Pradhan Mantri Vaya Vandana Yojana
1.Swachh Bharat Mission
2.Ujjwala Yojana
3.Jan Dhan Yojana
4. Make in India
5.Sukanya Smriddhi yojana
6.Atal Pension Yojana
7.UDAN Yojana
8.Pradhan Mantri Mudra Yojana
9.UDAY Scheme
10.Namami Gange Yojana
11.Pradhan Mantri Vaya Vandana Yojana (PMVVY)
These are some important schemes announced by govt. of India, In this article, we will talk about PMVVY Yojana.
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY scheme is basically designed for senior citizens of 60 years of age or more. This is a safe and guaranteed pension plan for 10 years in which any senior citizen has to invest a lump sum amount of up to Rs.15lakh and they have to receive the interest in the form of pension up to 10 years and after 10 years the whole amount is refunded back to the policyholder.
Launched
PMVVY scheme was launched at may 2017 for 1 yr but in 2018 it was further extended up to 31st March 2020, Now in may 2020 the govt has further extended this scheme up to March 2023.
How to Avail
This policy has started by the govt and L.I.C is now regulating it, so if any person wants to open an account then he may contact a L.I.C agent or he may go through the L.I.C website. Any bank or post office can not be allowed to open account of a person.
Premium and Term
A lump sum amount of up to Rs.15lakh (Maximum) or Rs.156658 (Minimum) is required to open an account for 10 years.
Benefit
The interest rate as per GOI is offered to the senior citizen in the form of pension, the frequency of pension is decided at the time of account opening, the frequency and interest rate of pension is MOnthly(7.40%), Quarterly(7.45%), Halfyearly(7.52%), Yearly(7.66%).
Minimum purchase price
Mode of pension MInimum purchase price Pension amount
Yearly 156658 12000
H.yearly 159574 6000
Quarterly 161074 3000
monthly 162162 1000
Maximum Purchase Price
Mode of pension MInimum purchase price Pension amount
Yearly 1449086 111000
H.Yearly 147064 55500
Quarterly 1489933 27750
Monthly 1500000 9250
Source- LIC website
Surrender
The policy can be surrendered in case of terminal or critical illness of the policyholder or their spouse with a penalty of 2% of the purchase price.
Additional
1. Freelook period is 15 days is bought offline and 30 days if bought online.
2. No taxable.
3. Not available for N.R.I or foreign citizen.
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