Tuesday, 21 November 2017

Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana

The Plan provides immediate pension for senior citizens 60 years and above .It can be purchased by paying a lumpsum amount . The plan provides for pension payments of stated amount for the policy term of 10 years, with return of purchase price at the end of 10 years.
Pension payment modes are available : Monthly / Quarterly/Half-yearly /Yearly
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.

On the death of the pensioner at any time during the term of 10 years, the purchase price will be refunded to the legal heirs/nominees.
MedicalNo medical examination is required.
Surrender ValuePremature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse . Surrender Value payable in such cases is 98% of the Purchase Price.
LoanLoan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.

Minimum and maximum Purchase price under different modes of Pension:
Mode of PensionMinimum Purchase PriceCorresponding Pension Amount
Yearly1,44,57812,000 per annum
Half-Yearly1,47,6016,000 Half year
Quarterly1,49,0683,000 per Qtr.
Monthly1,50,0001,000 per month
Minimum and maximum Pension under different modes of Pension:
Mode of PensionMaximum Purchase Price(Rs)Corresponding Pension Amount
Yearly7,22,89260,000 per annum
Half-Yearly7,38,00730,000 per half year
Quarterly7,45,34215,000 per Qtr.
Monthly7,50,0005,000 per month
Pension rates payable under different modes of Payment(Yearly, Half Yearly,Quarterly,Monthly) are as under:
Mode of PensionEffective Pension Rate per annum for rs. 1000/- purchase price
Yearly83.00 p.a
Half-Yearly81.30 p.a
Quarterly80.50 p.a
Monthly80.00 p.a

Sarkari Niyukti

For more information visit https://eterm.licindia.in/onlinePlansIndex/login.do



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