By | December 27, 2019
Vaya Vandana Yojana apply online

PM Vaya Vandana Yojana Apply Online | pradhan mantri vaya vandana yojana calculator | vay vandana yojana |


Another very fantastic scheme naming “pradhanmantri vaya vandana yojana” has been launched by the honored Pradhan Mantri Ji to benefit older people. It is a kind of pension scheme for the people where they can invest for ten years to get the benefits. The Yojana is launched with some additional death benefits for the nominee. Therefore, if you are also thinking of applying for a pension scheme and you are living in India, then it is the best scheme. The scheme was there for people for very little time, but now the dates for applications is extended till 31st March 2020.

PM Vaya Vandana Yojana Eligibility criteria to apply:

  • The individual who wants to get the benefits under this scheme has to be 60 Years old minimum. There is no maximum age- limit fixed by the government for this scheme.
  • The individual who is investing in this scheme can invest up to 15 lakh in this scheme.
  • One will get the returns on the investment after ten years, and the nominee will also get additional benefits after the death of the individual.

The procedure for applying under this Vaya Vandana scheme:-

To apply for pm vaya vandana yojana, one has to visit on the official website of Lic India to get the application form. One has to fill all the required details in the application form correctly. Please re-check all the details once to eliminate any error as the application will get rejected.

One has to attach a few documents along with the application form, so keep ready all the below-given documents while applying for the scheme.

List of documents:-

  1. Photocopy of your PAN card.
  2. Any Address proof like Adhaar Card, Passport, etc.
  3. Photocopy of the bank passbook’s first page where you want to receive the pension.

So, keep ready all the documents or get them updated before applying for the vaya vandana yojana. Without these documents, you can’t process further.

How much amount one can invest in the scheme?

It depends upon the option a person is choosing for payout. We will describe both below:

  • Onetime payment: The one who wants to invest in one time has to invest a minimum of 1, 44,578 yearly, or a maximum of 14, 45,783.

 

  • Part-payment: One can also divide the amount on a monthly or quarterly basis. In this case, one has to submit a 1.5 Lakh yearly minimum or a maximum of 15 lakh.

Therefore, one can take advantage of the scheme as per their requirements and capabilities.

One can expect the amount on premature withdrawal:

Yes, the vaya vandana scheme allows taking the money before the maturity period. But, the allowance is only given in case of an emergency like chronic disease or severe surgery. Therefore, one can take the money before the maturity period, but only 98%of the amount will be given at the time of premature withdrawal under this scheme.

Additional benefits under this scheme:
  • One can use the pradhan mantri vaya vandana yojana calculator to calculate the amount they have to pay or the return that they will get. Calculater Here
  • The individual can take the loan based on this scheme but after the successful payout of 3 years of investment. The loan amount could be 75% more than the purchase price of the scheme.

Therefore, this is a perfect scheme for the old-aged people to get the best benefits in their bad times. One can get all the necessary details from the official website of the Yojana. The one notable thing is that the government is providing no tax benefits like other pension schemes offers. But a single thing can be neglected when there are so many benefits for the beneficiary.

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