PMVVY Extended till 31 March 2023: 7.66% interest (Yearly Pension)

PMVVY (Pradhan Mantri Vaya Vandana Yojana – Modified 2020) Plan No 856 with UIN:512G336V01, has been introduced by the Government of India with modified rates of pension for senior citizens aged 60 and above. The plan will be available for sale from 26th May 2020 till 31st march 2023.

Salient Features of Pradhan Mantri Vaya Vandana Yojana – PMVVY (Modified 2020):

• 7.66% per anum payable yearly for the first financial year up to 31st March 2021
• 7.52% per anum payable half-yearly  for the first financial year up to 31st March 2021
• 7.45% per anum payable quarterly for the first financial year up to 31st March 2021
• 7.40% per anum payable monthly for the first financial year up to 31st March 2021
• Non linked Government Subsidized Pension Scheme
• Total purchase price 15 lakhs (Including all policy taken under earlier PMVVY plans with UIN:512G311V01 and UIN:512G311V02 )

PMVVY Benefits :

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.

Death Benefit:

• On the death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.

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.

Synopsis of Pradhan Mantri Vaya Vandana Yojana (Modified 2020):

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 60 years (completed) Maximum – No Limit
2	Policy Term   Premium paying term	10 years   Single-Premium
3	Minimum Pension	Rs 1000/- per month Rs 3000/- per quarter Rs 6000/- per half-year Rs 12000/- per year
4	Maximum Pension	Rs 9,250/- per month Rs 27,750/- per quarter Rs 55,500/- per half-year Rs 1,11,000/- per year
5	Purchase Price (refer table below for mode wise purchase price)	Minimum:  Rs. 1,56,658/- Maximum:  Rs. 15 lakhs
6	Rebate	No Rebate available
7	Mode of payment of premiums	Single Premium
8	Surrender	98% of Purchase Price. under exceptional circumstances for the treatment of any critical/terminal illness of self or spouse.
9	Policy Loan	after completion of 3 policy years. 75% of the Purchase Price.

• The ceiling of maximum pension is per senior citizen i.e. total amount of pension under all the policies under this plan, including policies taken under Pradhan Mantri Vaya Vandana Yojana with UIN: 512G311V01, allowed to a senior citizen shall not exceed the maximum pension limit.

Mode of pension payment:

• monthly
• quarterly
• half-yearly
• yearly.

The pension payment shall be through NEFT or Aadhaar Enabled Payment System.

The first installment 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.

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. 1,56,658 /-	Rs. 14,49,086/-
Half-yearly	Rs. 1,59,574/-	Rs. 14,76,064/-
Quarterly	Rs. 1,61,074/-	Rs. 14,89,933/-
Monthly	Rs. 1,62,162/-	Rs. 15,00,000/-

The Purchase Price to be charged shall be rounded to nearest rupee.

Suicide Clause:

•  There shall be no exclusion on the count of suicide and full Purchase Price shall be payable.

Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.

Other LIC Plans

Endowment Plans * Lic’s New Jeevan Anand * Lic’s Jeevan Labh * Lic’s New Endowment Plan * Lic’s Single Premium Endowment Plan * Lic’s New Bima Bachat * LIC’s Jeevan Lakshya * LIC’s Aadhaar Shila * LIC’s Aadhaar Stambh Whole Life Plans * LICs Jeevan Umang Money-Back Plans * LIC’s Bima Shree * LIC’s Jeevan Shiromani * LIC’s NEW MONEY BACK PLAN – 20 YEARS * LIC’s NEW MONEY BACK PLAN – 25 YEARS Children Plans * LIC’s NEW CHILDREN’S MONEY BACK PLAN * LIC’s Jeevan Tarun Pension Plans * LIC’s Jeevan Shanti * Pradhan Mantri Vaya Vandana Yojana – Modified 2020

Unit Linked Insurance Plan (ULIP) * LIC’s NEW ENDOWMENT PLUS * LIC’s NIVESH PLUS * LIC’s SIIP Health Insurance Plans * LIC’s JEEVAN AROGYA * LIC’s Cancer Cover Term Assurance Plans * LIC’s TECH TERM * LIC’s Jeevan Amar Riders * LIC’s Linked Accidental Death Benefit Rider * LIC’s Accidental Death and Disability Benefit Rider * LIC’s Accident Benefit Rider * LIC’s Premium Waiver Benefit Rider * LIC’s New Critical Illness Benefit Rider * LIC’s NEW TERM ASSURANCE RIDER Micro Insurance Plans * LICs New Jeevan Mangal * LIC’s Micro Bachat Plan * LIC’s Bhagya Lakshmi