This plan is for the citizens who are 60 years or old. The guaranteed return on the plans is at least 8% for the coming 10 years. “Pradhan Mantri Vaya Vandana Yojana” (T-842) is a Pension Scheme launched by Government of India which is specially designed for citizens aged 60 years and above. This plan provides “GUARANTEED PENSION” of 8% per annum payable monthly on the pensioner surviving during the policy term of 10 years.
Why Pradhan Mantri Vaya Vandana Yojana
This plan is for the elderly who needs a source of income every month.
This policy allows the policy holder to pre-maturely exit from the policy and the policy holder will receive 98% of the entire value paid in the beginning.
- Guaranteed Pension in the scenario of decreasing interest rates.
- Attractive interest rates of 8% p.a. for monthly pension or even 8.30% p.a. if taking yearly pension.
- Subsidized by Government of India.
- Surrender is allowed only in special medical circumstances of self or spouse.
- The surrender value payable in such cases shall be 98% of Purchase Price.
- On death full Purchase Price will be refunded to nominee.
- Available for sale from 04-05-2017 for a period of one year only.
The purchase price will be refunded to the beneficiary in the event of the unfortunate death of the policy holder.
At the end of maturity, every pension will be paid along with the purchase price of the policy.
|Minimum Age at Entry||60 Years (Completed)|
|Maximum Age at Entry||No Limit|
|Policy Term||10 Years|
|Premium Payment Mode||Single Premium|
|Pension Rate||Yearly : 8.30%|
|Half Yearly : 8.13%|
|Quarterly : 8.05%|
|Monthly : 8%|
|Pension Receiving Mode||Yearly, Half Yearly, Quarterly & Monthly|
|Minimum Investment Amount||1,44,578/- for Rs.12,000 Yearly Pension|
|1,47,601/- for Rs.6,000 Half Yearly Pension|
|1,49,068/- for Rs.3,000 Quarterly Pension|
|1,50,000/- for Rs.1,000 Monthly Pension|
|Maximum Investment Amount||7,22,892/- for Rs.60,000 Yearly Pension|
|7,38,007/- for Rs.30,000 Half Yearly Pension|
|7,45,342/- for Rs.15,000 Quarterly Pension|
|7,50,000/- for Rs.5,000 Monthly Pension|
|Loan||Can be availed after 3 years from the Date of Commencement(up to 75% of subscribed amount)|