Pradhan Mantri Vaya Vandana Yojana is a new scheme of Indian Govt. PMVVY is a pension scheme. Only senior citizens above 60 years are eligible for this pension scheme. This Pension scheme provides an assured return of 8% percent per annum for 10 years. Pensioner can get monthly or quarterly or half-yearly or yearly payment of the pension.
Here are the following benefits of PMVVY:
- This pension scheme provides an assured return of 8% p.a. payable monthly for 10 years.
- This pension scheme is exempted from Tax.
- End of the policy term, Purchase price along with final pension installment shall be payable.
- Loan up to 75% of the purchase price is available in the scheme.
- On the death of the pensioner in between 10 years, the purchase price of policy return back to nominee.
PMVVY Eligibility and Conditions
the following conditions should match to buy PMVVY:
- Minimum Entry Age is 60 years and max age no bar.
- The policy term is 10 year.
- The minimum investment is 1.5 lakh and the maximum investment is Rs. 15 lakh.
- The minimum pension is Rs. 1000/- Per month and Maximum Pension is Rs. 10,000/- Per month
Payment of Purchase Price
This Pension Scheme can buy as a Lump sum plan. The Pensioner can choose the amount of pension or Purchase Price. The maximum and minimum purchase as follows:
|Mode of Pension||Minimum Purchase Price||Maximum Purchase Price|
|Yearly||Rs. 1,44,578/-||Rs. 7,22,892/-|
|Half-yearly||Rs. 1,47,601/-||Rs. 7,38,007/-|
|Quarterly||Rs. 1,49,068/-||Rs. 7,45,342/-|
|Monthly||Rs. 1,50,000/-||Rs. 7,50,000/-|
Free Look period
The Pensioner has 15 days Free look period for offline buy and 30 days Free Look period for Online Buy. between these days, if pensioner surrenders his/her policy then he/she will get a 100% refund of his purchase price.
The Pensioner can get the loan on his policy purchase price. but before that Loan facility is available after completion of 3 policy years. Pensioner can get only 75% amount of Purchase price as loan. Loan interest will be 10% per annum.