Pradhan Mantri Vaya Vandana Yojana (Plan No: 842) from LIC
Pradhan Mantri Vaya Vandana Yojana is Pension plan for Senior citizen announced by Government of India. This plan is government subsidized pension scheme which will avail guaranteed 8% return in monthly mode and 8.3% return in yearly mode. This plan plan can be purchased from LIC up to 03-05-2018.
Related Link: Pension Calculator
|Age at Entry||60 Years (Completed)
Calculate your Age
|Maximum Age at Entry||No Limit|
|Policy Term||10 Years (Fixed)|
|Pension Receiving Mode||Monthly, Quarterly, Half Yearly or Yearly|
- Pensioner will receive pension amount as per selected mode. Pension will be available on completion of selected mode, for example, in case of monthly mode, pension will be paid on completion of month.
This plan can be purchsed on payment of single one time amount, the minimum and maximum limit of one time lumpsum amount is given in the following table
Please use following calculator to calulate pension as per your choice of amount and pension mode.
PMVVY Pension Calculator
- Deposited amount will be returned to nominee or legal heirs.
- On compltion of 10 years, the deposited amount along with last due pension will be returned to policy holder.
- In extra-ordinary cases like critical medical emergency of policy holder or spouse, the policy can be surrendered before completion of 10 year term. The surrender value will be 98% of purchase price.
Example of Pradhan Mantri Vaya Vandana Yojana (LIC Table 842)
Let's take example of PMVVY with following details.
|Age (Years)||60 (Completed)|
|One Time Deposit||7,50,000|
As per above example, pension scheme holder requires to deposit on time lumpsum amount of 7,50,000 and monthly pension will credit in to his/her account on completion of each month from date of purchase for next 10 years.
On completion of 10 years, 7,50,000 will be returned to policy holder. Following table provides year-wise pension details.
|Year||Age||Deposit Amount||Monthly Pension||Total Pension in a Year||Return of Purchase Price|
Death Claim Details
In case death before completion of 10 years (Before Year 2027 in this case), purchase price (Rs. 7,50,000) will be returned to policy holder's nominee or legal heirs