PM Pension Yojana:- To provide pensions among the senior citizens of the country, the Government of India has created a new scheme known as PM Pension Yojana. With the help of this scheme, senior citizens up to the age of 60 years will be able to get a pension per month to meet their expenses. In this article today we will share with you all the important information related to the PM Pension Yojana 2024 such as objectives, eligibility criteria, important documents, and benefits. Also, we will share with you all the step-by-step application procedures to apply under the same scheme.
Table of Contents
About PM Pension Scheme
A new scheme has been created by the government of India to provide financial help to the senior citizens of the country. Under this scheme, the pension of Rs. 1,11,000 will be provided to senior citizens per year. The main aim of launching PM Pension Yojana is to provide financial help in order to meet their expenses after attaining the age of 60. With the help of this scheme, the senior citizens will be able to use this money to carry on their day-to-day life without being dependent on anyone.
- The main objective of launching this scheme is to make the senior citizens self independent.
- With the help of this scheme, they will be able to carry on their livelihood after attaining the age of senior citizen.
- This scheme is a social security scheme and a pension plan to provide a better future to senior citizens.
- All the interested applicants who want to apply under PM Pension Yojana will have to visit the official website of LIC.
Details Of PM Pension Yojana
The details of this scheme are as follows:-
| Name of the scheme | PM Pension Yojana 2024 |
| Launched by | The Government of India |
| Launched on | 4 May 2017 |
| Beneficiaries | Senior citizens of India |
| Age of beneficiaries | 60 years and above |
| Objective | To provide pension |
| Benefits | Senior citizens will become self-independent |
| Amount of pension in the year | Rs. 1,11,000 |
| Amount of pension in months | Rs. 1,000 |
| Mode of application | Online and offline |
| Official Website | www.licindia.in |
PM Pension Yojana Objective
As we all know that the citizens of India after attaining the age of 60 years are not able to earn their livelihood. And due to the situation, they need to stay dependent on other people and this creates a lot of problems for them to carry on their day-to-day livelihood. By keeping this in mind the Government of India has created a new scheme known as Pradhan Mantri Pension Yojana. Under this scheme, the pension will be provided to the senior citizens of India in order to carry on their day-to-day lives without worrying about any financial hurdle.
- The main objective of launching this scheme is to provide financial assistance to the senior citizen after attaining the age of 60 years.
- With the help of this scheme, the senior citizens will be able to carry on their livelihood without worrying about any financial problem.
- PM Pension Yojana will help in making the senior citizen self independent and strong.
Period Of PM Pension Yojana
To provide financial assistance as a pension to the senior citizens of the country, the government has created a new scheme known as PM Pension Yojana. The scheme is also known as PM Vaya Vandana Yojana. With the help of this scheme, the financial assistance of Rs. 1000 per month will be provided to elderly people at the crucial stage of their life. The government has created this scheme for the duration of March 2020 but now it has been extended till March 2023. All the interested elderly people who want to avail the benefit under this scheme will have to visit the official website of LIC.
- The people can easily apply while visiting the official website of LIC.
- After the successful registration, the senior citizen will be able to get the monthly pension under this scheme.
- PM Pension Yojana will help in improving the living standard of the senior citizens.
Pension Amount Under PM Pension Yojana
The pension amount under this scheme is as follows:-
| Mode of pension | Minimum pension | Maximum pension |
| Annual | Rs 12,000 | Rs 1,11,000 |
| Half-yearly | Rs 6,000 | Rs 55,500 |
| Quarterly | Rs 3,000 | Rs 27,750 |
| Monthly | Rs 1,000 | Rs 9,250 |
Responsibility Of PM Pension Yojana On LIC
As we all know, to provide the pension among the senior citizens of India the government has created a new scheme known as PM Pension Yojana. Under the scheme, the pension will be provided to elderly people in order to meet their expenses. The responsibility for the successful implementation of this scheme is entrusted to LIC by the government of India. Now the LIC is responsible for providing the pension to the people of the country. A person can invest up to a maximum of Rs. 15 lakhs in this scheme.
- To get the pension under this scheme you have to invest a lump sum amount.
- Also the senior citizens can also opt for monthly, quarterly, half yearly or yearly pension plans which are provided by Life Insurance Corporation.
Service Tax Exemption Under PM Pension Scheme
All the interested applicants who want to apply under this scheme but are not applying by thinking about the service tax and GST then can apply easily without worrying about any charges for tax as this scheme is exempted from service tax and GST. The most important thing about the PM Pension Scheme is that the senior citizens can withdraw this money ahead of time If in the case of the treatment of any serious illness of themselves or their life partner. There are no such conditions for withdrawing the amount.
- The people who are applying under PM Pension Yojana are free from paying the service tax and GST.
