Pradhan Mantri Vaya Vandana Yojana (Plan No. 842) is a pension plan with subsidized pension rates which will provide an assured return of 8% per annum payable monthly (equivalent to 8.30% per annum) on the pensioner surviving during the policy term of 10 years.
Features
- The monthly pension will be 8%. The effective rate will be 8.3%.
- This plan will be available for sale from LIC of India. You can buy Pradhan Mantri Vaya Vandana Yojana (PMVVY) either through online or offline. But LIC is the only insurance company which will sell this.
- You can buy this plan from 4th May 2017 to 3rd May 2018. Therefore, this plan is a limited period pension plan.
- You can surrender this policy during the policy period under certain exceptional circumstances like pensioner requires money for treatment of any critical/terminal illness of self or spouse. Surrender value payable will be 98% of purchase price.
- You can avail the loan facility after completion of 3 policy years. The maximum loan payable will be 75% of purchase price. Interest on the loan will be recovered from the pension amount.
- If the pensioner suicide during the policy period, then his nominee or legal heirs will receive the full purchase price.
- The pension will be directly credited to your savings account using NEFT facility or Aadhaar Enabled Payment System.
- Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
- The scheme is exempted from Service Tax/ GST.
Eligibility Conditions
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Minimum
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Maximum
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Age
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60 Years (Completed)
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No Limit
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Policy Term
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10 Years
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Pension Mode
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Monthly, Quarterly, Half-yearly or
Yearly
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Purchase Price
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Rs. 1,50,000 for monthly
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Rs. 15,00,000 for monthly
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Rs. 1,49,068 for quarterly
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Rs. 14,90,683 for quarterly
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Rs. 1,47,601 for half-yearly
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Rs. 14,76,015 for half-yearly
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Rs.1,44,578 for yearly
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Rs. 14,45,783 for yearly
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Pension Amount
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Rs. 1,000/- per month
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Rs. 10,000/- per month
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Rs. 3,000/- per quarter
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Rs. 30,000/- per quarter
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Rs.6,000/- per half-year
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Rs. 60,000/- per half-year
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Rs.12,000/- per year
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Rs. 1,20,000/- per year
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Benefits
During policy period
The pensioner will receive the monthly, quarterly, half yearly or yearly pension as he has opted during the time of buying.
Death Benefits
On the death of the pensioner during the policy term, the Purchase Price will be refunded to the nominee (or legal heirs in absence of nominee).
Maturity Benefits
If the pensioner survives up to the end of the policy term, Purchase Price and final installment of the pension will be paid to the pensioner.
Additional Information
Pension Payments
On survival of the policyholder during the policy term of 10 years, pension is payable at the end of each period as per the mode of monthly/ quarterly/ half yearly/ yearly as chosen by the pensioner at the time of purchase.
For every Rs. 1,000 invested in the plan,
Rs. 80 will paid out in the monthly mode
Rs. 80.5 paid out in the quarterly mode
Rs. 81.3 will paid out in the half-yearly mode
Rs. 83 paid out in the yearly mode
Death Benefit
On death of the policyholder during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.
Maturity Benefit
On survival of the policyholder to the end of the policy term of 10 years, Purchase price along with final pension installment shall be returned.
Surrender Value
The policy allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan
Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price
For financial Year 2016-17, the applicable interest rate to be charged is 10% p.a.
Free Look period
If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy stating the reason of objections.
In this case the policyholder will get the entire amount after deducting the charges for Stamp duty and pension paid (if any).
Exclusions
Suicide - There shall be no exclusion on count of suicide and full Purchase Price shall be payable.
Tax Benefit
The deposits made in the scheme are exempt from income tax under section 80C of Income Tax Act, 1961. However, the interest earned on the deposit is not exempt from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.
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