Pradhan Mantri Vaya Vandana Pension Yojana To Senior Citizen Through LIC – PMVVY
Pradhan Mantri Pension Scheme || Pradhan Mantri Vaya Vandana Pension Yojana || Pradhan Mantri Pension Scheme To Senior Citizen || PM Pension Scheme Through LIC || PM Pension Yojana || PM Pension Yojana To All
Apply For Pradhan Mantri Vaya Vandana Pension Scheme Via LIC To Senior Citizen :Introduction To Scheme
Indian Government has provided notification regarding Pradhan Mantri Vaya Vandana Yojana for the people whose age is 60 years or above. And this scheme will be handled by LIC of India. The official launch date of this scheme has been set on 4th May 2017. This scheme is available for time period of one year. You can take benefit of this scheme online as well as offline mode.
Benefits Of PMVVY The Schemes
) Pension Payment:
If the person survive during this time period of 10 year, then it is paid according to the selected mode at the end of specific time.
) On Death:
If the person dies during pension time of 10 years, then all money (Purchase Price) will be refunded to the beneficiary.
) On Maturity:
If the person live throughout the pension period of 10 year, then the last pension payment may be payable with purchase price.
Eligibility Criteria And Some Restrictions Of PM Pension Scheme
Minimum Required Age: 60 years (completed)
Maximum Required Age: Without limit
Pension Time Limit: 10 years
Minimum Pension Provided: Monthly Rs.1000/
Quarterly Rs.3000/
Half yearly Rs.6000/
Yearly Rs.12,000/
Maximum Pension Provided: Monthly Rs.5000/
Quarterly Rs.15000/
Half yearly Rs.30000/
Yearly Rs.60,000/
Payment Of Policy
This yojana benefit can be taken by paying lump sum amount of the purchase price. Citizens have option to select the pension amount or else purchase price.
Minimum and maximum purchase price of pension are listed below under various mode
| Pension Mode | Min Purchase Amount | Max Purchase Amount |
| Yearly | Rs.1,44578/ | Rs.7,22892 |
| Half Yearly | Rs.1,47601 | Rs.7,38007 |
| Quarterly | Rs.1,49068 | Rs.7,45342 |
| Monthly | Rs.1,50000 | Rs.7,50000 |
Pension Payment Mode
Pension payment modes are as monthly, quarterly, half-yearly and yearly basis. The payment of pension can be completed via NEFT or through aadhaar card based payment system.
The payment of 1st installment of the pension can be paid after one year, six months, three months, or one month from date you have availed the scheme and also depend on the pension payment mode means yearly, half-yearly, quarterly or monthly.
Pension Rate For Per Rs.1000/ Purchase Price
Pension price for Rs.1000/- Purchase Price for various modes of pension payment are listed as:
For Yearly: Rs. 83.00 p.a.
For Half-yearly: Rs. 81.30 p.a.
For Quarterly: Rs. 80.50 p.a.
For Monthly: Rs. 80.00 p.a.
The price or rates which are listed above are not dependent on the age of person. And installment of pension can be round off to near value.
Loan Facility In This Pension Yojana
Loan is also provided under this policy but only after successful completion of three years. And you can avail maximum loan of 75 % of your purchase money.
And the interest rates which are applicable on loan amount can find out at periodic interval of time. Means the loan which is approved in financial year 2016-17, the eligible interest rate for that is 10%p.a. Loam interest can also be took back from your pension amount in the policy.