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All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana
20 Mar 2019, 12:49 PM IST
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 Pension | Minimum Purchase Price | Corresponding Pension Amount |
---|---|---|
Yearly | 1,44,578 | 12,000 per annum |
Half-Yearly | 1,47,601 | 6,000 Half year |
Quarterly | 1,49,068 | 3,000 per quarter |
Monthly | 1,50,000 | 1,000 per month |
(As mentioned on LIC's website)
Mode of Pension | Maximum Purchase Price(Rs) | Corresponding Pension Amount |
---|---|---|
Yearly | 14,45,783 | 1,20,000 per annum |
Half-Yearly | 14,76,015 | 60,000 per half year |
Quarterly | 14,90,683 | 30,000 per quarter |
Monthly | 15,00,000 | 10,000 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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