he Union Cabinet has recently approved extension of PMVVY or Pradhan Mantri Vaya Vandana Yojana up to 31 March 2023 for a further period of 3 years – beyond 31 March 2020. Earlier, the last date of Pradhan Mantri Vaya Vandana Yojana was 31 March 2020, and the extension was not provided to it. But now, the last date to invest in this pension yojana is 31 March 2023.
According to the tweet of the DG, Press Information Bureau (PIB), the extension of Pradhan Mantri Vaya Vandana Yojana will enable old age income security as well as welfare of senior citizens. PMVVY extension will help the senior citizens as the entry age in this pension scheme is 60 years. In a falling interest rate scenario, a fixed return of around 8% with high safety of capital is what PMVVY offers its investors. To invest in Pradhan Mantri Vaya Vandana Yojana, a person will have to approach the LIC as it is the only institution allowed by the government to offer the plan.
What is PMVVY
Pradhan Mantri Vaya Vandana Yojana is a pension plan for the senior citizens of India, which is managed and run by Life Insurance Corporation (LIC). The scheme provides an assured return of 8 percent per annum payable monthly (equivalent to 8.3 percent/ annum) for ten years.
PMVVY: Important Documents Required for the Scheme
Below we have mentioned all the necessary documents that is required for enrolling into Pradhan Mantri Vaya Vandana Yojana;
- Aadhaar Card
- Proof of Residence
- Proof of Age
- Passport size photographs of the applicant
- Relevant Document or Declaration to show retired status of the applicant
PMVVY: Application Process
PMVVY Offline Process:
- Application forms can be collected from any LIC branch
- Fill in the form properly
- Attach all the important documents after self-attesting them
- Finally submit it at any LIC branch
PMVVY Online Process:
- Go to the LIC website
- Click on the link that reads “Products”
- Look for “Pension Plans” & proceed
- Fill the application form
- Submit the form with required document