Pradhan Mantri Vaya Vandana Pension Yojana To Senior Citizen Through LIC – PMVVY

By | July 22, 2017

Pradhan Mantri Vaya Vandana Pension Yojana To Senior Citizen Through LIC – PMVVY

Pradhan Mantri Pension Scheme || Pradhan Mantri Vaya Vandana Pension Yojana || Pradhan Mantri Pension Scheme To Senior Citizen || PM Pension Scheme Through LIC || PM Pension Yojana || PM Pension Yojana To All

Apply For Pradhan Mantri Vaya Vandana Pension Scheme Via LIC To Senior Citizen :Introduction To Scheme

Indian Government has provided notification regarding Pradhan Mantri Vaya Vandana Yojana for the people whose age is 60 years or above. And this scheme will be handled by LIC of India. The official launch date of this scheme has been set on 4th May 2017. This scheme is available for time period of one year. You can take benefit of this scheme online as well as offline mode.

Benefits Of PMVVY The Schemes

) Pension Payment:

If the person survive during this time period of 10 year, then it is paid according to the selected mode at the end of specific time.

) On Death:

If the person dies during pension time of 10 years, then all money (Purchase Price) will be refunded to the beneficiary.

 ) On Maturity:

If the person live throughout the pension period of 10 year, then the last pension payment may be payable with purchase price.

Eligibility Criteria And Some Restrictions Of PM Pension Scheme

Minimum Required Age: 60 years (completed)

Maximum Required Age: Without limit 

Pension Time Limit: 10 years

Minimum Pension Provided: Monthly Rs.1000/

Quarterly Rs.3000/

Half yearly Rs.6000/

Yearly Rs.12,000/

Maximum Pension Provided: Monthly Rs.5000/

Quarterly Rs.15000/

Half yearly Rs.30000/

Yearly Rs.60,000/

Payment Of Policy

This yojana benefit can be taken by paying lump sum amount of the purchase price. Citizens have option to select the pension amount or else purchase price.

Minimum and maximum purchase price of pension are listed below under various mode

Pension Mode Min Purchase Amount Max Purchase Amount
Yearly Rs.1,44578/ Rs.7,22892
Half Yearly Rs.1,47601 Rs.7,38007
Quarterly Rs.1,49068 Rs.7,45342
Monthly Rs.1,50000 Rs.7,50000

Pension Payment Mode

Pension payment modes are as monthly, quarterly, half-yearly and yearly basis. The payment of pension can be completed via NEFT or through aadhaar card based payment system.

The payment of 1st installment of the pension can be paid after one year, six months, three months, or one month from date you have availed the scheme and also depend on the pension payment mode means yearly, half-yearly, quarterly or monthly.

Pension Rate For Per Rs.1000/ Purchase Price

Pension price for Rs.1000/- Purchase Price for various modes of pension payment are listed as:

For Yearly: Rs. 83.00 p.a.
For Half-yearly: Rs. 81.30 p.a.
For Quarterly: Rs. 80.50 p.a.
For Monthly: Rs. 80.00 p.a.

The price or rates which are listed above are not dependent on the age of person. And installment of pension can be round off to near value.

Loan Facility In This Pension Yojana

Loan is also provided under this policy but only after successful completion of three years. And you can avail maximum loan of 75 % of your purchase money.

And the interest rates which are applicable on loan amount can find out at periodic interval of time. Means the loan which is approved in financial year 2016-17, the eligible interest rate for that is 10%p.a. Loam interest can also be took back from your pension amount in the policy.

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