Pradhan Mantri Vyay Vandana Yojana – PMVVY

1 year ago sarkariadmin 0

On Friday Finance Minster Arun Jaitley launched a Pension Scheme Pradhan Mantri Vaya Vandana Yojana for senior citizens age 60 years and above. LIC of India has been given the sole privilege to operate this scheme and shall be available for one year from date of launch i.e. 4th May 2017

Major points you need to know about the scheme:

  • This scheme can be purchased offline as well as online. To Purchase this scheme online Click Here
  • Age limit : 60 years and above
  • The plan provides an annual assured return of 8 per cent payable monthly (equivalent to an annual effective rate of 8.30 per cent) for 10 years.
  • The scheme is free from an obligation from the Goods & Services Tax (GST).

Eligibility Criteria Pradhan Mantri Vyay Vandana Yojana :

  • Minimum required Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term : 10 years
  • 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

Benefits radhan Mantri Vyay Vandana Yojana :

  • Pension Payment :
    On survival of the Pensioner during the policy term of 10 years, Pension will be payable at the end of each periodmonthly, quarterly, half-yearly, or yearly — chosen by the pensioner at the time of the purchase.
  • Death Benefit:
    On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary. ( his or her spouse, and dependants )
  • Maturity Benefit:
    On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.

Mode of pension payment:
The modes of pension payment are monthly, quarterly, half-yearly & yearly, as per his choice. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.

The first installment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.