Hello and welcome to exampundit. As a part of our Government Schemes PDFs Series, today we are sharing the PDF on PM Vaya Vandana Yojana Scheme. This is important for all Bank PO, Clerk and Competitive Exams.
So, here is the detailed scheme with PDF. If you want to skip reading and download the PDF, swoop down below this page.
About PM Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana was launched in 2017.
And in Budget 2018-19 Government announced the enhancement of maximum limit under Pradhan Mantri Vaya Vandana Yojana to ₹15 lakhs per senior citizen.
The period of sale for PM Vaya Vandana Yojana scheme has also been extended upto 31st March, 2020.
LIC of India has been given the sole privilege to operate PM Vaya Vandana Yojana scheme.
Important Features of PM Vaya Vandana Yojana
Minimum Entry Age: 60 years (completed)
Maximum Entry Age: No limit
Policy Term: 10 years
- ₹1,000/- per month
- ₹3,000/- per quarter
- 6,000/- per half-year
- 12,000/- per year
- ₹10,000/-per month
- ₹30,000/-per quarter
- ₹60,000/- per half-year
- ₹1,20,000/- per year
Important Benefits of PM Vaya Vandana Yojana
Pension Payment: On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
Death Benefit: On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
Maturity Benefit: On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension instalment shall be payable.
Other notes on PM Vaya Vandana Yojana
Mode of pension payment: The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
Surrender Value: The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan: Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
Free Look period: If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy stating the reason of objections.
Important Terms related to PM Vaya Vandana Yojana
- PMVVY – Pradhan Mantri Vaya Vandana Yojana
- AEPS – Aadhar Enabled Payment System
- NEFT – National Electronic Funds Transfer
- PP – Purchase Price
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