LIC Pradhan Mantri Vaya Vandana Yojana Ending on March 31: Check Interest, Eligibility and Other Details

LIC provides a host of policies aimed towards commoners. Some plans provide a lump sum payment upon maturity, while others provide a monthly, quarterly, half-yearly, or yearly pension. The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension system introduced by the Indian government in 2017. Senior people aged 60 and up are eligible for a guaranteed pension under the plan. The Life Insurance Company of India manages the plan (LIC). The PMVVY is a government-backed system with government-guaranteed pension payments. The initiative intends to offer elderly individuals with financial stability and to assist them in meeting their post-retirement costs. The government announces the duration of the scheme's availability and the plan is now accessible until March 31, 2023.

What is LIC Pradhan Mantri Vandana Vyay yojana?

In 2017, the Indian government launched the Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme. The programme provides a guaranteed pension to seniors 60 and older. The initiative aims to provide older people with financial stability and assistance in addressing post-retirement expenditures. LIC Pradhan Mantri Vandana Vyay Yojana Last Date/Availability (PMVVY). The programme is presently in effect until March 31, 2023.

Features

• No need for a medical examination.
• Premature withdrawal is authorised throughout the policy term in extraordinary situations such as critical/terminal sickness of the policyholder or spouse. In such circumstances, the surrender value is 98% of the purchase price.
• A loan is offered under the insurance after three policy years, with a maximum loan amount of 75% of the purchase price.

Benefits-

• If the pensioner survives the insurance term, the amount of Pension Instalment as specified in the Schedule will be paid in arrears (at the end of each period as per the mode chosen). This benefit will be terminated upon the death of the Pensioner.
• The Buying Price will be returned to the beneficiary if the Pensioner dies within the insurance term.
• If the pensioner lives to the specified Date of Maturity, the Buying Price, together with the last pension installment, will be repaid to him or her.

Eligibility-

• The minimum entry age is 60 years
• No limit for maximum entry age :
• Policy Term : 10 years

Minimum Pension: Rs 1,000 per month

• Rs 3,000 per quarter
• Rs 6,000 per half year
• Rs 12,000 per year

Maximum Pension: Rs 9,250 per month

• Rs 27,750 per quarter
• Rs 55,500 per half year
• Rs 1,11,000 per year