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.
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
|
Current
|
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
|
||||
-
|
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:
Note: For more info you can check these –
Take a Look on Below Table
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