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Pradhan Mantri Vaya Vandana Yojana is a type of pension scheme announced by the Government of India for senior citizens above 60 years and is operated by the Life Insurance Corporation (LIC). This scheme aims to offer financial support to senior citizens by providing them with regular pensions when there is a fall in interest rates. The plan was started from 4th May 2017 to 31st March 2020, which is now further extended up to 31st March 2023.
Now that you know what is Pradhan Mantri Vaya Vandana Yojana, let’s dig deeper to understand the PMVVY scheme details.
Keep scrolling through to know the details of benefits that the policyholder gets under this government scheme:
Before applying for the PMVVY scheme, you need to check the following eligibility criteria:
While deciding the pension ceiling, the entire family is considered.
Here are the necessary documents one must submit before enrolling on Pradhan Mantri Vaya Vandana Yojana -
Are you wondering how does Pradhan Mantri Vaya Vandana Yojana work?
Keep scrolling through the blog.
One can apply for Pradhan Mantri Vaya Vandana Yojana via online and offline modes. To apply for this scheme, you need to follow the below-mentioned steps:
Under the Pradhan Mantri Vaya Vandana Yojana, the pension can be made monthly, quarterly, half-yearly or annually according to the policyholder’s preference. The payment for the retirement can be made via Aadhaar Enabled Payment System or National Electronics Fund Transfer (NEFT).
Under the PMVVY scheme, the policyholder can invest in an amount of up to ₹1.5 lakhs. This limit applies to the primary investor. To avail of the return of ₹1,000 per month from the scheme, you must have a minimum investment of ₹1.5 lakhs.
PMVVY is a risk-free investment option for senior citizens above the age of 60 years. The pension from this scheme acts as a regular source of income to support the financial needs of retired individuals. However, one must have sufficient liquid funds to invest in this scheme.