Senior citizens welfare (above 60 years) is really important which cannot be ignored. Special emphasis is laid on the economic and social security of the old age people. So Pradhan Mantri Vaya Vandana Yojana scheme was launched by the government in May 2017. It is a big relief to those retirees who are dependent on the pension for all their expenses. This scheme is launched so that income can be generated after the retirement. Also, some changes have been done to the scheme.

Also Read : Pradhan Mantri Ujjwala Yojana (PMUY) Scheme

Features

Pradhan Mantri Vaya Vandana Yojana scheme provides 8% return on the policy for its term which is ten years. The minimum limit of the investment is Rs. 1.5 lakh on the plan and the maximum limit is Rs. 15 lakh. The investment price is decided by the applicant that is invested by the applicant in buying the policy. The scheme has been extended now till March 31, 2020. The investment limit has also been increased from 7.5 lakh to 15 lakh. The period of the pension can be monthly, half-yearly quarterly or yearly according to the preference of the pensioner. At the end of each period the pensioner will be paid the pension. The return will be according to the amount invested by the pensioner, i.e. Rs.1000 or 10,000 per month. For the quarterly mode, the pension earned will be Rs.3000 to Rs.30, 000 per month and for the half-yearly basis Rs. 6000 to Rs. 60,000. The retiree can also earn revenue of Rs.12000 to 1, 20,000/- per year.

Eligibility criteria

Those interested must also check the eligibility criteria for Pradhan Mantri Vaya Vandana Yojana as then only they can get the benefits of the scheme. The following conditions must be fulfilled which are given as follows :-

  • The applicant should be an Indian citizen.
  • This is only available for the senior citizens above the 60 years of age.
  • Those who are working after the requirement are not eligible for this scheme.
  • There is no maximum age limit given for this scheme.
Policy Term10 Years
Maximum Entry Age
No Limit
Minimum Entry Age60 years (Completed)
PENSIONMONTHLY (Rs)QUARTERLY (Rs)HALF-YEARL (Rs)YEARLY (Rs)
Minimum Pension1,0003,0006,00012,000
Maximum Pension10,00030,00060,0001,20,000

Benefits

There are a lot of benefits provided to the senior citizens under Pradhan Mantri Vaya Vandana Yojana which are given as follows:-

  • Those who are eligible under this scheme are eligible for the loan of 75% of the purchase price which will be provided after three years of the pension purchased which sometimes becomes essential to meet the requirements in an emergency.
  • The interest which you will get in return depends on the purchased price.
  • Even the premature exit is also provided to the pensioner.
  • Exemption from the service tax/GST is contained in this plan. But the interest will be taxable.

Documents required

There is a need of the documents for Pradhan Mantri Vaya Vandana Yojana which the applicants should have like Aadhar card, Address proof, Passport size photo, age proof and all the documents which are required to prove that you are retired.

Thus, it is a really beneficial scheme for the senior citizens who have retired.

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