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PRADHANA MANTRI VAYA VANDANA YOJANA -
Pension plan for Senior Citizens
Pension plan for Senior Citizens
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PRADHANA MANTRI VAYA VANDANA YOJANA
PRADHANAMANTRI VAYA VANDANA YOJANA RELAUNCHED BY LIC
21.05.2020 : The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the extension of Pradhan MantriVayaVandanaYojana (PMVVY) up to 31st March, 2023 for further period of three years beyond 31st March, 2020.
Further it has approved to allow initially an assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year. Annual reset of assured rate of interest with effect from April 1st of financial year in line with revised rate of returns of Senior Citizens Saving Scheme (SCSS) upto a ceiling of 7.75% with fresh appraisal of the scheme on breach of this threshold at any point.
The minimum investment has also been revised to Rs.1,56,658 for pension of Rs.12,000/- per annum and Rs.1,62,162/- for getting a minimum pension amount of Rs.1000/- per month under the scheme.
To read the press release dated 20.05.2020 , CLICK HERE
Though interest rate for the scheme is lowered to 7.4 % pa , still it looks attractive compared with current Public sector bank rates
Further it has approved to allow initially an assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year. Annual reset of assured rate of interest with effect from April 1st of financial year in line with revised rate of returns of Senior Citizens Saving Scheme (SCSS) upto a ceiling of 7.75% with fresh appraisal of the scheme on breach of this threshold at any point.
The minimum investment has also been revised to Rs.1,56,658 for pension of Rs.12,000/- per annum and Rs.1,62,162/- for getting a minimum pension amount of Rs.1000/- per month under the scheme.
To read the press release dated 20.05.2020 , CLICK HERE
Though interest rate for the scheme is lowered to 7.4 % pa , still it looks attractive compared with current Public sector bank rates
27.05.2020 : The Union Cabinet had earlier in the month approved extension of Pradhan MantriVayaVandanaYojana (PMVVY) up to 31st March, 2023 . Now Life Insurance Corporation of India has announced the relaunch of Pradhan Mantri VayaVandana Yojana ( Modified 2020 ) scheme and is available for public to invest .
PENSION PLAN SENIORS LAUNCHED BY PRIME MINISTER
PRADHANAMANTRI VAYA VANDANA YOJANA ( MODIFIED 2020 )
The Plan is administered by Life Insurance Corporation of India
SALIENT FEATURES :
1. Minimum Investment Age 60 years and no maximum age for entry .
2. The minimum investment has also been revised to Rs.1,56,658 for pension of Rs.12,000/- pa and Rs.1,62,162/- for getting a minimum pension amount of Rs.1000/- per month under the scheme. )
3.Revised Interest Rate 7.4 % compounded monthly for the FY 2020-21 ( EARLIER 8 % ) .
4 . It is a single investment plan for 10 years . Pension can start from next month .
5. One can opt to receive pension monthly , quarterly , semi annually or annually .
6. The plan will be available up to 31.03.2023 , but interest rate may change annually .
7. Minimum Pension Rs 1,500 and maximum of Rs 5,000 .
8. No premature exit except exceptional circumstances like treatment for critical illness for self or spouse and 98 % of amount invested will be returned on exit
9 . The interest received will be added to the income and Income tax to be paid as per tax slab .
10 . There is no insurance cover under the policy . On death of policy holder , amount invested will be paid to the nominee
For the Brochure & Policy document , CLICK HERE
SALIENT FEATURES :
1. Minimum Investment Age 60 years and no maximum age for entry .
2. The minimum investment has also been revised to Rs.1,56,658 for pension of Rs.12,000/- pa and Rs.1,62,162/- for getting a minimum pension amount of Rs.1000/- per month under the scheme. )
3.Revised Interest Rate 7.4 % compounded monthly for the FY 2020-21 ( EARLIER 8 % ) .
4 . It is a single investment plan for 10 years . Pension can start from next month .
5. One can opt to receive pension monthly , quarterly , semi annually or annually .
6. The plan will be available up to 31.03.2023 , but interest rate may change annually .
7. Minimum Pension Rs 1,500 and maximum of Rs 5,000 .
8. No premature exit except exceptional circumstances like treatment for critical illness for self or spouse and 98 % of amount invested will be returned on exit
9 . The interest received will be added to the income and Income tax to be paid as per tax slab .
10 . There is no insurance cover under the policy . On death of policy holder , amount invested will be paid to the nominee
For the Brochure & Policy document , CLICK HERE
Mode of Pension |
Minimum Purchase Price |
CORRESPONDING PENSION |
Maximum Purchase Price |
CORRESPONDING PENSION |
Annual |
Rs 1,56,658 |
12,000 per annum |
Rs 14,49,086 |
1,11,000 per annum |
Semi- Annual |
Rs 1,59,574 |
6,000 Half year |
Rs 14,76,064 |
55,500 per half year |
Quarterly |
Rs 1,61,074 |
3,000 per Qtr. |
Rs 14,89,933 |
27,750 per Qtr. |
Monthly |
Rs 1,62,162 |
1,000 per month |
Rs 15,00,000 |
9,250 per month |
NEWS DATED 03.05.2018 :
The union cabinet approved following changes in PRADHANAMANTRI VAYA VANDANA YOJANA scheme announced by Finance Minister Mr Arun Jaitley in his budget speech on 01.02.2018 :
1. Investment limit is enhanced to Rs 15 lakhs from existing Rs 7.5.lakhs
2. The scheme is extended up to 31.03.2020
The changes in the scheme will help the senior citizens to draw pension up to Rs 10,000 per month .
The investment plan being administered by Life Insurance corporation of India allows senior citizens to subscribe with an assured interest rate of 8 % pa .
The union cabinet approved following changes in PRADHANAMANTRI VAYA VANDANA YOJANA scheme announced by Finance Minister Mr Arun Jaitley in his budget speech on 01.02.2018 :
1. Investment limit is enhanced to Rs 15 lakhs from existing Rs 7.5.lakhs
2. The scheme is extended up to 31.03.2020
The changes in the scheme will help the senior citizens to draw pension up to Rs 10,000 per month .
The investment plan being administered by Life Insurance corporation of India allows senior citizens to subscribe with an assured interest rate of 8 % pa .
NEW ARTICLE PUBLISHED
TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
HOW TO GET PRADHANAMANTRI VAYAVANDAN PLAN ON LINE ?
If you are a senior citizen ,you can purchase the plan on-line by going to LIC OF INDIA' WEBSITE ( CLICK HERE ) .
You have to provide your following information on the website :
1. Name 2. Date of Birth . 3. Mobile Number . 4. E-mail address 5 . Your city and you may get a call back to verify the credentials you have provided . You can also calculate the one time premium you have to pay to get desired pension .
You have to provide your following information on the website :
1. Name 2. Date of Birth . 3. Mobile Number . 4. E-mail address 5 . Your city and you may get a call back to verify the credentials you have provided . You can also calculate the one time premium you have to pay to get desired pension .
PAYMENTS TO BE RECEIVED FROM PRADHANA MANTRI VAYAVANDANA PLAN :
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.
Note : Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price. 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.
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.
Note : Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price. 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.
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