Pradhan Mantri Vaya Vandana Scheme has started by the central government for providing the benefits like pensions to the senior citizen of the country. Under the PMVVY Scheme Life Insurance LIC provides an assured return of 8% per annum for 10 years. The scheme has launched in the Budget Speech of financial year 2018-19. The eligible senior citizens of the country may invest the capital money under Vaya Vandana till 31st December 2020. The minimum amount of purchase is Rs. 1, 50,000/- and the maximum purchase price is Rs. 15, 00,000/-
LIC Vaya Vandana Scheme
Under the Pradhan Mantri Vaya Vandana Yojana once you have to purchase the policy. After the maturity of the policy (10 years later from the date of purchasing policy) the LIC will pay you Purchase price and 8 % interest rate per annum of ten years time period. The objective of the Pradhan Mantri Vaya Vandana Scheme is to secure the future of citizens after their retirements.
Key Features Of Vaya Vandana Scheme -:
- Maximum limit PMVVY is Rs. 15 lakhs per senior citizen.
- LIC of India is operating this scheme.
- Assured interest of 8 % per annum on purchase price.
- Time time duration of the scheme is 10 years.
- First installment of pension shall be paid after yearly, half-yearly, quarterly or monthly respectively depand upon the mode of the scheme.
- The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
- Scheme also provides the relief in Tax.
Benefits Of PM Vaya Vandana Scheme -:
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 the 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.
- Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
- The rate of interest to be charged for loan amount shall be determined at periodic intervals
Eligibility for PMMVY -:
- Minimum age limit is 60 years.
- There is no upper age limit.