You can download the Pradhan Mantri Vaya Vandana Yojana (PMVVY) Form – LIC Plan 856 PDF for free by using the direct link provided below on the page.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) Form – LIC Plan 856 PDF
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension plan is a government-backed scheme that aims to provide financial security and a regular income source for senior citizens aged 60 years and above. This pension plan, offered by LIC under Plan 856, allows individuals to secure their future by investing a lump sum amount. One of the convenient features of the PMVVY scheme is that interested individuals can easily purchase the LIC PM Vaya Vandana Yojana plan online through the official LIC website at licindia.in. This online availability simplifies the process for potential subscribers, making it more accessible and user-friendly.
When it comes to eligibility criteria for the PMVVY scheme, there are certain key requirements that individuals need to fulfill to participate in the plan. Firstly, the subscriber must be a senior citizen, aged 60 years or above, highlighting the scheme’s focus on providing financial assistance to the elderly population in India. Additionally, the applicant must be an Indian citizen, ensuring that the benefits of the scheme are directed towards residents of the country.
Unlike some other pension plans, the PMVVY scheme does not have a maximum entry age restriction, allowing individuals of all ages above 60 to enroll and benefit from the scheme’s provisions. This inclusivity ensures that a wide range of senior citizens can take advantage of the financial security offered by the plan.
Individuals interested in enrolling in the PMVVY scheme must commit to a policy term of ten years. This long-term commitment reflects the stability and reliability of the scheme, providing subscribers with a consistent source of income over an extended period. In terms of the financial aspects of the PMVVY scheme, there are specific purchase price ranges that individuals need to consider. The minimum purchase price for the scheme is set at Rs 1.5 lakh, making it accessible to a broader segment of the senior citizen population.
This affordability factor enables more individuals to secure a reliable pension plan for their retirement years. On the other hand, the scheme also caters to individuals looking to make higher investments by offering a maximum purchase price of Rs 15 lakh. This flexibility allows subscribers to choose a purchase price that aligns with their financial capabilities and retirement goals. Additionally, the scheme provides a range of monthly pension options.
Pradhan Mantri Vaya Vandana Yojana Form (Documents Required)
- Aadhaar card
- Proof of age
- Proof of address
- Passport size photo of the applicant
- Documents indicating that the applicant has retired from employment