Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan no.842 is a pension scheme for Senior citizens with an assured return of 8% on your purchase price. In Simple Term, Pay 15 Lakh on onetime and get Rs.10000/- per month pension. If you can save more if you need a pension once a year
Finance Minister has launched the new Pension Plan especially for senior citizens above the age of 60 years. In this scheme, you will need to invest your money once (In short this is a one-time premium pension plan). The scheme is exempt from the Goods and Services Tax (GST).
PMVVY Eligibility Conditions and Other Restrictions:
- Minimum Entry Age: 60 years (completed)
- Maximum Entry Age: No limit
- Policy Term: 10 years
- Rs. 1,000/- per month
- Rs. 3,000/- per quarter
- Rs.6,000/- per half-year
- Rs.12,000/- per year
- Rs. 10,000/- per month
- Rs. 30,000/- per quarter
- Rs. 60,000/- per half-year
- Rs. 1,20,000/- per year
You are eligible for a loan against (PMVVY) for up to 75% of your premium after 3 years.
For yearly pension, the minimum investment is Rs 1.45 lakh and the maximum is Rs 14.45 lakh. For monthly mode, the minimum to be invested is Rs 1.5 lakh and the maximum is Rs 15 lakh
You can get pension ranging from Rs 1,000 per month (12,000 per year) and Rs 10,000 per month (1,20,000 per year) across all family members, which include his/her wife/husband and dependent children if any.
The minimum and maximum Purchase Price under different modes of pension will be as under:
|Mode of Pension||Min. Purchase||Max Purchase Price|
|Yearly||Rs. 1,44,578/-||Rs. 14,45,783/-|
|Half-yearly||Rs. 1,47,601/-||Rs. 14,76,015/-|
|Quarterly||Rs. 1,49,068/-||Rs. 14,90,683/-|
|Monthly||Rs. 1,50,000/-||Rs. 15,00,000/-|
Pradhan Mantri Vaya Vandana Yojana (PMVVY) FAQ:
Who can opt for this scheme?
Any Indian Citizen aged 60 years or above.
Is there any market risk? or 8% Interest fixed or variable?
The scheme will provide an assured return of 8 percent per annum payable monthly (equivalent to 8.30 percent per annum) for 10 years.
When will I get the pension?
You can choose monthly, quarterly, half-yearly or yearly depending on your needs. The pension will be transferred to your bank account through NEFT or Adhar Based Payment System.
What’s the last date of enrolment?
PMVVY may Close on March 31, 2020, if Govt. does not extend this deadline this year.
How to buy it?
You can buy this plan online or through your LIC Agent/Branch.
If I want to exit this scheme midway?
You can surrender this plan anytime and you will get a 98% refund on your purchase price.
What if Policyholder dies before maturity?
In this case, the nominee will get the purchase price.
What are other options for pension seekers?
You can check out Jeevan Akshay VI and New Jeevan Nidhi
will the pension be taxable ?
Return on PMVVY scheme exempted from GST: Jaitley
Is this Pension amount is Taxable?