About Pradhan Mantri Vaya Vandana Yojana
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- This is a Government subsidized scheme and will provide assured returns of 8% p.a. payable monthly (effective yield of 8.30% p.a.) on pensioner surviving policy term of 10 years.
- Plan can be purchased by payment of lump sum Purchase Price.
- Pensioner has an option to choose either the amount of pension or the Purchase Price.
- Purchase Price will be accepted by cheque/drafts payable on the Bank Branch which is member of local/CTS/Speed Clearing Center.
- Pension will be paid via NEFT/ Aadhar Enabled Payment System. Min. Pension should be Rs. 1,000 per month and Max. Rs. 10000 per month per Sr. Citizen including pension opted under earlier PMVVY.
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 nearest rupee.
Key Features
- Guaranteed Pension Plan exclusively designed for Senior Citizens.
- It is a close ended plan available up to 3rd May 2018.
- Life Cover equivalent to the Purchase Price.
- Pension can be opted through Yearly, Half Yearly, Quarterly and Monthly mode.
- This Plan is exempted from Service Tax.
- Policy can be surrendered at any time in case of any Critical Illness of Self or Spouse.
- Loan Available after 3 full years of policy term.
- On Maturity, Purchase Price + Final Pension Instalment shall be paid.
- Free lookup period for 15 Days.
Benefits
Pension Payable: Pension in form of immediate annuity will be paid in arrears (at the end of each period) as per mode chosen by the pensioner on his/her survival during policy term.
Death Benefit: Purchase Price along with interest for the period from last instalment of pension to date of death will be payable.
Maturity Benefit: Purchase Price and final Pension instalment.
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