Pradhan Mantri Vaya Vandana Yojana Details of Scheme for Senior Citizens


Pradhan Mantri Vaya Vandana Yojana

By an active bonding with the corporation of Life Insurance Corporation of India; Union Minister for Finance, Defence and Corporate Affairs
has successfully launched a new scheme known as Pradhan Mantri Vaya Vandana Yojana. PMVVY is an old age pension plan which is launched with the intent to provide steady and regular income to senior citizens so that they may meet the daily expenses requires money. In addition to this it also assures guaranteed interest of over 8% after the maturity of 10 years. However, this scheme is exempted from GST.

Dear participants A if you are the senior citizens then you can get the latest news of Pradhan Mantri Vaya Vandana Yojana Scheme which is beneficial for all the awaited and needy citizens whose is not less than 60 years.

Other sufficient highlights having related to Pradhan Mantri Vaya Vandana Yojana Scheme for Senior Citizens, Benefits of Pradhan Mantri Vaya Vandana Yojana Scheme and others are circulated in the below section of this page. To cash this available opportunity go till last of this article. All the best!!

Maximum Age at Entry: There is no minimum Limit of age to apply for this scheme.

Age at Entry: 60 Years (Completed)

Policy Term: The term of the policy is 10 Years (Fixed).

Pension Receiving Mode: Candidates can pay premium as Monthly, Quarterly, Half Yearly or Yearly.


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. 5,000/- per month
Rs. 15,000/- per quarter
Rs. 30,000/- per half-year
Rs. 60,000/- per year

Pradhan Mantri Vaya Vandana Yojana Features:
  • To help senior citizens 60 years and above, PMVVY provides immediate pension. It can be purchased by paying a lumpsum amount.
  • Pradhan Mantri Vaya Vandana Yojana Plan provides for pension payments of below given amount for 10 years as policy term, with return of purchase price at the end of 10 years.
  • Yes, Pension payment modes are available that are Monthly / Quarterly/Half-yearly /Yearly
  • Individuals must know that the pension will be paid at the end of each period as per payment mode chosen starts as early as next month if monthly mode is chosen.
  • The purchase price will be refunded to the legal heirs/nominees on the death of the pensioner during the term of 10 years at any time.

Other PMVVVY Scheme Features:
Medical
No medical examination is required.
Surrender Value
If there will be any exceptional circumstances such as Critical/Terminal illness of self or spouse then premature exit are allowed during policy term.
Surrender Value payable in such cases is 98% of the Purchase Price.
Loan
Loan is available under the policy after completion of 3 policy years.
Maximum loan granted will be 75% of the purchase price.
Death benefit
Deposited amount will be returned to nominee or legal heirs.
Maturity Benefit
After completion of 10 years, the amount which was deposited by pensioner along with last due pension will be returned to policy holder.

Options of Pension:

Minimum and maximum Purchase price under different modes 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

Minimum and maximum Pension under different modes of Pension:
Mode of Pension
Maximum Purchase Price(Rs)
Corresponding Pension Amount
Yearly
7,22,892
60,000 per annum
Half-Yearly
7,38,007
30,000 per half year
Quarterly
7,45,342
15,000 per Qtr.
Monthly
7,50,000
5,000 per month
Pension rates payable under different modes of Payment are as under
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
Example of Pradhan Mantri Vaya Vandana Yojana (LIC Table 842):

Let's take example of PMVVY with following details.
Age (Years)
60 (Completed)
One Time Deposit
7,50,000
Policy Term(Years)
10
Purchase Year
Two Thousands Seventeen
Pension Mode
Monthly

According to the above given example, pension scheme holder will have to deposit lumpsum amount on time of 7,50,000 and monthly pension will credit in to his/her account on completion of each month from date of purchase for next 10 years. After completion of 10 years, 7,50,000 will be returned to policy holder.

Take a look on year-wise pension details:


How to apply for PMVVVY Scheme: Check out the below steps-
  • First of all go to the Official Link that is eterm.licindia.in/onlinePlansIndex/login.do
  • Further press suitable link to read the entire details.
  • Read relevant details and press on “Buy Online” link.
  • Fill entire details according to the requirement.
  • Upload relevant documents/ photograph as per needed.
  • Finally submit it within given period and take a print out of it for future use.


Registered Office:
“Life Insurance Corporation of India,
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021”

Website: www.licindia.in

Registration Number: 512

Reminder: TO know further details go to the below link:


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