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.
Death Benefit:
If unfortunately, the policyholder dies of any causes, then the purchase price of the scheme shall be refunded to the nominee.
Maturity Benefit:
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.
Loan benefit:
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.
Related Links
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Jeevan Lakshaya Plan/Kanyadaan Plan (Table No. 833)
Aadhaar Stambh Plan (Table No. 843)
New Jeevan Anand Plan (Table No. 815)
Jeevan Pragati Plan (Table No. 838)
Limited Premium Endowment Plan (Table No. 830)
New Money Back Plan (Table No. 820)
LIC New Money Back Plan 25 Years (Table No. 821)
LIC Children Money Back Plan( Table No. 832)
LIC Jeevan Shiromani Plan
( Table No. 847)
Jeevan Umang Plan (Table No. 845)
New Jeevan Anand Plan (Table No. 815)
Jeevan Akshay (VI) (Table No. 189)
Pradhan Mantri Vaya Vandana Yojana (Table No. 842)
LIC Children Money Back Plan ( Table No. 832)
LIC Jeevan Tarun Plan (Table No. 834)
Jeevan Utkarsh (Table No. 846)
Single Premium Endowment Plan (Table No. 817)
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