Government of India had extended the dates for Pradhan Mantri Vaya Vandana Yojana ( Modified -2020 ) plan with modified rates of pension for citizens aged 60 years and above. This plan will be available for sale commencing from 26th May 2020 for three financial years i.e up to 31 March 2023.
The features of PMVVY plan are as under
- This a non-linked, non-par, Government-subsidized pension scheme.
- For the first financial year i.e up to 31st March 2021, the scheme will provide an assured rate of return of 7.40% p.a. payable monthly ( i.e. equivalent to 7.66 p.a).
- For the policies sold during the next two financial years, the applicable assured rate of interest, at which the pension payment shall be made, will be reviewed and decided at the beginning of each financial year by Ministry of Finance, Government of India.
The benefits and other details of the plan are given below.
Eligibility conditions and restrictions :
- Minimum age: 60 years ( completed)
- Maximum entry age: No Limits
- Policy term: 10 years
Minimum pension :
- Rs. 1,000 per month
- Rs. 3000 per quarter
- Rs. 6,000 per half-year
- Rs. 12,000 per year
Maximum pension
- Rs. 9250/- per month
- Rs. 27,750/- per quarter
- Rs. 55,500 per half-year
- Rs. 1,11,000per year
LIC Pradhan Mantri Vaya Vandana Yojana plan Benefits
Pension payment :
- On survival of the pensioner during the policy term, Pension in arrears ( at the end of each period as per mode chosen by the pensioner ) shall be payable.
Death Payment :
- On the death of the pensioner during the policy term, the Purchase Price shall be refunded to the nominee/ legal heirs.
Maturity Benefits :
- On survival of the pensioner to the end of the policy term, Purchase price and the final pension instalment shall be payable.