PMVVY (LIC Policy) Pension Online Application Form / Interest Rate / Details PDF Download
The central government has launched this scheme for the senior citizens of India. The senors citizens will get the pension amount every month. The senior citizen of India will get almost fix the amount of money. The money is given to senior citizens as a part of the interest in their investment.
The senior citizen will have to invest in this scheme, and after that, the government will give the interest to the person. The government will ensure that the senior citizen will get the proper amount of interest every month. The government of India has contained various departments.
About Pradhan Mantri Vaya Vandana Yojana (LIC Policy) PEnsion scheme:
As we know that this scheme is a pension scheme, and this scheme will not apply to the senior citizen of the nation. A person will belong to senior citizens if they attain 58 years or 60 years.
However, the government will give more percentage of interest under this scheme to the person. After some age, the ability of a person will be decreased. They can not work more for earning. In this situation, the person can make the investment in this scheme to get the monthly interest as a part of their salary.
When a person’s ability decreases and they have to leave the job after some age, they can invest in the monthly interest government scheme. They can get a pension throughout their life.
However, the Life Insurance Cooperation, which is the most profitable organization of government, will handle all the procedures of this scheme. That means the LIC India runs this scheme.
This scheme is under the finance department of the government. The senior citizen person can make their investment in this scheme through an online mode. The government will make available the online application form for this scheme at an online website that is www.licindia.in.
Under this scheme, the government will give almost 7.4% interest to the pensioner. In this scheme, the pensioner will get more interest than other schemes. The government has set more rate of interest in this scheme so that the pensioner will encourage to invest in this scheme.
For the investment under this scheme, the government has set a date for investment that is 31 March 2020. But due to the CORONA pandemic, the government of India has extended the date to 31 March 2023.
To this date, the person can invest in the scheme to get the monthly pension at hight interest. The pensioner can invest their money until 10 years. That means the life span of the scheme is 10 years.
If an investor invests money in the scheme, then for 10 years, they will get the interest. After 10 years, the pensioner will get their original amount return.
Procedure for Apply in the scheme:
However, the government has made some changes to the scheme. According to new changes, the government will decide the interest rate at the starting of every financial year.
To invest money in this scheme, the pensioner has to fill the application form of the scheme. As we know that this scheme handle by the government organization LIC, then the application form of the Pradhan Mantri Vaya Vandana Yojana on the site of LIC India.
After following the below step, the pensioner will able to make the investment in the scheme.
- As the LIC India handles this scheme, the person can visit the LIC site and download the application form.
- On LIC’s official website, the person has to click on the “buy now” tab under the LIC plan 856.
- On the next page of the site, the persona has to click on the ‘click to buy online’ tab.
- When the person selects on the tab, the LICPMVVY application form will open. The person has to fill all the information about them in the form.
- When you submit your form, an OTP will send to the registered mobile number.
- After entering the OTP, the person will able to make the payment of the scheme. The person can do invest in this scheme. You have to give you Aadhaar information on the site. After that, the person will able to get a pension every month.