There aren’t many schemes for the senior citizens in India. Well, all this is about to change now. The Modi Govt. is back with another scheme.
The Pradhan Mantri Vaya Vandana Yojana is the topic of discussion in here. Well, this scheme is one of the best yet by PM Narendra Modi.
This scheme is for the benefit of the senior citizens. Doesn’t that sound like a noble deed, people? Well, of course, it does. The Pradhan Mantri Vaya Vandana Yojana came to launch in the 4th of May 2017.
What does it do, you might want to know? Well, this scheme provides pension income to the senior citizens. This means that those who are in the senior category will have the benefits.
The budget for this year again saw this scheme for the 2018-2019 agenda. So, it is important to know about the Pradhan Mantri Vaya Vandana Yojana. Worry not, people. You will get all the information about it in here.
Features Of The Pradhan Mantri Vaya Vandana Yojana
Here are the Pradhan Mantri Vaya Vandana Yojana 2018 features. Have a look at some of them.
- The scheme has got no certain age limits for the senior citizens
- The rate of return for this scheme is about 8-8.3% per year
- The purchase price and the maturity benefit rate is also a part of the scheme
- A premature exit is possible with the scheme
- The senior citizens will have 98% of the purchase price back
- Those who want the scheme will have to pay a certain amount
- The amount ranges from 1.5 lakh rupees to 7.5 lakh rupees
- Aadhar Card payment or NEFT can be used for the payment of the pension
Benefits Of The Pradhan Mantri Vaya Vandana Yojana
Here are the benefits of the Pradhan Mantri Vaya Vandana Yojana for Karnataka.
- The scheme gives pension benefits to the senior citizens who need it
- The pension amount can be paid for each period. It can be annually/ quarterly/ half-yearly or anything else
- There is no service tax or GST requirements for the scheme
- In case the pensioner survives the period of 10 years, the purchase price is payable
- There are loan benefits as well
- In case of a premature exit, the pensioner will have the Purchase Price back
- In case the pensioner dies during the scheme period, the beneficiary gets the Purchase Price
- The pension benefits are great for the senior citizens
Eligibility For The Pradhan Mantri Vaya Vandana Yojana
Here’s how you can be eligible for the Pradhan Mantri Vaya Vandana Yojana for Karnataka.
- There is no maximum entry age limit
- The maximum entry age limit is about 60 years and more
- The policy term is always up to 10 years
- The limit for investment is 15 lakh rupees per citizen
- The scheme is available online as well as offline for purchase
Wrapping Things Up,
The Pradhan Mantri Vaya Vandana Yojana is a great one, for sure. The senior citizens can thank PM Modi for this wonderful scheme.
For more schemes, click here.