Pradhan Mantri Vaya Vandana Yojana – PMVVY its Details, Benefits, Eligibility & How to Apply this is what I am going to explain you in Hindi.
Government of India has announced Pradhan Mantri Vaya Vandana Yojana for citizen age 60 years and above. The scheme shall be available for one year from date of launch from May 4, 2017 to May 3, 2018.
1. 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.
2. Death Benefit:
On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.
3. 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.
Minimum Entry Age: 60 years (completed)
Maximum Entry Age: No limit
Policy Term : 10 years
Minimum Pension: Rs. 1,000/- per month
Rs. 3,000/- per quarter
Rs.6,000/- per half-year
Rs.12,000/- per year
Maximum Pension: Rs. 5,000/- per month
Rs. 15,000/- per quarter
Rs. 30,000/- per half-year
Rs. 60,000/- per year
Payment of 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 and maximum Purchase Price under different modes of pension will be as under:
Mode of Pension Minimum Purchase Price Maximum Purchase Price
Yearly Rs. 1,44,578/- Rs. 7,22,892/-
Half-yearly Rs. 1,47,601/- Rs. 7,38,007/-
Quarterly Rs. 1,49,068/- Rs. 7,45,342/-
Monthly Rs. 1,50,000/- Rs. 7,50,000/-
The Purchase Price to be charged shall be rounded to nearest rupee.
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.
The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
Sample Pension rates per Rs.1000/- Purchase Price
The pension rates for Rs.1000/- Purchase Price for different modes of pension payments are as below:
Yearly: Rs. 83.00 p.a.
Half-yearly: Rs. 81.30 p.a.
Quarterly: Rs. 80.50 p.a.
Monthly: Rs. 80.00 p.a.
The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
The rate of interest to be charged for loan amount shall be determined at periodic intervals. For the loan sanctioned in Financial Year 2016-17, the applicable interest rate is 10% p.a. payable half-yearly for the entire term of the loan.
Loan interest will be recovered from pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding shall be recovered from the claim proceeds at the time of exit.
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.
The amount to be refunded within free look period shall be the Purchase Price deposited by the policyholder after deducting the charges for Stamp duty and pension paid, if any.
Suicide: There shall be no exclusion on count of suicide and full Purchase Price shall be payable.
Note : Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all the policies allowed to a family under this plan shall not exceed the maximum pension limit. The family for this purpose will comprise of pensioner, his/her spouse and dependants.
How to Apply Online
1. Go to website http://www.licindia.in/
2. Click on Buy Policies Online (Select Pradhan Mantri Vaya Vandana Yojana)
3. Now on next page click on buy online
4. Fill the details
5. Generate Access ID
6. Fill Access ID on right side of page in Enter Access ID Box.
7. Read the plan its features and documents required
8. Click on proceed
9. Fill all the details and submit the form.
10. Pay payment Online.
11. Download the proposal form and submit with documents in any LIC office.
List of Documents Required
1. Proof of Residence
Letter from any recognized Public authority
Valid lease agreement along with rent receipt, which is not more than three months
Employer’s certificate as a proof of residence (Certificates of employers who have in place systematic procedures for recruitment
along with maintenance of mandatory records)
2. Proof of Identity
Bank Account Statement
3. Proof of Income (If premium is Rs 100000/- or more)
Income Tax assessment orders/income Tax Returns
Charted Accountant’s Certificate
Agricultural Income Certificate
Agricultural land details & Income assessments
Bank Cash-flow statements, Pass Book
4. Proof of Age
Aadhar-UIDAI with full Date of birth
Municipal Birth Certificate
School/College Certificate giving DOB
Defence personnel Identity Card
5. EE Coloured Photograph (Passport Size)
6. Cancelled Bank Cheque leaf
7. EE Signed Proposal Form
Disclaimer: Above data has been taken for informative and education purposes.
Please watch the complete video for proper understanding.
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