I recently started investing in LIC senior citizen pension plans. I decided to secure my post-retirement future with Pradhan Mantri Vaya Vandana Yojana. The plan pays a regular pension which is helping me to look after my day to day needs. By Mr. Mohan Lal SinghRead more
Pradhan Mantri Vaya Vandana Pension Yojana (PMVVY) is specially designed for individuals above the age of 60 and it is an effective long-term saving option that has an exquisite feature and offers unmatched security. This plan allows the policyholder to look after their day-to-day needs post their retirement and ensures stress-free life. Life Insurance Corporation of India is the administrator of PMVVY on behalf of the Government of India.
Pradhan Mantri Vaya Vandana Yojana is a pension scheme that is launched by the Government of India. The modified scheme includes pension rates and an extended period of sale for 3 years from the financial year 2020-21 up till 31st March 2023. The plan also offers a loan facility as well to look after the financial needs.
Under this plan, senior citizens can receive a minimum pension of Rs. 1,000 per month and a maximum pension of Rs. 10,000 per month based on the invested amount for the initial 10 years of the policy term.
Note: The plan was withdrawn by the company on 31.03.2023, and is no longer available for sale.
If the policyholder survives during the whole policy term, i.e., 10 years, pension at the termination of each period will be paid.
In case of the demise of the pensioner during the policy tenure of 10 years, the purchase price of the policy is refunded to the nominee of the policy.
In case the pensioner survives the entire 10 years of the policy then they receive the purchase price of the policy along with the final pension installments if any.
The Pradhan Mantri Vaya Vandana Yojna (PMVVY) also provides a loan facility after the policy completes 3 years. The pensioner can be granted a maximum loan of 75% of the purchased price. For the entire tenure of the loan, an interest rate is applicable per annum which is paid at periodic intervals.
The scheme can be purchased on a yearly, half-yearly, quarterly, or monthly basis as per one’s convenience .
|Entry Age||60 years||No Limit|
|Policy Tenure||10 years|
|Annuity||Monthly: Rs. 1,000
Quarterly: Rs. 3,000
Half-yearly: Rs. 6,000
Yearly: Rs. 12,000
|Mode of Pension Payment||Monthly, quarterly, half-yearly, or yearly|
Regular flow of income for ten years
The policyholder will receive a regular flow of income at specified intervals.The policyholder can opt for monthly pension at a defined rate each month for ten years.
If the policyholder dies within the 10-year policy term, LIC will reimburse the purchase price to the nominee.
The purchase amount, along with the last pension installment, will be reimbursed if the insured person lives till the maturity of the policy's ten-year term.
This benefit may be used in unusual circumstances, such as when an insured person needs money for medical care due to a serious or fatal sickness. In such circumstances, the plan will offer Surrender Value which is around 98% of the original Buying Price.
The plan offers loan facility Benefits in case of financial emergency. The plan offers a maximum loan of 75% of the purchase price.
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Pradhan Mantri Vaya Vandana Yojana is a government subsidized pension Scheme specially for senior citizens aged 60 years and above. The policy was recently withdrawn by the company, and is no longer available for sale.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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