Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana Benefits & Reviews - Pradhan Mantri Yojana

Pradhan Mantri Vaya Vandana Yojana | Old age considered as the toughest part of your life. You not only become weak physically but also financially dependent. Though it is said that after retirement one can lead his/her life in relax with the support of regular pension but the actual fact is completely opposite. As you grow old, your health requirements increase as human body at this stage is prone various biological problems, which in turn require medical treatments. These days going for a medical treatment means a hole in your pocket, thus, in order to provide one financial support LIC (Life Insurance Cooperation) has come up with a new Pradhan Mantri Vaya Vandana Yojana.

Pradhan Mantri Vaya Vandana Yojana is a single premium payment pension plan. This pension plan offers an option to one to either choose the amount of pension or the Purchase Price. The all new Pradhan Mantri Vaya Vandana Yojana was launched on 4th may 2017 and is available for sale till 3rd may 2018. This is a plan is a government subsidised pension scheme which provides an assured return of 8% per annum, which is paid monthly to the pensioner surviving during the policy term of 10 years. Also this plan is exempted from goods and service tax and is available online for online purchase too.

Eligibility criteria and other restrictions

The minimum entry age for this plan is 60 years (completed).

There is no maximum entry for this plan.

Policy term for Pradhan Mantra Gaya Vandana Yojana is 10 years.

Pension mode- yearly, half-yearly, quarterly and monthly.

Minimum purchase price for: monthly is Rs. 1,44,578 , quarterly is Rs. 1,47,601 , half-yearly is Rs. 1,49,068 , and yearly is Rs. 1,50,000.

Maximum purchase price for: monthly is Rs. 7,22,892 , quarterly is Rs. 7,38,007 , half-yearly is Rs. 7,45,342 , and yearly is Rs. 7,50,000.

Minimum pension amount is: Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half-year and Rs. 12,000 per year.

Maximum pension amount is: Rs.5,000 per month, Rs. 15,000 per quarter, Rs. 30,000 per half-year and Rs. 60,000 per year.

The maximum pension amount criteria in this plans is for an entire family. The family comprises pensioner, spouse and dependents.