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Pradhan Mantri Vaya Vandana Yojana LIC Policy

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Pradhan mantri vaya vandana yojana specially for senior citizens only.

Plan No. 842

For the welfare of senior citizens of our country. the Govt. of India has further enhanced the features of the existing schemes. Now the scheme has been extended up to 31 march 2020.

  1. Eligibility : 60 years of age and above
  2. Single lumpsum premium for monthly pension.
  3. Minimum Rs.50000 (Rs.1000 per month)
  4. Maximum Rs.1500000 (Rs.10000 per month)
  5. Assured return of 8.00% p.a. payable monthly (equivalent to 8.30% p.a)
  • Mode of pension payment: Monthly , Quarterly, Half yearly & yearly.
  • On death of the pensioner during the policy term of 10 years, beneficiary receives the purchase price.
  • On survival of the pensioner at the end of 10 years, purchase price along with final pension installment will be paid.

The Plan provides immediate pension for senior citizens 60 years and above .It can be purchased by paying a lumpsum amount . The plan provides for pension payments of stated amount for the policy term of 10 years, with return of purchase price at the end of 10 years

Medical : No medical examination is required.

Surrender Value : Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse . 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.

 

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 14,45,783 1,20,000 per annum
Half-Yearly 14,76,015 60,000 per half year
Quarterly 14,90,683 30,000 per Qtr.
Monthly 15,00,000 10,000 per month

Pension rates payable under different modes of Payment(Yearly, Half Yearly,Quarterly,Monthly) 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

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