SSPMIS Mukhyamantri Vridhjan Pension Yojana

SSPMIS Mukhyamantri Vridhjan Pension Yojana is a social welfare initiative by the Government of Bihar in India. This scheme aims to provide financial assistance to elderly citizens of Bihar aged 60 years and above. However, it only includes senior citizens living below the poverty line.

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Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Highlights of SSPMIS Mukhyamantri Vridhjan Pension Yojana

Feature Description
Implemented by Bihar Government
Target Beneficiary Elderly (60 years and above) below the poverty line
Aim Provide financial assistance and improve quality of life
Benefit Amount ₹400 per month (60-79 years old)
₹500 per month (80 years old and above)
Exclusions Retired government employees, recipients of other government or family pension.

Eligibility Criteria of SSPMIS Mukhyamantri Vridhjan Pension Yojana

Applicants must meet certain eligibility criteria to avail of this scheme’s benefits. Below is the eligibility criteria of the SSPMIS Mukhyamantri Vridhjan Pension Yojana:

  • Age: Must be 60 years or older.

  • Residency: Permanent resident of Bihar.

  • Income: Below Poverty Line (BPL) as per government guidelines.

  • Pension: Not receiving any other pension from government service, family pension, or social security scheme.

Features of SSPMIS Mukhyamantri Vridhjan Pension Yojana Scheme

Here are some key features of the SSPMIS Mukhyamantri Vridhjan Pension Yojana:

Features Description
Scheme name SSPMIS Mukhyamantri Vridhjan Pension Yojana
Eligibility Citizens of the State of Bihar who are 60 years and above and meet the specified criteria
Pension Amount
  • For beneficiaries aged 60 to 79 years: Rs. 400 per month
  • For beneficiaries aged 80 years and above: Rs. 500 per month
Targeted beneficiaries Elderly (60 years and above) below poverty line or disabled without any regular source of income
Application process Beneficiaries can apply online or offline through the designated government portal or concerned department
Documents required Age proof, income certificate, Aadhaar card, bank account details, etc.
Verification and approval process Applications are verified by the concerned authorities and approved based on the eligibility criteria

Benefits of SSPMIS Mukhyamantri Vridhjan Pension Yojana

SSPMIS Mukhyamantri Vridhjan Pension Yojana pension scheme offers various benefits to its policyholders. Below are some benefits of the SSPMIS Mukhyamantri Vridhjan Pension Yojana:

  • Reflects the government's commitment to social welfare and addressing the needs of the elderly citizens in the state

  • Helps the elderly maintain financial independence and improve their quality of life.

  • Offers increased monthly pension amount (₹500) for those aged 80 and above.

  • Reduces the financial burden faced by many senior citizens.

  • Offers a user-friendly application process through online and offline modes for easy access by elderly citizens

How to Apply for SSPMIS Mukhyamantri Vridhjan Pension Yojana?

Applicants can follow these steps to apply for the SSPMIS Mukhyamantri Vridhjan Pension Yojana:

  • Visit the official SSPMIS website https://www.sspmis.bihar.gov.in//

  • Click "Register for MVPY" and create an account.

    pension-for-oldage

  • Enter your details like name, date of birth, address, Aadhaar number, EPIC number, and mobile number.

  • Verify your Aadhaar with the OTP sent to your phone.

  • Proceed to the application form.

  • Fill out the form carefully with personal details, contact information, and bank account details (ensure everything matches your documents).

  • Scan and upload required documents:

    • Aadhaar Card

    • Proof of Age (Birth certificate, Voter ID, etc.)

    • Residence Proof

    • Income Certificate (if applicable)

    • Bank Account Details

    • Passport-sized photograph

  • Review all information and documents.

  • Click "Submit" to finalize your application.

How to Check the Status of SSPMIS Mukhyamantri Vridhjan Pension Yojana Account?

  • Visit the official SSPMIS website.

    pension-for-oldage

  • Look for the "Search Application Status" section (not "Register for MVPY").

  • Enter your Beneficiary ID, Aadhaar number, account number, or sanction number.

  • Complete the captcha verification.

  • Click on "Application Status" to see the status of your application.

Documents Required for SSPMIS Mukhyamantri Vridhjan Pension Yojana

The following documents are required when applying for the SSPMIS Mukhyamantri Vridhjan Pension Yojana:

  • Aadhaar card

  • Proof of identity

  • Proof of address

  • Passport size photograph

  • Bank passbook

  • Voter’s ID card

  • Birth certificate

  • Income certificate

For enrollment in the Mukhyamantri Vridhjan Pension Yojana program, applicants must provide their EPIC Card, Aadhaar consent, and bank account details with consent for Direct Benefit Transfer (DBT).

SSPMIS Bihar Contact Information

Individuals can visit the SSPMIS Bihar government’s official website to get officials' contact information. Click on the 'Contact Details' section.

You can also contact the Directorate of Social Security Social Welfare Department for technical assistance by calling the toll-free number 1800 345 6262 or emailing sspmishelp@gmail.com.

Wrapping It Up!

SSPMIS Mukhyamantri Vridhjan Pension Yojana has brought significant benefits, including financial security and improved life quality of elderly citizens. This pension plan helps elderly individuals meet basic needs like food, healthcare, and shelter through financial security.

FAQs

  • What pension amount is provided under SSPMIS Mukhyamantri Vridhjan Pension Yojana?

    The amount of pension provided under the SSPMIS Mukhyamantri Vridhjan Pension Yojana is as follows:
    • For beneficiaries aged 60 to 79 years: Rs. 400 per month

    • For beneficiaries aged 80 years and above: Rs. 500 per month

    It is typically a fixed monthly amount credited directly to the beneficiary’s bank account.

  • How can I check the status of my application?

    • Visit the SSPMIS website and look for the Search Application Status section.

    • Enter your Beneficiary ID, Aadhaar number, account number, or sanction number.

    • Complete the captcha verification and click on Application Status.

  • Is there an age limit for applying?

    There is no upper age limit for applying, but you must be 60 years old or older.
  • I am a retired government employee. Can I apply?

    No, retired government employees are not eligible for this scheme.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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