Pradhan Mantri Vaya Vandana Yojana (PMVVY) 2020 is a pension scheme for senior citizens. This scheme is guaranteed payout of pension at a specified rate for ten years . It scheme offer a death benefit in return of purchase price of nominee. This policy is extended to 31st march 2020.
Eligibility-
- Minimum entry age 60 years completed and maximum age no limit.
- Policy term is 10 years.
- Limit of investment is rs. 15 lakh per senior citizen
- Minimum pension amount is rs. 1,000 per month and rs. 3,000 quarterly and rs. 6,000 half yearly and rs. 12,000 annually.
- Maximum pension amount is rs. 10,000 per month and rs. 30,000 quarterly and rs. 60,000 half yearly and 1,20,000 annually.
Benefits-
- Scheme provide return 8% p.a. payable monthly for 10 years.
- Pension is payable end of each period.
- Surrender value- 98% of purchase price.
- Loan facility- 75% of purchase price
- The family is comprise of pensioner, his/her spouse and dependents.
- On death of pensioner during the policy terms of 10 year, the purchase price paid to the beneficiary.
Apply for this scheme and use benefit fill up documents details and attached with form and use online official link of Pradhan Mantri Vaya Vandana Yojana (PMVVY). Required documents is-
- Pan card copy
- Address proof ( Adhar card, Passport )
- Cheque or bank passbook photo copy
| Minimum | Maximum | |
| Age | 60 Years (Completed) | No Limit |
| Policy Term | 10 Years | |
| Pension Mode | Monthly, Quarterly, Half-yearly or Yearly | |
| Purchase Price | Rs. 1,50,000 for monthly Rs. 1,49,068 for quarterly Rs. 1,47,601 for half-yearly Rs.1,44,578 for yearly |
Rs. 15,00,000 for monthly Rs. 14,90,683 for quarterly Rs. 14,76,015 for half-yearly Rs. 14,45,783 for yearly |
| Pension Amount | Rs. 1,000/- per month Rs. 3,000/- per quarter Rs.6,000/- per half-year Rs.12,000/- per year |
Rs. 10,000/- per month Rs. 30,000/- per quarter Rs. 60,000/- per half-year Rs. 1,20,000/- per year |