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All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana

Life Insurance Corporation of India (LIC) apart from insurance products also offers pension plans for senior citizens.

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All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana

LIC Pradhan Mantri Vaya Vandana Yojana provides pension for senior citizens of 60 years and above.


Life Insurance Corporation of India (LIC), the country's largest life insurance company, offers pension plans for senior citizens, besides providing various insurance products . One such product offered by LIC is Pradhan Mantri Vaya Vandana Yojana. This scheme can be purchased for a minimum lump sum payment of Rs 1,44,578 and a maximum lump sum payment of Rs 15 lakh for a policy term of 10 years, according to the website of LIC - licindia.in. (Also Read: From Premium, Maturity To Tax Benefit: Key Things To Know About LIC New Jeevan Anand Plan)

Here are the details about pensions, premiums and other benefits offered by LIC's Pradhan Mantri Vaya Vandana Yojana (PM VVY):

  • LIC's Pradhan Mantri Vaya Vandana Yojana provides immediate pension for senior citizens of 60 years and above.It can be purchased by paying a lumpsum amount , LIC said on its website.
  • The plan provides for pension payments for the policy term of 10 years, with return of purchase price at the end of 10 years.
  • Pension payments can be availed by the plan subscriber on monthly, quarterly, half-yearly or yearly basis. In case of death of the subscriber the purchase price of the plan would be refunded to the legal heirs.
  • The Pradhan Mantri Vaya Vandana Yojana can be purchased without any medical examination and premature exit is allowed during policy term under exceptional circumstances like critical/terminal illness of self or spouse .
  • Surrender value payable in such cases is 98 per cent of the purchase price, according to the information on LIC's website.
  • Here are minimum and maximum purchase price and corresponding pensions the subscribers would get on under different modes of pension:
Mode of PensionMinimum Purchase PriceCorresponding Pension Amount
Yearly1,44,57812,000 per annum
Half-Yearly1,47,6016,000 Half year
Quarterly1,49,0683,000 per quarter
Monthly1,50,0001,000 per month

(As mentioned on LIC's website)

 

Mode of PensionMaximum Purchase Price(Rs)Corresponding Pension Amount
Yearly14,45,7831,20,000 per annum
Half-Yearly14,76,01560,000 per half year
Quarterly14,90,68330,000 per quarter
Monthly15,00,00010,000 per month

(As mentioned on LIC's website)

 

  • The subscribers of the plan also get to avail loan from the Life Insurance Corporation of India after complying with the policy for three years.
  • The maximum loan amount offered by the LIC is 75 per cent of the purchase price.


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