Pradhan Mantri Vaya Vandana Yojana
By an active bonding with the corporation of Life Insurance
Corporation of India; Union Minister for Finance, Defence and Corporate Affairs
has successfully launched a new scheme known as Pradhan Mantri Vaya Vandana
Yojana. PMVVY is an old age pension plan which is launched with the intent to
provide steady and regular income to senior citizens so that they may meet the daily
expenses requires money. In addition to this it also assures guaranteed
interest of over 8% after the maturity of 10 years. However, this scheme is
exempted from GST.
Dear participants A if you are the senior citizens then you can
get the latest news of Pradhan Mantri Vaya Vandana Yojana Scheme which is
beneficial for all the awaited and needy citizens whose is not less than 60
years.
Other sufficient highlights having related to Pradhan Mantri
Vaya Vandana Yojana Scheme for Senior Citizens, Benefits of Pradhan Mantri Vaya
Vandana Yojana Scheme and others are circulated in the below section of this
page. To cash this available opportunity go till last of this article. All the
best!!
Maximum Age at
Entry: There is no minimum Limit of age to apply for this scheme.
Age at Entry:
60 Years (Completed)
Policy Term:
The term of the policy is 10 Years (Fixed).
Pension Receiving
Mode: Candidates can pay premium as Monthly, Quarterly, Half Yearly or
Yearly.
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
Pradhan Mantri
Vaya Vandana Yojana Features:
- To help senior citizens 60 years and above, PMVVY provides immediate pension. It can be purchased by paying a lumpsum amount.
- Pradhan Mantri Vaya Vandana Yojana Plan provides for pension payments of below given amount for 10 years as policy term, with return of purchase price at the end of 10 years.
- Yes, Pension payment modes are available that are Monthly / Quarterly/Half-yearly /Yearly
- Individuals must know that the pension will be paid at the end of each period as per payment mode chosen starts as early as next month if monthly mode is chosen.
- The purchase price will be refunded to the legal heirs/nominees on the death of the pensioner during the term of 10 years at any time.
Other PMVVVY
Scheme Features:
Medical
|
No medical examination is required.
|
Surrender Value
|
If there will be any exceptional circumstances such as
Critical/Terminal illness of self or spouse then premature exit are allowed
during policy term.
Surrender Value payable in such cases is 98% of the Purchase Price.
|
Loan
|
Loan is available under the policy after completion of 3 policy
years.
Maximum loan granted will be 75% of the purchase price.
|
Death benefit
|
Deposited amount will be returned to nominee or legal heirs.
|
Maturity Benefit
|
After completion of 10 years, the amount which was deposited by
pensioner along with last due pension will be returned to policy holder.
|
Options of Pension:
Minimum and maximum Purchase price under different modes
of Pension:
Mode
of Pension
|
Minimum
Purchase Price
|
Corresponding
Pension Amount
|
Yearly
|
1,44,578
|
12,000 per annum
|
Half-Yearly
|
1,47,601
|
6,000 Half year
|
Quarterly
|
1,49,068
|
3,000 per Qtr.
|
Monthly
|
1,50,000
|
1,000 per month
|
Minimum and maximum Pension under different modes of
Pension:
Mode
of Pension
|
Maximum
Purchase Price(Rs)
|
Corresponding
Pension Amount
|
Yearly
|
7,22,892
|
60,000 per annum
|
Half-Yearly
|
7,38,007
|
30,000 per half year
|
Quarterly
|
7,45,342
|
15,000 per Qtr.
|
Monthly
|
7,50,000
|
5,000 per month
|
Pension rates payable under different modes of Payment
are as under
Mode
of Pension
|
Effective
Pension Rate per annum for rs. 1000/- purchase price
|
Yearly
|
83.00 p.a
|
Half-Yearly
|
81.30 p.a
|
Quarterly
|
80.50 p.a
|
Monthly
|
80.00 p.a
|
Example of Pradhan
Mantri Vaya Vandana Yojana (LIC Table 842):
Let's take example of PMVVY with following details.
Age (Years)
|
60 (Completed)
|
One Time Deposit
|
7,50,000
|
Policy Term(Years)
|
10
|
Purchase Year
|
Two Thousands Seventeen
|
Pension Mode
|
Monthly
|
According to the above given example, pension scheme holder
will have to deposit lumpsum amount on time of 7,50,000 and monthly pension
will credit in to his/her account on completion of each month from date of
purchase for next 10 years. After completion of 10 years, 7,50,000 will be
returned to policy holder.
Take a look on year-wise pension details:
How to apply for
PMVVVY Scheme: Check out the below steps-
- First of all go to the Official Link that is eterm.licindia.in/onlinePlansIndex/login.do
- Further press suitable link to read the entire details.
- Read relevant details and press on “Buy Online” link.
- Fill entire details according to the requirement.
- Upload relevant documents/ photograph as per needed.
- Finally submit it within given period and take a print out of it for future use.
Registered Office:
“Life Insurance Corporation of India,
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021”
Website: www.licindia.in
Registration Number: 512
Reminder:
TO know further details go to the below link:
Take a Look on Below Table
0 comments:
Post a Comment