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Pradhan Mantri Vaya Vandana Yojana (Plan No: 842) from LIC

Pradhan-Mantri-Vaya-Vandana-Yojana-PMVVY-2017

Government of India announced the pension plan for senior citizen of India (Aged above 60 years) the Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan No. 842.

This plan is government subsidized pension scheme which will avail guaranteed 8% return in monthly mode and 8.3% return in yearly mode. This plan plan can be purchased from LIC up to 03-05-2018.

Plan Parameters

Age at Entry 60 Years (Completed)
Calculate your Age
Maximum Age at Entry No Limit
Policy Term 10 Years (Fixed)
Pension Receiving Mode Monthly, Quarterly, Half Yearly or Yearly

Benefits of Pradhan Mantri Vaya Vandana Yojana (PMVVY)

  1. Pension Payment
    Pensioner will get the pension during the policy term, pension in arrears (at the end of each period as per mode is chosen by the pensioner) will be payable.
  2. Death Benefit
    On the death of the pensioner during the policy term, the Purchase Price will be refunded to the nominee (or legal heirs in absence of nominee)
  3. Maturity Benefits
    On survival of pensioner to the end of the policy term, Purchase Price and final installment of the pension will be paid to the pensioner.

Other features and Benefits of Pradhan Mantri Vaya Vandana Yojana

  1. Policy can be surrendered during the policy term under exceptional circumstances like pensioner requires money for treatment of any critical/terminal illness of self or spouse. Surrender value payable will be 98% of purchase price.
  2. Loan Facility available after completion of 3 policy years, maximum loan payable will be 75% of purchase price. Interest on the loan will be recovered from the pension amount.
  3. There will no exclusion on the count of suicide and full purchase price will be payable to the nominee.
  4. Free look period, 15 days available from the date of receipt of policy bond if the policyholder is not satisfied with the “Terms and Conditions” of the policy.
  5. The pension will be paid through NEFT or Aadhaar Enabled Payment System.

This plan can be purchsed on payment of single one time amount, the minimum and maximum limit of one time lumpsum amount is given in the following table

Mode Minimum Maximum
Amount Pension Amount Pension
Yearly 1,44,578 12,000 7,22,892 60,000
Half Yearly 1,47,601 6,000 7,22,892 30,000
Quarterly 1,49,068 3,000 7,22,892 15,000
Monthly 1,50,000 1,000 7,22,892 5,000

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