PRADHAN MANTRI VAYA VANDANA YOJANA PENSION SCHEME : SENIOR CITIZEN PENSION SCHEME

Pradhan Mantri Vaya Vandana Yojana pension scheme : Made Aadhar Mandatory

HOW TO AVAIL BENEFITS UP TO 31st March 2020?

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens ( minimum entry age = 60 years completed, maximum entry age = no limit). This scheme offers a guaranteed amount at a specified rate for 10 years.
The government of India in the budget speech of 2018-19 has announced the enhancement of the maximum amount limit up to Rs.15 lakh.
The period of sale of this scheme has also been extended up to 31st March 2020.

BENEFITS OF THE SCHEME:

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.
It also offers a death benefit in the form of return of the purchase price to the nominee.
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.

HOW TO APPLY:

LIC of India has been given the sole privilege to operate this scheme. This scheme can be purchased offline as well as online by LIC. If you want to purchase online you can visit the LIC website.

PURCHASE PRICE:

The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price. The minimum purchase price for yearly pension is Rs 1,44,578, whereas the maximum purchase price for the same is Rs 14,45,783.

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.

AADHAR MANDATORY:

The government has made Aadhaar mandatory for the Pradhan Mantri Vaya Vandana Yojana. The notification, dated December 23, has been issued under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.