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PMVVY – Pradhan Mantri Vaya Vandana Yojana – Extension and Changes

Shitanshu Kapadia
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PMVVY – Pradhan Mantri Vaya Vandana Yojana – Extension and Changes

PMVVY – Pradhan Mantri Vaya Vandana Yojana is a unique scheme for the senior citizen of India. It is a pension scheme for those who are above 60 years of age. PMVVY – Pradhan Mantri Vaya Vandana Yojana was launched in 2017. The offer period of the scheme was getting expired in March 2020, but recently the extension of this scheme is announced. Now senior citizens can invest in this scheme up to 31st March 2023. Let’s take a look at PMVVY – Pradhan Mantri Vaya Vandana Yojana Key features and changes made recently.

What is Pradhan Mantri Vaya Vandan Yojana – PMVVY?

PMVVY or Pradhan Mantri Vaya Vandana Yojana is a pension scheme launched by the government of India for the senior citizen. The objective of the scheme is to support senior citizens by means of monthly pension.

Key Features & Eligibility – PMVVY

Assured Pension Payment – Senior citizens will get assured pension as per the option selected at the time of purchasing. This benefit is extended for the fixed period with a maximum tenure of 10 years.

Returns on the Investment – This scheme provides good returns to the investor. The return is in the range of 7-8% per annum. The return payout is assured as long as the policy is in force.

Periodic Payout Options – One can select monthly, quarterly, half-yearly or annual pension payout options. The selection can be done as per the financial requirements.

Multiple Benefits – PMVVY comes with maturity benefits as well as death benefits. The benefits are applicable during the tenure of the policy.

Free Look Period – This plan comes with free look period of 30 days. After purchasing plan if you feel that plan is not suitable or not as per your requirement you can return the policy within 30 days. You need to mention the reason for objection while returning policy.

Loan Facility – You can also avail loan facility on PMVVY. The loan facility is extended only after 3 successful policy years. The maximum allowed loan amount is 75% of the purchase amount.

Eligibility 

  • Minimum Entry Age- 60 years (completed)
  • Maximum Entry Age – No limit
  • Policy Tenure – 10 years
  • Investment Limit – Rs 15 Lakh per senior citizen

Minimum Pension

  • Rs. 1,000/- per month
  • Rs. 3,000/- per quarter
  • Rs.6,000/- per half-year
  • Rs.12,000/- per year.

Maximum Pension

  • Rs. 12,000/- per month
  • Rs. 30,000/- per quarter
  • Rs. 60,000/- per half-year
  • Rs. 1,20,000/- per year

Pradhan Mantri Vaya Vandana Yojana - PMVVY

Benefits of PMVVY

The benefits of this plan are as below.

# Throughout the policy period

As a pensioner, you will receive the monthly, quarterly, half-yearly or yearly pension as per selected option at the time of purchase.

# Maturity Benefits

If you survive the policy term, you will get the purchase price as well as the final installment payment as maturity benefit.

# Death Benefits

On the death of the pensioner/policyholder during the policy term, the Purchase Price will be given back to the nominee or legal heirs.

How to purchase Pradhan Mantri Vaya Vandan Yojana Policy?

One can purchase Pradhan Mantri Vaya Vandan Yojana Policy offline as well as online. This policy is sold by LIC. In order to purchase this policy, you need to visit the nearest LIC branch or log on to the official website of LIC to purchase this scheme. You need to submit the application form along with the required documents and premium amount.

The essential documents required for buying this policy is PAN card, Aadhaar card, and bank details where you want to draw the pension amount.

Changes made in PMVVY

#1 PMVVY extension up to 31st March 2023 

The PMVVY scheme is extended for 3 years. This scheme was about to end on 31st March 2020. Now the government has extended date up to 31st March 2023.

#2 Change in Interest Rate

The rate of interest for this scheme was 8% in FY 2019-20. For the FY 2020-21, the new rate of interest for this scheme would be 7.4%.

#3 Minimum Investment required is changed 

The minimum investment required for PMVVY was Rs.1,44,578 for the maximum yearly pension of Rs.12000. Now the minimum investment amount is revised to Rs.1,56,658 for the yearly pension of Rs.12000. The change is due to a change in the interest rate applicable to this scheme. ( From 8% to 7.4%)

#4 A new rule of change in Interest rate yearly basis 

A new rule of change in interest rate is announced. Now the government will announce an interest rate on a yearly basis. The new rule is applicable only to the new policyholders. This means if you are holding old policy you will be able to enjoy a fixed interest rate declared at the time of purchasing a policy. The new rate of interest will be applicable from the 1st April of every financial year.

