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.
|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)
- 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.
- 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)
- 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
- 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.
- 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.
- There will no exclusion on the count of suicide and full purchase price will be payable to the nominee.
- 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.
- 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