Pradhan Mantri Vaya Vandana Yojana (Plan No. 842) is a Government subsidized Scheme which shall provide an assured return of 8% p.a.payable monthly (i.e. equivalent to 8.30% p.a.) on the pensioner surviving during the policy term of 10 years for citizens aged 60 years and above.
• Premium Payment Mode: Single Premium
• Mode of Pension payment: The modes of pension payment are monthly, quarterly, half-yearly and yearly. The pension payment shall be through NEFT OR Aadhar Enabled Payment System only.
• Pension Rate :
•
Yearly : 8.30
• Halfly : 8.13
• Quarterly : 8.05
• Monthly : 8.00
• Minimum Entry Age: 60 Year Completed
• Maximum Entry Age: No Limit
• Minimum Sum Assured:
•
Yearly : 1,44,578
• Halfly : 1,47,601
• Quarterly : 1,49,068
• Monthly : 1,50,000
• Maximum Sum Assured:
•
Yearly : 14,45,783
• Halfly : 14,76,015
• Quarterly : 14,90,683
• Monthly : 15,00,000
• Min-Max Pension Limit:
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.
10,000/- per Month
Rs. 30,000/- per Quarter
Rs. 60,000/- per Half-year
Rs. 1,20,000/- per Year
LIC’s Pradhan Mantri Vaya Vandana Yojana Benefit Details
• On Death: On death, the full purchase price will be refunded to nominee.
• Surrendered Value : Surrender would be allowed in special circumstances like critical / terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
• Loan : Loan (up to 75% of subscribed amount) can be availed after 3 years from the Date of Commencement.