#5 Linking of Interest rate with SCSS

The interest rate of PMVVY is now linked with SCSS (Senior citizen saving scheme). This means the rate will be announced along with the SCSS rate announcement upto a ceiling of 7.75% with a fresh appraisal of the scheme on breach of this threshold at any point.

My Views 

The extension of this policy for the 3 years is a very good move by the government. However, a change in interest rate every year may not be a good idea for this scheme. Earlier this scheme was somewhat lucrative as the interest rate was fix and higher. But, now as the interest rate will be announced every year the scheme may lose popularity.

What is your take on the changes announced by the government?

Do share your views in the comment section given below.

5 Online Resume Builder Websites – Review & Features

Shitanshu Kapadia
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0
5 Online Resume Builder Websites – Review & Features

Online Resume Builder – Resume and Curriculum vitae (CV) are well-known words when it comes to searching for new jobs. When it comes to applying for a job you need to submit or showcase your resume. Your resume is the first impression to the employer. It does not matter how qualified you are, or how much experience you have – If your resume is not proper or poorly presented and badly written, your chance of getting a job or clearing interview is very less. So, it is but obvious that you need to be cautious while making your resume. The resume mainly includes detail of your education, experience, achievement, and many more details. If you are experienced you can make a resume on your own. However, if you don’t know how to prepare your resume, it is good to look at Online Resume Builder websites. To help you here is a list of 5 Best Free Online Resume Builder Websites.

Online Resume Builder

Also Read – 11 Best Jobs Site in India – Find Best Jobs

How to use resume builder?

Resume builder is like an online resume template where you need to fill up the information and your resume is build automatically. Steps to build your resume online using the resume builder are given below.

  1. Find our best resume builder. You can use the list of resume builder given in this post.
  2. Keep all information handy such as your credential, work experience, skill set, achievements, job description, etc.
  3. Open the resume builder and start entering information in the builder such as education, experience, etc.
  4. Your resume will be automatically prepared online. Once it is made go through resume and optimize as per your need.
  5. Find out an option to export a resume in PDF or word format.

Now, let’s take a look at few popular and free online resume builders websites. 

5 Online Resume Builder Websites – Review & Features 

Zety

Zety is free and easy to use online resume builder. You can use this online resume maker to build your resume fast and easily. Zety offers 18 different templates. The templates are professional, elegant, and creative. You can change color, fonts as well as change resume format. You can make functional, reverse-chronological, or combination resume. You need not use MS word while formating. The online system takes care of auto formating. This website also offers cover letter building facility. The resume builder offers easy to use steps. You just need to provide experience detail and select a template. You can build a resume from scratch or you can use your existing resume also. You can download your resume and use it for getting a job.

Zety Pros

  • Focus on resume content as well as design.
  • Detail example about what to write in which section.
  • Provides multiple readymade templates for making a resume.

Zety Cons

  • The pricing is not transparent.

Zety Cost 

  • Freemium (try before you buy, pay when satisfied with the results)
  • 14-day full access—$2.7
  • Monthly plan—$5.95
  • Yearly access—$71.40

Novoresume

Novoresume is one of the best free online resume builder website. Novoresume offers 8 different professional resume templates with different layout and sections. You just need to click on the resume template and you can create your own resume. You need to register on this site for making your resume. On registration, you will be redirected to your resume page. Here you need to provide information such as education, skill, experience, project and other information. Your resume will be built automatically based on the information provided by you. You can change the resume as well as change layout and section of your resume.

The basic free login will allow you to build only one-page resume. In order to download resume you need to go for premium account.

Novoresume Pros

  • Templates Suited to Your Exact Needs
  • Live feedback offered to improve your content
  • Offers free cover letters and resume samples
  • All kinds of templates that suits your need
  • No Setup Fees

Novoresume Cons 

  • You need to pay money for downloading resume
  • Customer support is weak and require improvement

Novoresume Cost

The Novoresume premium has three different plans. The costing of each plan is given below.

  • $16/month for monthly plan
  • $9.99/month for three-month plan
  • $6.99/month for annual plan

Kickresume 

Kickresume offers one of the best resume builder. It is easy to use and trusted platform by top employers in the world. You can find more than 50 readymade resume templates on this site. It is claimed that you can create a standout resume and cover letters using this website. You can also get free resume samples, tips tricks, free e-book and expert advice for job searching. In short, it is all in one portal which assists in the job search process. Once your resume is prepared you can store it on the cloud offered by the website. This will enable you to access your resume and cover letters from anywhere.