- They can also use this pension investment at the time of serious need without worrying about any boundations.
Loan Facility Under This Scheme
As we all know that to provide the pension among the elderly people of the country, the Government of India has created a new scheme known as PM Pension Yojana. Under the scheme monthly quarterly half yearly or early pension will be provided to the senior citizens of the country in order to meet their day-to-day expenses. With the help of this scheme, people can also avail the benefit of the loan facility. All the applicants who have registered under this scheme can take a loan after 3 years of the policy.
- The maximum loan amount cannot exceed 75% of the purchase rate provided by the LIC.
- Also the tax benefits are not included under this scheme like the other pensions of the government.
PM Pension Yojana Benefits
The benefits of this scheme are as follows:-
- The benefit of the PM Pension Yojana will be provided to the senior citizens of the country.
- All the citizens whose age is above 60 years or above can easily apply under this scheme.
- The senior citizen under this scheme will be able to get the yearly quarterly half yearly or monthly pension
- The pension of up to Rs. 1,11,000 annually will be provided to the people above 60 years of age.
- Around Rs 1000 per month will be provided to the people who are above the age of 60 years.
- The duration to apply under PM Pension Yojana was March 31st 2020 but it now has been extended till March 2023.
- People can easily join this scheme with the working age of 60 years and there is no maximum age limit under this scheme.
- People also can invest upto Rs. 15 lakhs without worrying about any problem.
- The responsibility for the successful implementation is provided to Life Insurance Corporation.
- People can invest a lumpsum amount and can opt for any of the plants such as monthly, quarterly , half yearly or yearly.
- All the interested applicants who want to avail the benefit under PM Pension Yojana will have to visit the official website of LIC.
- They can easily fill the application form with the required documents which are mentioned below.
PM Pension Yojana Features
The features of this scheme are as follows:-
- A new scheme has been created by the government of India to provide the pension facility amongst the senior citizen of the country.
- The name of this scheme is pm Pension Yojana.
- Under PM Pension Yojana, the people above the age of 60 years can get pension of up to Rs. 1,11,000 annually.
- The main aim of launching this scheme is to make the elderly people financially self-reliant at the crucial stage of their life.
- With the help of this scheme, the senior citizens will be able to get financial assistance after attaining the age of 60 years.
- This will improve the financial condition of the after leaving their jobs aur after taking the retirement.
- With the help of Pradham Mantri Pension Yojana, the senior citizens of the India will become self-reliant and self independent.
- The elderly people of the India do not need stay dependent on other people.
- The duration to apply under the scheme was 31st March 2020 but it has been extended till March 2023.
- The minimum age to apply under this scheme is 60 years as there is no maximum age limit.
- People can make the investment of maximum Rs. 15 lakhs under this scheme and will get the best return till the end of their life.
- The responsibility for the successful implementation of this scheme has been entrusted to Life Insurance Corporation.
- People can invest a lump sum amount and can opt for any of the pension plan from monthly quarterly half yearly and yearly pension
- The maximum monthly pension under this scheme is Rs. 9250 while the maximum annual pension is Rs. 1,11,000
- This scheme is free from service tax and GST.
- Also the people can withdraw the money at any time for any serious cause.
- All the interested applicants who want to avail the benefit under PM Pension Yojana will have to visit the official website of LIC.
Eligibility Criteria
The eligibility criteria under this scheme is as follows:-
- Applicant must be a permanent resident of India
- The age of the applicant should be minimum 60 years
- There is no maximum age limit
- The duration of this scheme is around 10 years
Important Documents
The important documents of this scheme are as follows:-
- Aadhar card
- Income certificate
- Date of birth certificate
- Residential certificate.
- PAN card
- Bank account passbook
- Mobile number
- Passport size photograph
Process To Apply Online For PM Pension Yojana 2023
All the interested applicants who want to apply under this scheme will have to follow the procedure given below:-
- To apply for this scheme, visit the Official Website of LIC.
- You will land on the home page
- On the homepage, click on the option of Application For PM Pension Yojana
- The application form will appear in front of you
- Enter all the details that are asked in the form.
- After entering all the details attached all your important documents.
- After touching the documents click on Submit option
- Through this you can easily apply for pm Pension Yojana
Process To Apply Offline For PM Pension Yojana
People who want to apply offline under this scheme will have to follow the procedure given below:-
- To apply offline for PM Pension Yojana you need to visit your nearest LIC branch.
- After visiting ask for PM Pension Yojana application form
- Now after getting the application form enter all the details that are asked
- After entering all the details attach all your important documents
- After attaching the documents submit the form to the same LIC branch only.
- The LIC agent will verify your application form.
- After the successful verification you will be registered under this is scheme
- india.gov.in