Pradhan Mantri Vaya Vandana Yojana - Scheme for Senior Citizens Info


Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana has started by corporation of Life Insurance Corporation of India, Union Minister
for Finance, Defence and Corporate Affairs by which old candidates can get pension to spend their life easily. This Yojana is an old age pension plan which launched with the intent to bestow steady and regular income to senior candidates. Apart, it also assures guaranteed interest of over eight percent after the maturity of ten years. However, Pradhan Mantri Vaya Vandana Yojana is exempted from GST. This yojana is valid till 3rd May 2018.

Thos citizens who are olds they may get new updates related to Pradhan Mantri Vaya Vandana Yojana through this web page. This scheme is declared for every citizen who is not less than 60 years. More important info is published below like as Options of Pension, Pension Details and how to apply etc so have a look at below part of this web page.

eterm.licindia.in Yojana Overview

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
  • Candidates should 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
2017
Pension Mode
Monthly
According to the above given example, pension scheme candidates need 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.

Year-Wise Pension Details:

Pension Details:
Year
Age
Deposit Amount
Monthly Pension
Total Pension in a Year
Return of Purchase Price
2017
60
750000
5000
60000
0
2018
61
0
5000
60000
0
2019
62
0
5000
60000
0
2020
63
0
5000
60000
0
2021
64
0
5000
60000
0
2022
65
0
5000
60000
0
2023
66
0
5000
60000
0
2024
67
0
5000
60000
0
2025
68
0
5000
60000
0
2026
69
0
5000
60000
0
2027
70
750000
Way to Apply:
  • Candidates can open eterm.licindia.in/onlinePlansIndex/login.do
  • Now press on the suitable link and read all the details of notice.
  • Then go back to previous page and enter on “Buy Online” link.
  • Candidates should fill entire details without any kind of mistake.
  • Candidates should upload relevant documents/ photograph as per needed.
  • Now press on the submit tab 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

Pradhan Mantri Vaya Vandana Yojana Scheme Contact Details:

Pradhan Mantri Vaya Vandana Yojana

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