Pradhan Mantri Vaya Vandana Yojana [Fixed Monthly Pension Plan for Senior citizens from LIC, Calculator, Start Date and End Date]
Pradhan Mantri Vaya vandana Yojana is the new scheme that is launched by Indian Government. Under this scheme senior citizens above 60 years of age will be benefited. It offers beneficiaries with retirement policy and pension benefits. The new scheme is launched under the regulation of LIC of India Company.
- According to sources, the new pension scheme will be solely regulated and implemented by the LIC of India Company.
- The government sources have also clarified that the LIC will be launching the new insurance scheme for beneficiaries starting from May 4th
- According to additional statements the LIC has also made it very clear that the beneficiaries will be able to take the benefit of enrolling under the pension scheme for a period of one year after it has been officially launched country wide.
Official website details
Beneficiaries who want to invest in this scheme can check with the official LIC website at www.licindia.in to purchase online. The pension scheme can also be purchased offline by visiting or contacting their local LIC policy agent.
- Pension Benefit – The beneficiary will be able to get full benefit of the pension scheme after 10 years of policy term or in stages during term ends for each period.
- Death benefit – in case of policy holders death the benefit will be transferred to the beneficiary as refund policy plan once completion of 10 years of policy term.
- Maturity – the policy holder can also take the benefit on the maturity of the policy on completion of ten years from purchase date including the last installment.
- To be eligible under this pension scheme the beneficiary has to be minimum of 60 years or above of age at the time of purchase.
- The policy does not offer with any maximum age limit for the beneficiary to purchase the pension scheme.
- The policy holder will have to pay the premium amount for full 10 years from the date of purchase.
- On monthly basis, the policy holder can request for claims on minimum basis equivalent to Rs 1000 till Rs 5000 maximum.
- If the beneficiary wants to claim on quarterly basis then he will be eligible for minimum of Rs 3000 to a maximum of Rs 15,000 quarterly.
- In case he wants to claim for half yearly pension then minimum claim for Rs 6000 while maximum of Rs 30,000 can be made.
- On yearly basis the policy holder can collect a pension minimum of Rs 12000 and maximum of 60,000 Rupees.
Purchase price payment
In order to make the purchase of the scheme you may have to invest lump sum price. You can make the selection from amongst four purchase price mentioned below:-
- Monthly plan – To enroll under this plan the policy holder will have to pay a premium equivalent to Rs 150,000 or Rs 750,000 either minimum or maximum.
- Three months Plan – Under this plan to enroll the policy holder will have to invest Rs 149,068 or Rs 745,342 as minimum or Maximum amount.
- Six Months plan – to get registered in this plan the policy holder will have to pay or invest around Rs 147,601 to Rs 738,007 as minimum or maximum amount.
- According to the latest updates from LIC, beneficiaries can make use of Aadhar enabled payment options or via Bank transfer NEFT. The payments can be made according to the plans purchased.
- Beneficiary can make the payments monthly, quarterly, half yearly or annually using the NEFT or Aadhar.
Premature Exit of scheme
In case any beneficiary is not able to make payment till maturity date on account of emergency, then the pensioner will be able to collect a amount or 98 percent of the overall purchase price.
- Beneficiaries will be able to apply for loan under the pension scheme once they have managed to pay a premium for 3 years consecutively.
- Beneficiaries can request for a loan amount equivalent to around 75 percent of the overall purchase value of the pension scheme.
- The LIC will be charging with an interest rate on the loan amount equivalent to around 10 percent annual.
According to the latest updates all tax imposed on the policy and pension amount will be as per the tax regulations imposed by the department.
The LIC also offers with a free look time offer for a period of 30 days to the policy holder. By this period from the date of purchase if the policy holder is not satisfied then he can request to discontinue and the policy fund can be requested back by the policy holder.
- Online Registration Transfer for Vehicle in Delhi
- Maharashtra Police Citizen Portal
- Link Aadhaar Card with Insurance Policies
- Awaz Health Insurance Scheme Kerala