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.

PMVVY Benefits

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 PensionMinimum Purchase PriceMaximum Purchase Price
YearlyRs. 1,44,578/-Rs. 7,22,892/-
Half-yearlyRs. 1,47,601/-Rs. 7,38,007/-
QuarterlyRs. 1,49,068/-Rs. 7,45,342/-
MonthlyRs. 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.

PMVVY Loan

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.

 

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