LIC Pradhan Mantri Vaya Vandana Yojana – PMVVY plan – 2020 Modified plan
The Government of India has introduced Pradhan Mantri Vaya Vandana Yojana, with the modified rate of pension under this plan and extended the period of sale of this plan for a further period of three years from Financial Year 2020-21 till 31st March 2023. LIC PMVVY is a Non-Linked, Non-Participating, Pension Scheme subsidized by the Government of India
As per the terms and conditions under this plan, guaranteed rates of pension for policies sold during the year will be reviewed and decided at the beginning of each year by the Ministry of Finance, Government of India. For the first financial year i.e. up to 31st March 2021, the Scheme will provide an assured pension of 7.40% p.a. payable monthly.
Investment type:
- Single Investment
Mode of Annuity payment:
- Yearly, Half Yearly, Quarterly, Monthly
BENEFITS:
On Death:
- On the death of the Life Assured during the policy term Sum Assured shall be payable.
On Maturity:
- On survival to the end of the policy term, Purchase price + Final pension instalment shall be payable.
PENSION PAYMENT:
- Pension in arrears (at the end of each period as per mode chosen by the pensioner) shall be payable.
MODE OF PREMIUM:
- Single Year Payment
SURRENDER VALUE:
- Surrender Value of 98% of the Purchase price shall be payable, under exceptional circumstances like the Pensioner requiring money for the treatment of any critical or terminal illness of self or spouse.
LOAN:
- At least two full years of premium payment to apply for a loan facility Maximum Loan that can be granted shall be 75% of the Purchase price.