Pradhan Mantri Vaya Vandana Yojana (Table No. 842) – Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years.Pradhan Mantri Vaya Vandana Yojana is a single premium payment pension plan. This pension plan offers an option to one to either choose the amount of pension or the Purchase Price. The all new Pradhan Mantri Vaya Vandana Yojana was launched on 4th may 2017.This is a plan is a government subsidised pension scheme which provides an assured return of 8% per annum, which is paid monthly to the pensioner surviving during the policy term of 10 years.
Key Benefits of PMVVY:
There is no maximum age of entry in the scheme for senior citizens.
It provides assured rate of return of 8% to 8.30% per annum.
Maturity benefit of return of purchase price is given in this scheme.
The scheme allows premature exit and 98% of purchase price is paid back.
|Eligibility Criteria For PMVVY|
|Minimum Age at Entry||60 Years (Completed)|
|Maximum Age at Entry||No Limit|
|Policy Term||10 Years|
|Minimum Pension||1,000/- Per Months
3,000/- Per Quarter
6,000/- Per Half-Year
12,000/- Per Year
|Maximum Pension||10,000/- Per Months
30,000/- Per Quarter
60,000/- Per Half-Year
1,20,000/- Per Year
|Mode Of Pension Payment||Yearly,Half-Yearly,Quaterly,Monthly
(Payable through ECS/NEFT only)
|Pension Rates||Yearly-- Rs. 83.00 p.a. (Per Thousand)
Half-Yearly-- Rs. 81.30 p.a. (Per Thousand)
Quaterly -- Rs. 80.50 p.a. (Per Thousand)
Monthly -- Rs. 80.00 p.a. (Per Thousand)
|Loan||After payment of premiums for at least 3 full years|
The scheme has three major benefits which are listed below:
Regular Pension Payment:
The scheme offers regular pension payment for 10 years to senior citizens on chosen mode of monthly, quarterly, half yearly or yearly basis.
If unfortunately, the policyholder dies of any causes, then the purchase price of the scheme shall be refunded to the nominee.
The scheme also offers maturity benefit. If the policy holder survives the duration of the scheme then he/she is entitled to receive final pensions and purchase price is returned with the final pension installment.
After three years in the scheme, a loan of 75% is available on the purchase price. Interest of the loan will be adjusted in the pension installments and loan of the amount will be recovered from claim proceeds.