You need to create an account on this website. You can use Gmail, Facebook or Linkedin account for the creation of the account.

Kickresume Pros

  • Provide 500+ readymade resume templates
  • Pre-written phrases that can be used for making a resume & cover letter.
  • Grammar correction and proofreading available.
  • Free access to resources such as tips, tricks, expert advice and e-books.
  • Facility to create a personalized website with a click of a button.
  • Multiple language support

Kickresume Cons

  • Limited option while making a free resume.
  • Resume templates are too vibrant and may not be useful for all types of jobs. 

Kickresume Cost

  • Freemium: available
  • 6 Months Free Premium for students and teachers
  • Rs.690 Per month & Rs.341 Per month for the yearly plan. 

CV Maker

Cvmaker allows you to create a professional resume free of cost. CV maker is made for creating curriculum vitae which is different from a resume. However, on CVmaker both these terms are used interchangeably. The resume builder free tool of CV maker is very basic where you need to provide experience, education, reference etc. In the premium version you can make use of the available template also.

CV Maker Pros

  • It is a free tool with limited but required features.
  • The premium plan for this tool is the cheapest in the industry.
  • Multi-language support available for this tool.

CV Maker Cons

  • The resume builder tool is very basic and may not work for you.
  • Less number of templates available under this tool.

CV Maker Cost

  • Basic version is free with basic templates.
  • Premium version cost is $16 per year.

Resume.com

Resume.com is one of the best online resume builders. It is a free resume builder and affiliated to indeed.com. You will find 24 different templates consisting of various colors, formats, and designs. On selection of template, you need to enter information about yourself including your education, education history, contact details etc. Once you input the details you need to select the template and select font size, style, and spacing. Once you are done with the selection you need to just press save button. You can take a print out and make use of your resume.

Resume.com Pros

  • Tool is completely free and can be used by anyone.
  • You can get career advice, resume sample and cover letter on this site.
  • You can search job and apply for job on this site.

Resume.com Cons

  • Template design is limited and can be improved.
  • You will be redirected to indeed on the creation of resume. 

Resume.com Cost

  • 100% Free 

Over to you –

Do you use an online resume builder for making your resume online?

Do you find an online resume builder useful? If yes, do share your experience in the comment section given below.

Top 5 Learning Apps for Business in 2025

Shitanshu Kapadia
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0
Top 5 Learning Apps for Business in 2025

Learning Apps for Business – Improving skills and educating yourself is extremely important nowadays. You can grow your business and become successful by enhancing the skills of your employees and yourself. One of the simplest ways to improve your skill and enhance knowledge is via learning apps. There are multiple e-learning apps available online. You can download the learning app and get started. Some of the learning apps are free where some are paid.

You need to select a learning app carefully considering training content, applicable fee, and quality. Here is a list of best learning apps that you can download and use to enhance your business acumen.

top learning apps business

Top 5 Learning Apps for Business

#1 Skillpill

Skillpill is one of the best learning apps for business. Skillpill offers animated learning on the go. You just need to download the Skillpill app and start using it. You will get content videos on various topics such as leadership, communication, managing business etc. You require an account to use this app. You can get push notification at every learning points. This app is fully responsive and can be used on mobile as well as tablet. This app also provides the facility to delegate course to someone.

Key Features of Skillpill 

  • This app allows personalization.
  • Learning diary to maintain the progress of learning.
  • Access to the learning community.
  • Auto reminder facility for learning.
  • Available on multiple platforms.

Also Read – 10 Best Online Courses & Learning Platforms to explore during lockdown

#2 Moodle

Moodle is a well-known name when it comes to learning and training. You can use Moodle App across the devices for training and learning. You can get a lot of new training material on this app. It also contains quizzes to enhance and recheck your knowledge.

Key Features of Moodle

  • Engage users with Push Notifications.
  • You can also use this app offline for training content.
  • The content visible on the screen is mobile friendly.
  • You can do a rebranding of App for enterprise usage.
  • You can check learner engagement analytics via dashboard.

#3 iTunes U

iTunes U is a big learning resource that offers free educational content that users can download straight to their computer, iPad, iPod, and iPhone. This app offers content on various topics including business management, science, and technology. You can also get video content on this app.

Key Features of iTune U

  • Audio and Video training content from leading universities.
  • You can search, download, and play educational content.
  • Instructors and Student Sections.
  • Assignment and feedback session for end users.
  • Facility to submit the assignment to the instructor.
  • Group Discussion and classroom session facility.
  • Ask questions to the instructor one of one.

