Question 1

Do taxes apply to the Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

Accepted Answer

Answer-In accordance with section 80C of the Income Tax Act, the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme does not offer a tax deduction benefit. The scheme's profits will be taxed in accordance with current tax regulations. The plan is not subject to the Goods and Services Tax (GST).

Question 2

Any senior can access SCSS, right?

Accepted Answer

Answer-A savings option available to people over 60 is the Senior Citizens Savings Scheme (SCSS), which is endorsed by the government. Five years are required for SCSS to reach maturity. A person must be at least 60 years old to open a SCSS account.

Question 3

What is the PMVVY (Pradhan Mantri Vaya Vandana Yojana) pension plan?

Accepted Answer

Answer-Only the Life Insurance Corporation (LIC) of India offers the PMVVY scheme. The pension payout is guaranteed under the plan for 10 years at a given rate. Additionally, it provides the nominee with a death benefit in the form of a refund of the purchase price.

Question 4

What paperwork must be provided in order to participate in the PMVVY programme?

Accepted Answer

Answer-The following is a list of the documents that must be supplied in order to participate in the scheme:

Card with a permanent account number (PAN). A passport or Aadhaar card can be used as proof of address. The first page of the bank passbook or a copy of the check leaf must be given. That account will receive credit for the pension.

Question 5

Can a husband and wife both purchase PMVVY shares?

Accepted Answer

Answer-Yes. The maximum investment cap has been adjusted under the new PMVVY from being per family to being per citizen every year. This indicates that a senior individual may purchase the policy for a maximum of Rs. 15 lakh. Therefore, if they are senior people, the husband and wife can each deposit Rs. 15 lakh.

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