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For Financial Year 2021-22, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2022.
Benefits
a. 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.
b. Death Benefit:
On death of the Pensioner during the policy term of
10 years, the Purchase Price shall be refunded to the
beneficiary.
c. Maturity Benefit:
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.
Eligibility Conditions and Other Restrictions:
a) Minimum Entry Age : 60 years (completed)
b) Maximum Entry Age : No limit
c) Policy Term : 10 years
d) Minimum Pension : ` 1,000/- per month
` 3,000/- per quarter
`6,000/-per half-year
`12,000/- per year
e) Maximum Pension : ` 9,250/-per month
` 27,750/-per quarter
` 55,500/-per half-year
` 1,11,000/-per year
Total amount of purchase price under all the policies
under this plan, and all the policies taken under
Pradhan Mantri Vaya Vandana Yojana (with UIN
512G311V01 and UIN: 512G311V02) allowed to a
senior citizen shall not exceed `15 lakhs.
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 Minimum Maximum
of Pension Purchase Price Purchase Price
Yearly ` 1,56,658/- ` 14,49,086/-
Half-yearly ` 1,59,574/- ` 14,76,064/-
Quarterly ` 1,61,074/- ` 14,89,933/-
Monthly ` 1,62,162/- ` 15,00,000/-
The Purchase Price to be charged shall be rounded
off to nearest rupee.
Sample Pension rates per `1000/- Purchase Price.
The pension rates for `1000/- Purchase Price for different modes of pension payments are as below:
Yearly: ` 76.60 p.a. Half-yearly: ` 75.20 p.a.
Quarterly: ` 74.50 p.aM onthly: ` 74.00 p.a.M
Loan:
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.
LIC's PMVVY Central Government Subsidised Scheme,Very good Pension Plan.Contact: careindiainsurance21@gmail.com
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