Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme launched to provide a secure pension money for the retired and people above 60 years of age. This scheme is a limited pension scheme which is available for sale till 31st march 2020. This Scheme is only available at LIC of India which is a government based insurance agency. The plan offers a fixed 8% interest to ensure the participants get to support their retirement with adequate funding needed.

Benefit for Pradhan Mantri Vaya Vandana Yojana

Pension Payments

During the period of 10 years, the pension amount will be payable as per the mode is chosen by the policyholder.

Maturity Benefit

On Maturity of the Pradhan Mantri Vaya Vandana Yojana scheme, the purchase price along with the final pension installment will be payable.

Death Benefit

On the sudden demise of the pensioner during the policy term of 10 years, the purchase price will be paid to the nominee.

Eligibility for Pradhan Mantri Vaya Vandana Yojana

Criteria Maximum Minimum
Age Limit No Limit 60 Years(Comopleted)
Policy Term 10 Years 10 Years
Pension amount 10,000/- Per Month
30,000/-Per Quarter
60,000/- Half-Yearly
1,20,000/-Yearly
1000/- Per Month
3000/-Per Quarter
6000/- Half-Yearly
12,000/-Yearly
Pension Payment Yearly, Half Yearly, Quarterly, Monthly
Purchase Price Yearly
Half-Yearly
Quarterly
Monthly
Rs. 14,45,783/-
Rs. 14,76,015/-
Rs. 14,90,683/-
Rs. 15,00,000/-
Rs. 1,44,578/-
Rs. 1,47,601/-
Rs. 1,49,068/-
Rs. 1,50,000/-
Mode of Payment NEFT and Aadhaar Enabled Payment System

Pension Rate

Mode of Pension Effective Pension Rate per annum for Rs. 1000/- purchase price
Yearly 83.00 p.a
Half-Yearly 81.30 p.a
Quarterly 80.50 p.a
Monthly 80.00 p.a

Pension Amount Payable

Minimum Pension Amount for Different Mode of Pension

Mode of Pension Minimum Purchase Price Corresponding Pension Amount
Yearly 1,44,578 12,000 per annum
Half-Yearly 1,47,601 6,000 Half year
Quarterly 1,49,068 3,000 per Qtr.
Monthly 1,50,000 1,000 per month

Maximum Pension Amount for Different Mode of Pension

Mode of Pension Maximum Purchase Price (Rs) Corresponding Pension Amount
Yearly 14,45,783 1,20,000 per annum
Half-Yearly 14,76,015 60,000 per half year
Quarterly 14,90,683 30,000 per Qtr.
Monthly 15,00,000 10,000 per month

Surrender Value for Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana Scheme allows the policyholder to exit the scheme prematurely under special circumstances like an urgent requirement of money for critical or terminal illness of self or spouse. The amount payable by the LIC will be 98% of the purchase price.

Loan against Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Scheme provides a loan facility that can be taken against this policy. The loan can be availed after the completion of the 3 Policy years. The maximum Amount that can be taken as a loan is 75% of the Purchase Price. The rate of interest will be decided by the corporation and will be payable half yearly. The interest will be recovered from the amount payable as pension to the policyholder. The outstanding amount will be recovered at the time of exit.

Free Look Period

If the policyholder is not satisfied with the policy terms and condition then you can return the policy to the corporation stating the reason for the return. You can return the policy within 15 days (offline) and 30 days (Online). Full refund after deducting the documentation charges will be returned to the policyholder.

Exclusion

There is no exclusion in the policy full payment of Purchase Price will be payable to the pensioner

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