must select the option of registering on the homepage.
• The application form will appear in front of your display screen.
• After that, you must enter all the necessary data into the form, including your name, address, Aadhar number, etc.
• You must upload all required documents after submitting the form and then click the submit button to finish.
• In this way, your registration will be completed.

Frequently Asked Questions