PMVVY:  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. The Pradhan Mantri Vaya Vandana Yojana has been launched on 4th May 2017.

Under this scheme senior citizens will get a guaranteed return of 8% for 10 years. This plan is exempted from Goods and services tax (GST).The scheme will be available for one year from date of launch.

For yearly pension, the minimum investment is Rs 1.44 lakh and maximum is Rs 7.22 lakh. For monthly mode, the minimum to be invested is Rs 1.5 lakh and the maximum is Rs 7.5 lakh.

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.

Eligibility Conditions

Minimum Entry Age: 60 years (completed)

Maximum Entry Age: No limit

Policy Term : 10 years

Mode of pension payment: 

The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.