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(PMVVY) Pradhan Mantri Vaya Vandana Scheme | LIC Vaya Vandana Features

(PMVVY) Pradhan Mantri Vaya Vandana Scheme: Pradhan Mantri Vaya Vandana scheme was launched in the Budget Speech of financial year 2018-19. The central government has started Pradhan Mantri Vaya Vandana Scheme for providing pensions to our senior citizens. Under this Scheme “LIC” provides an assured return of 8% annually for a period of 10 years. All eligible senior citizens of our country could invest capital money under Vaya Vandana untill 31st December 2020. The Minimum amount of purchase is Rs.1,50,000/- and the maximum purchase Price is Rs.15,00,000/-

Pradhan Mantri Vaya Vandana LIC Vaya Vandana Scheme

You can directly purchase the Policy under Pradhan Mantri Vaya Vandana Yojana and after the maturity of your policy (i.e.,10 years from the date of purchasing your policy). LIC will pay you the Purchase price and an interest rate of 8 % per annum for a time period of ten years. The main objective of this Pradhan Mantri Vaya Vandana Scheme is to secure the future of our citizens after their retirement. You can find all the details such as purchase price, interest rates and time duration in the chart listed below.

Overview of Pradhan Mantri Vaya Vandana scheme 

The PMVVY scheme provides an assured income Security to the Senior citizens of our country in their old age .

Under the Pradhan Mantri Vaya Vandana Scheme the Government of India guarantees assured returns linked to the subscription amount.Moreover, for a period of 10 years LIC Vaya Vandana provides an assured return of 8% per annum.

Even more Interesting is that the Interest under this scheme is provided on a monthly/ Quarterly/ Half yearly and yearly basis.

Pradhan Mantri Vaya Vandana scheme also gives you Tax reliefs

Benefits Of PM Vaya Vandana Scheme

Pension Payment 

Upon survival of the Pensioner during the policy term period of 10 years, as per the choosen model towards the end of each period pension will be payed in arrears

Death Benefit 

Upon death of the Pensioner within the policy term period of 10 years, the beneficiary will get a full refund of the Policy Purchase Price.

Maturity Benefit

Upon survival of the pensioner through the end of the policy term period of 10 years, Purchase price along with final pension instalment shall be payable.

Loan

After completion of 3 policy years Loan facility will be available. Maximum Loan amount of 75% of the Purchase Price of Policy shall be granted and in periodic intervals the rate of interest to be charged for the loan amount shall be determined

Eligibility for PMMVY

Minimum age limit to be eligible for PMMVY is 60 years and there is no upper age limit.

Pradhan Mantri Vaya Vandana Scheme Rate of Interest

Session wise Pension Min Purchase Price Max Purchase Price Pension Interest rate 

(P.A)

Pension Amount
Yearly Rs. 1,44,578/- Rs. 14,45,783/- 8.3 % 12,000
Half-yearly Rs. 1,47,601/- Rs. 14,76,015/- 8.13 % 6,000
Quarterly Rs. 1,47,601/- Rs. 14,90,683/- 8.50 % 3,000
Monthly Rs. 1,50,000/- Rs. 15,00,000/- 8.00 % 1,000

How To Apply For Pradhan Mantri Vaya Vandana

  • All Beneficiaries who need to apply for Pradhan Mantri Vaya Vandana Scheme and who want to get this Scheme they have to visit the site of LIC Like i.e. www.licindia.com. Or Visit the Nearest LIC Branch Office to Complete Offline application process.
  • Go to the Scheme Section at top of the web page. And find out the Scheme of PMVVY.
  • Enter the details of the Beneficiaries in the application form.
  • And then Submit your details to the LIC board.

More details of Pradhan Mantri Vaya Vandana Scheme

Name of the Scheme

Pradhan Mantri Vaya Vandana PMVVY Scheme

Official site

www.licindia.com

Scheme Covered by Area

India

Beneficiary

Urban poor

Scheme Information

Name of the Scheme Pradhan Mantri Vaya Vandana
Category Central Govt Scheme 2019

Scheme launched by

PM Modi

Last date to Apply For this Scheme

31st March 2020

Important Links

Launched date Jan month 2019
PIB Notification of PMVVY Click here
User Notification of PMVVY Click here
Official Website

(https://www.licindia.in/)

Click here
PMVVY Buy Online

(https://eterm.licindia.in/onlinePlansIndex/login.do)

Click here
Pasupu Kumkuma Scheme Click here
PM Modi Yojana Scheme 2019 Click here

Final Words: All Candidates should find out Latest Govt jobsAdmit CardBoard Exam time table with Exam dates 2019 and results from tsapinterhallticket2019.com web portal. We will update here time to time and day to day. If any Queries and Suggestions please drop a Comment in Comment box. Thank you.

Updated: April 11, 2019 — 10:20 am

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