Header Ads

Pradhan Mantri Vaya Vandana Yojana | Scheme for Senior Citizens, Benefits

Edit

Pradhan Mantri Vaya Vandana Yojana

With the corporation of Life Insurance Corporation of India, Union Minister for Finance, Defence and Corporate Affairs has successfully launched Pradhan Mantri Vaya Vandana Yojana. PMVVY is an old age pension plan launched with the intent to provide steady and regular income to senior citizens. Furthermore, it also assures guaranteed interest of over 8% after the maturity of 10 years. However, this scheme is exempted from GST. This Scheme is valid till 3 May 2018.

All the senior citizens can get the latest news of Pradhan Mantri Vaya Vandana Yojana Scheme which is beneficial for all the citizens whose is not less than 60 years. We the team of www.privatejobshub.in provides the relevant details related to Pradhan Mantri Vaya Vandana Yojana Scheme for Senior Citizens, Benefits of Pradhan Mantri Vaya Vandana Yojana Scheme and others at the below part of this page. So, have a peak!!!

Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana Plan factors:

Age at Entry
60 Years (Completed) 
Maximum Age at Entry
No Limit
Policy Term
10 Years (Fixed)
Pension Receiving Mode
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
Want to apply for PMVVVY Scheme?

Have a look!!!
  • Initially visit to this Official Link that is eterm.licindia.in/onlinePlansIndex/login.do
  • After reaching to this link you need to press suitable link to read the entire details.
  • Once you read relevant details go back to previous page 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.
Pradhan Mantri Vaya Vandana Yojana: Apply Directly

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.
Check This Also:
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 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:

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

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

Chcek Now Latest Updated Articles:


Essence of the page:

Entire details regarding Pradhan Mantri Vaya Vandana Yojana are visible on this page. So, get it from here, after getting it same if you have any query then you need to comment in below stated comment box. We will try to solve your query as soon as we can. To isit official website you can directly hit on this Official Link.

No comments

Don't Add Comment with Spam Purpose

Powered by Blogger.