Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan no.842 is a pension scheme for Senior citizen with assured return of 8% on your purchase price.

Finance Minister has launched the new Pension Plan specially for senior citizens above the age of 60 years. In this scheme you will need to invest your money once (In short this is one time premium pension plan). The scheme is exempt from the Goods and Services Tax (GST).

 

Pradhan Mantri Vaya Vandana Yojana

PMVVY 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

Loan:
You are eligible for loan against (PMVVY) for upto 75% of your premium after 3 years.

For yearly pension, the minimum investment is Rs 1.45 lakh and maximum is Rs 7.22 lakh. For monthly mode, the minimum to be invested is Rs 1.5 lakh and the maximum is Rs 7.5 lakh

You can get pension ranging from Rs 1,000 per month (12,000 per year) and Rs 5,000 per month (60,000 per year) across all family members,which include his/her wife/husband and dependent children if any.

The minimum and maximum Purchase Price under different modes of pension will be as under:

Mode of Pension Min. Purchase ? Max 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/-

Pradhan Mantri Vaya Vandana Yojana (PMVVY) FAQ:

Who can opt for this scheme?
Any Indian Citizen aged 60 years or above.

Is there any market risk? or 8% Interest fixed or variable?
The scheme will provide an assured return of 8 per cent per annum payable monthly (equivalent to 8.30 per cent per annum) for 10 years.

When will I get the pension?
You can choose monthly, quarterly, half yearly or yearly depending on your needs. The pension will be transferred to your bank account through NEFT or Adhar Based Payment System.

What’s the last date of enrolment?
You may opt for this plan starting from May 4, 2017 till May 3, 2018

How to buy?
You can buy this plan online or through your LIC Agent/Branch. To Buy Online Click Here: https://eterm.licindia.in/Jaonline/pages/fpagevarishta.jsp

What If I want to exit this scheme midway?
You can surrender this plan anytime and you will get 98% refund on your purchase price.

What if Policyholder dies before maturity?
In this case, the nominee will get the purchase price.

What are other options for pension seekers?
You can check out Jeevan Akshay VI and New Jeevan Nidhi