Government of India has announced Pradhan Mantri Vaya Vandana Yojana for citizen age 60 years and above. LIC of India has been given the sole privilege to operate this scheme. The Pradhan Mantri Vaya Vandana Yojana has been launched on 4th May 2017.The scheme shall be available for one year from date of launch.
This scheme can be purchased offline as well as online. To Purchase this scheme online please log on to our website www.licindia.in.
Benefits : Pension Payment :
On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.Death Benefit:
On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.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.
Eligibility Conditions and Other Restrictions:
- Minimum Entry 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
Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all the policies allowed to a family under this plan shall not exceed the maximum pension limit. The family for this purpose will comprise of pensioner, his/her spouse and dependants.
Payment of Purchase Price:
The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.
The minimum and maximum Purchase Price under different modes of pension will be as under:
|Mode of Pension||Minimum Purchase Price||Maximum Purchase Price|
|Yearly||Rs. 1,44,578/-||Rs. 7,22,892/-|
|Half-yearly||Rs. 1,47,601/-||Rs. 7,38,007/-|
|Quarterly||Rs. 1,49,068/-||Rs. 7,45,342/-|
|Monthly||Rs. 1,50,000/-||Rs. 7,50,000/-|
The Purchase Price to be charged shall be rounded to nearest rupee.
Mode of pension payment:
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
The first instalment 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.
Sample Pension rates per Rs.1000/- Purchase Price
The pension rates for Rs.1000/- Purchase Price for different modes of pension payments are as below:
- Yearly: Rs. 83.00 p.a.
- Half-yearly: Rs. 81.30 p.a.
- Quarterly: Rs. 80.50 p.a.
- Monthly: Rs. 80.00 p.a.
- The pension instalment shall be rounded off to the nearest rupee.
- These rates are age independent.
The scheme 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.