Pradhan Mantri Vaya Vandana Yojana (PMVVY) Means it is
pension scheme for senior citizens above the age of 60 years, the scheme can
apply through offline or online made through LIC.The scheme starts at 4th May,
2017 to 3rd May, 2018.
Benefits Under Pradhan Mantri Vaya Vandana Yojana (PMVVY)
-The pensioner to the end of the policy term of 10 years,
Purchase price along with final pension instalment shall be payable.
- Scheme provides an assured return of 8% p.a. payable
monthly (equivalent to 8.30% p.a. effective) for 10 years.
- The scheme is exempted from Service Tax/ GST.
- The scheme also allows for premature exit for the
treatment of any critical/ terminal illness of self or spouse. On such
premature exit, 98% of the Purchase Price shall be refunded.
- On death of the pensioner during the policy term of 10
years, the Purchase Price shall be paid to the beneficiary.
Maximum and Minimum Purchasing Price - Maximum and Minimum Pension Amount
| Mode of Pension | Minimum Purchasing Amount | Minimum Pension | Maximum Purchasing Price | Maximum Pension Amount |
|---|---|---|---|---|
| Yearly | Rs 1,44,578/- | Rs 12,000/- | Rs 7,22,892/- | Rs 60,000/- |
| Half-Yearly | Rs 1,47,601/- | Rs 6000/- | Rs 7,38,007/- | Rs 30,000/- |
| Quarterly | Rs 1,49,068/- | Rs 3000/- | Rs 7,45,342/- | Rs 15,000/- |
| Monthly | Rs 1,50,000/- | Rs 1000/- | Rs 7,50,000/- | Rs 5,000/- |
