PRADHAN MANTRI VAYA VANDANA YOJANA
Government of India has announced Pradhan Mantri Vaya Vandana Yojana for citizen age 60 years and above. LIC of India has been given the sole privilege to operate this scheme. Pradhan Mantri Vaya Vandana Yojana shall be available from the date of launch.
Eligibility Conditions and Restrictions:
Minimum Entry Age : 60 years completed
Policy Term : 10 Years fixed
Minimum Pension payable : Rs. 1,000 per month / 3,000 per quarter / 6,000 per half year / 12,000 per year
Maximum Pension payable : Rs. 5,000 per month / 15,000 per quarter / 30,000 per half year / 60,000 per year
Benefits :
Pension Payment :
On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
Death Benefit:
On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.
Maturity Benefit:
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
Pension payable under Pradhan Mantri Vaya Vanadana Yojana
Pension Payment : On survival of the Pensioner during the policy term, Pension in arrears (at the end of each period as per mode chosen by the Pensioner) shall be payable.
Death Benefit: On death of the Pensioner during the policy term, the Purchase Price shall be refunded to the nominee/legal heirs.
Maturity Benefit: On survival of the pensioner to the end of the policy term, Purchase price and the final pension instalment shall be payable.
Mode of Pension Payment :
Mode of pension payment shall be monthly, quarterly, half-yearly or yearly.
The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
