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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.
Pension rates per Rs. 1,000 of Purchase Price are as under:
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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