Pradhan Mantri Vaya Vandana Yojana (PMVVY)

KEY POINTS

• scheme is available
  from 4 May 2017 to 3 May 2018
• How to purchase :
  The scheme can be purchased offline as well as online through Life Insurance Corporation of India which has been given the sole privilege to operate this scheme.The modes of pension payment are monthly, quarterly, half-yearly & yearly.
• Eligibility Conditions and Other Restrictions:
  Age limit: >=60 years
  Policy Term : 10 years
  
• Pension payable :
  Rs. 1,000/- to Rs. 5,000/- per month
  Rs. 3,000/- to Rs. 15,000/- per quarter
  Rs.6,000/- to Rs. 30,000/- per half-year
  Rs.12,000/- to Rs.60,000/- per year
• Surrender Value: :
  The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
• Loan :
  Loan facility is available after completion of 3 policy years.
  Maximum loan : 75% of the Purchase Price.
• Free Look period :
  15 days (30 days if this policy is purchased online) from the date of receipt of the policy
• Benefits :
  1. 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.
  2. On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.
  3. On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension instalment shall be payable.

AIM

• PMVVY is a pension scheme announced by the Union Government exclusively for the senior citizens aged 60 years and above.
• The scheme provides an assured return of 8 per cent per annum and is payable monthly for 10 years.

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