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Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana  (UIN:512G311V02)

1. Introduction: Government of India in the Budget Speech of 2018-19 has announced the decoration of maximum limit knocked out Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen. The time of sale for this plot has as well as been elongated upto 31st March, 2020.

 LIC of India has been obtain the sole privilege to battle this direction. 

This want can be purchased offline as adeptly as online. To Purchase this plot online entertain log in savings account to the order of to our website www.licindia.in.

2. Benefits : a. Pension Payment : On relic of the Pensioner during the policy term of 10 years, pension in arrears (at the subside of each epoch as per mode selected) shall be payable. 

b. Death Benefit:  On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the receiver.

c. Maturity Benefit:     On relic of the pensioner to the stamp album less of the policy term of 10 years, Purchase price along subsequent to unadulterated pension installment shall be payable.

3. Eligibility Conditions and Other Restrictions: a) Minimum Entry Age:  60 years (completed) b) Maximum Entry Age:  No limit c) Policy Term              :   10 years d) Minimum Pension:       Rs. 1,000/- per month    Rs. 3,000/- per quarter     Rs.6,000/- per half-year     Rs.12,000/- per year e) Maximum Pension:      Rs.  10,000/-per month    Rs. 30,000/-per quarter     Rs.  60,000/- per half-year     Rs. 1,20,000/- per year 

Ceiling of maximum allowance is per senior citizen i.e. sum amount of pension below all the policies below this scheme, including policies taken below Pradhan Mantri Vaya Vandana Yojana in the middle of UIN: 512G311V01, allowed to a senior citizen shall not exceed the maximum pension limit. 

4. Payment of Purchase Price:  The scheme can be purchased by payment of a layer sound Purchase Price. The pensioner has an other to pick either the amount of pension or the Purchase Price.

The minimum and maximum Purchase Price asleep every unconventional modes of allowance will be as out cold:


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Mode of Pension  Minimum Purchase Price  Maximum Purchase Price

Yearly Rs. 1,44,578/- Rs. 14,45,783/- Half-yearly Rs. 1,47,601/- Rs. 14,76,015/- Quarterly Rs. 1,49,068/- Rs. 14,90,683/- Monthly Rs. 1,50,000/- Rs. 15,00,000/-

The Purchase Price to be charged shall be rounded to nearest rupee.

5. Mode of allowance payment:  The modes of allowance payment are monthly, quarterly, half-yearly & twelve-monthly. The allowance payment shall be through NEFT or Aadhaar Enabled Payment System. 

The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of get sticking together of of the same depending vis--vis the mode of allowance payment i.e. twelve-monthly, half-twelve-monthly, quarterly or monthly respectively.

6. Sample Pension rates per Rs.1000/- Purchase Price The pension rates for Rs.1000/- Purchase Price for oscillate modes of income payments are as below:   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 the nearest rupee.  These rates are age independent.

7. Surrender Value:  The scheme allows premature exit during the policy term out cold exceptional circumstances once the Pensioner requiring maintenance for the treatment of any vital/terminal sickness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.

8. Loan:  Loan carrying out is simple after discharge faithfulness of 3 policy years. The maximum fee that can be arranged shall be 75% of the Purchase Price.

The rate of inclusion to be charged for press before amount shall be certain at periodic intervals. 

For the evolve sanctioned till 30th April, 2018, the applicable union rate is 10% p.a. payable half-yearly for every portion of term of the impinge on ahead.

Loan related will be recovered from allowance amount payable knocked out the policy. The Loan inclusion will accumulate as per the frequency of income payment under the policy and it will be due in bank account to the due date of income. However, the exacerbate outstanding shall be recovered from the allegation proceeds at the time of exit.    9. Taxes: Statutory Taxes, if any, imposed upon this Plan by the Government of India or any new constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to times.

The amount of tax paid shall not be considered for the tally together of help payable under the set sights on.
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10. Free Look era:  If a policyholder is not satisfied behind the Terms and Conditions of the policy, he/she may recompense the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy stating the defense of objections. 
The amount to be refunded within pardon aerate era shall be the Purchase Price deposited by the policyholder after deducting the charges for Stamp loyalty and pension paid, if any.

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