LIC Pradhan Mantri Vaya Vandana Yojana: All you need to know

LIC Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior electorate, above 60 years of age which assures assured pension for 10 years. Guaranteed charges of pension for insurance policies bought all through a 12 months shall be reviewed and determined in the beginning of each and every 12 months through the Ministry of Finance, Government of India. The scheme used to be introduced previous this 12 months on May 26.

For the primary monetary 12 months i.e. upto 31st March 2021, the Scheme will supply an confident pension of seven.40% p.a.,payable per month. The scheme can also be purchased on-line thru LIC web page or offline. The scheme is to be had up to 31st March 2023.

Eligibility and contours of LIC Pradhan Mantri Vaya Vandana Yojana

Anyone who has attained a minimal age of 60 years should buy this coverage. The coverage time period is 10 years. Minimum pension below the coverage is 1,000 for per month payout, 3,000 for quarterly payout, 6,000 for half-year and 12,000 for annual payout.

The premiums had been caped at 9,250 for per month payout, 27,750 for quarterly payout, 55,500 for half-yearly and 1,11,000 for annual payout.

The pensioner can both make a selection the quantity of pension to be won or the acquisition value for which he desires to purchase the coverage. The different element shall be determined routinely through the predefined again finish calculations.

In case the pensioner desires to make a selection the acquisition value below the coverage, the minimal and most allowed acquire value below the coverage are as under:

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PurchaSe value (in Rs) below LIC Pradhan Mantri Vaya Vandana Yojana (Source: LIC)

Pension cost below LIC Pradhan Mantri Vaya Vandana Yojana

The Government subsidised scheme lets in pension to paid as — per month, quarterly, half-yearly & annually. The pension cost shall be thru NEFT or Aadhaar Enabled Payment System. The pensioner will obtain the primary installment of pension after 1 12 months, 6 months, Three months or 1 month from the date of acquire of the coverage relying at the mode of pension cost i.e. annually, half-yearly, quarterly or per month respectively.

Surrender Value

The scheme lets in untimely go out all through the coverage time period below outstanding cases just like the Pensioner requiring cash for the remedy of any vital/terminal sickness of self or partner. The Surrender Value payable in such instances will likely be 98% of the Purchase Price.

Loan facility

Loan facility is to be had after crowning glory of 3 coverage years. The most mortgage that may be granted will likely be 75% of the Purchase Price.

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