The Pradhan Mantri Vaya Vandana Yojana scheme is one of the social security schemes that is launched by the Government of India for the senior citizens of the country. This scheme is preferred by those who are planning and managing their retirement future. PMVVY was available from 4th May 2017 to 31st March 2020. The main aim behind the announcement of the PMVVY was to provide senior citizens who are above the age of 60 years with a regular pension. Notably, now the Pradhan Mantri Vaya Vandana Yojana scheme has been extended up to 31st March 2023. Furthermore, this scheme can be bought from the Life Insurance Corporation (LIC) of India in both online and offline modes.
Since the Pradhan Mantri Vaya Vandana Yojana scheme was launched for senior citizens not everyone can apply for this scheme. There is a certain eligibility criterion that one must fulfill to invest in this scheme.
The Pradhan Mantri Vaya Vandana Yojana is a widely entrusted scheme that not only provides pensions to senior citizens but also encourages social security among them. The minimum pension that is offered under this scheme is Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half-year, and Rs.12,000 per year. On the other hand, the maximum pension that is offered under this scheme is Rs. 9,250 per month, Rs. 27,750 per quarter, Rs. 55,500 per half-year, and Rs. 1,11,000 per year.
The Pradhan Mantri Vaya Vandana Yojana is an investment instrument for senior citizens so that they can have a secure future after retirement. This scheme does not provide any kind of tax benefits to the investors. Furthermore, the returns which are received under this scheme are taxable. It has to be noted that this scheme is exempted from GST.
If you are planning for your finances after retirement and looking to invest at a safe platform, then Pradhan Mantri Vaya Vandana Yojana is a scheme you must explore. This scheme offers a host of benefits for Senior citizens who seek low-risk and high returns on their investments. Apply for this scheme now to get your post-retirement innings secured.