Page 43 - NIS English 16-31 July 2022

PM Vaya Vandana Yojana Flagship Scheme
Highlights of the scheme

In this scheme, one has to make a CONTACT HERE FOR MORE
one-time investment for a pension. INFORMATION
Beneficiaries can opt for monthly, You can call 022-67819281 or 022-67819290. Toll-
quarterly, half-yearly, or yearly pensions. free number 1800-227-717 and email id-onlinedmc@
The difference between the income licindia.com website https://eterm.licindia.in/
generated by LIC and the guaranteed
return will be paid by the Government of onlinePlansIndex/pmvvymain.do
India as a subsidy on an annual basis. HOW TO INVEST DOCUMENTS

If you want a lump sum pension of Rs AND WHAT ARE REQUIRED
12,000 per annum then you have to invest THE NECESSARY Aadhaar Card, PAN
Rs 1,56,658 whereas if you want to get DOCUMENTS Card, Birth Certificate,
a monthly pension of Rs 1000 then you Address Proof, Bank
have to invest Rs 1,62,162. You can apply for Vaya Account Passbook,
The maximum investment is Rs. 15 lakhs Vandana Yojana both Passport Size Photo of
and the maximum pension is Rs. 9,250 online and offline. You the applicant, and his
/ - per month per senior citizen. That is, can apply online on LIC's
if there are two senior citizens, both of website while to apply verified paper if he has
them can invest Rs 15 lakh. offline you have to go to retired from
If the investor survives even after the any branch of LIC. any job.
policy term of 10 years, he will get back
the amount invested along with the final IF YOU DON'T LIKE THE PLAN, YOU CAN RETURN IT
installment of the pension. After purchasing Pradhan Mantri Vaya Vandana Yojana,
If an investor dies during the term of if you do not like it whether it's terms and conditions or
the policy, his nominee will get back the pension amount, or any other provisions then you can
full investment amount. However, for return it. You can return the scheme within 15 days if you
this, within 90 days of the death, LIC has have joined offline or within 30 days in case you have
to be informed about the death of the joined online. The money in your account will be refunded
investor pensioner along with the death
certificate. after deducting some charges

of the Central Government is operated by Life interest rate. This interest rate is 7.4% per annum in
Insurance Corporation of India (LIC) in which Life the current financial year. So on choosing the option
Insurance Corporation has been given a government of annual pension, senior citizens get a return of
guarantee. It provides social security to protect 7.66% per annum. It is said in the scriptures-
the interest income of the elderly aged 60 years That is, the
and above in the volatile market. The provision of victors do not give up when disaster strikes, but
income security for senior citizens has been made venture, work hard and conquer the situation. When
in it through guaranteeing pension/income on a we make a resolution for society, then society itself
certain contribution. gives us strength for its fulfillment. From time
THE DATE OF JOINING THE SCHEME HAS BEEN immemorial, the collective power of society in India
EXTENDED TWICE has been relied upon. It has been a part of our social
The Government announced Pradhan Mantri tradition for a long time. When society does
Vaya Vandana Yojana which was available from something together, the desired results are achieved.
May 4, 2017, to May 3, 2018, and was extended for Provisions have been made for the care of the
the first time till March 31, 2020. The government elderly, their respect, and their economic status.
has extended the date for joining the scheme for the Let's help these schemes to reach the eligible
second time till March 31, 2023, to cover more senior beneficiaries so that the elderly do not have to
citizens. Every year there is some change in the depend on others for their needs.

New India Samachar July 16-31, 2022 41