Pradhan Mantri Vaya Vandana Yojana Version 2.0 ! Get Guaranteed Pension
Pradhan Mantri Vaya Vandana Yojana (PMVVY) Scheme is one of its kind Guaranteed Pension Scheme promoted by Government of India for senior citizens (60 years and above). This scheme is administered by Life Insurance Corporation of India. When this plan was launched, a guaranteed 8% interest rate was offered to subscribers. This plan was closed on 31st March 2020.
On 26th May 2020, LIC re-launched PMVVY Version 2.0 which provide guaranteed pension of 7.66% yearly for 10 years. Read more to understand this plan.
How to invest
This scheme is only offered by LIC of India. You can buy plan at https://www.licindia.in/ or contact your insurance agent. You can also visit nearest LIC office.
Eligibility
This plan can only be purchased by senior citizen (60 years & above)
No Medical examination is required
Policy Term: 10 years
Interest rate: 7.4% in monthly mode and 7.66% in yearly mode for policy purchased in FY 2020-21
Mode of pension: Monthly, Quarterly, Half Yearly and Yearly
Maximum amount that can be invested is ₹ 15 lacs
Interest rate will be revised for next two FY 2021-23 and FY 2022-23 at the beginning of each year
Minimum Purchase Price
|
Mode |
Min
purchase Price |
Corresponding
pension amount |
|
Yearly |
156658 |
12000 pa |
|
Half
yearly |
159574 |
6000 / hy |
|
Quarterly |
161074 |
3000 / q |
|
Monthly |
162162 |
1000 pm |
Maximum Purchase Price
|
Mode |
Min
purchase Price |
Corresponding
pension amount |
|
Yearly |
1449086 |
110000 pa |
|
Half
yearly |
1476064 |
55000/ hy |
|
Quarterly |
1489933 |
27750 / q |
|
Monthly |
1500000 |
9250 pm |
Policy Benefits
Pension : Guaranteed pension for 10 years
Death Benefits : Purchase price will be returned to nominee of the policyholder and policy will get closed
Maturity : After completion of 10 years, purchase price and last pension installment will be paid to the policyholder
Surrender : The policy can be surrendered in case of exceptional circumstances like treatment of any critical illness of the policyholder or spouse. Surrender value will be 98% of the purchase price.
Loan : Loan on this scheme is available after 3 years and maximum loan shall be 75% of the purchase price.
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