#4 Udmey 

Udmey is one of the best learning and training app. This app contains video courses by expert instructors. You can learn a lot of things on this app. There are training courses on more than 2000 topics on this app. Udemy has both free and paid courses within your budget. Once you’ve enrolled in a course, you’ll have lifetime access to the content.

Key Features of Udmey

  • High-quality course content
  • Wide range of course offerings.
  • Viewable on all connected devices.
  • Lifetime access to the enrolled courses.
  • Certificate of completion of course
  • Instructor and student feedback session.

#5 Lynda

Lynda is famous as an online training video app. It is an app by Linkedin that provides a personalized learning experience. You can learn on various business-related topics such as leadership, communication skills, finance, marketing using this app. It is a subscription-based app.

Key Features of Lynda

  • New Course addition every week.
  • Top Quality Video Content.
  • Save and Prioritize Courses.
  • Searchable Transcripts.
  • Certificate of Completion.
  • Professional Instructors with a lot of expertise.

Over to you 

I hope I have covered all your favorite learning app for business. If your favorite application is not listed above, you can share details in the comment section given below or send it on our tweeter handle.

Credit Card Autopay facility for Credit Card Bills – Should you use it?

Shitanshu Kapadia
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0
Credit Card Autopay facility for Credit Card Bills – Should you use it?

Credit Card Autopay facility – Forgetting credit card bill payment will cost you lot of money. If you have tendency to forget your credit card bills you should set up Autopay facility. Autopay credit card bill facility save you from late payment fees, higher interest rate as penalty. It will also save you from negative effect in credit score.

Let us try to understand this by example. Recently I came across one case where my friend forgot to pay hefty credit card dues. His credit card bill of roughly Rs.40000 was due and he forgot to pay it. After due date was over he again got reminder email. His total due amount after calculating interest and GST charge was Rs.41730. He again missed payment of credit card and next month he received credit card bill of Rs.45700 along with interest rate and penalty. Due to his nature of forgetting bill payment he ended up paying Rs.5700 extra. At later stage, he setup auto pay bill facility for credit card dues.

What is Autopay Facility of Credit Card?

Autopay is auto payment bill facility for credit card. Autopay or automatic payment facility can be setup easily using internet banking. This facility automatically transfer money from your bank account as payment of credit card bill on specified date. It is one-time setup facility. You can cancel this facility anytime. In this facility you can set complete payment facility or minimum amount due facility.

Also Read – Converting Credit Card Bill to EMI – Good or Bad?

What are benefits of Automatic Payment – Credit Card?

Never miss payment

You need not to remember due date for the bill payment automatic payment facility takes care of bill payment every month. So never miss bill payment. As long as you use credit card you can make use of this option.

Fast and Automatic option

You need to waste time for bill payment. Automatic payment facility eliminates manual process and save time required for making payment. It is convenient option for many people as they don’t have time for making payment.

You may save money

When you make use autopay facility, you need not worry about late payment penalty, high-interest charges. You will be able to save yourself from late fee and higher interest charges.

Credit score protection

As you make payment via auto pay regularly your credit score remains protected. Higher credit score give benefit such as low interest rate on loan and better chance of getting credit card and loan approval.

What are Flip slide of Automatic Payment – Credit Card?

Billing Error

The auto pay credit card bill option does not address billing error. If your credit card bill contains error such as duplicate entry or fraudulent transaction you end up paying higher amount. You need to make practice to review your credit card if you setup auto pay facility.

Maintain Cash in the account

You need to maintain sufficient money in your account when the bill date is due. If you don’t have enough funds in your account this option will not work. At the time of due date payment will not take place and it will be as good as not paying bill on time.

How to setup credit card auto pay facility?

The process of setting up credit card auto pay vary from one card issuer to another. Here are steps to setup auto pay facility for ICICI Credit Card.

  1. Login to your bank account via internet banking user ID and password.
  2. Visit credit card section and click on auto debit option given at the left hand side menu.
  3. You will be taken to new page of auto debit.
  4. Select the card for which you need to setup auto debit or auto pay facility.
  5. Next is selection of bank account from where you need to make payment.
  6. Now select the mode. You have two modes minimum amount due or total amount due.
  7. Once you are done with the selection of option click on the submit button.

auto debit credit card

Should you use it?

The answer of this question depends upon your credit card spend pattern and habits of making payment. If you have tendency to forget bill payment you should make use of this facility. Instead of making payment of total amount due you can choose minimum amount due option.

Make sure to understand flip side of this facility such as billing error and maintaining enough balance on the due date.

If you have any query about auto pay or auto debit facility feel free to share it in the comment section.

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