The Pradhan Mantri Vaya Vandana Yojana is a pension scheme announced by the Government of India exclusively fo senior citizens, it will be available from 4th May, 2017 to 3rd May,2018.
One can subscribe to PMVVY Pension Scheme offline as well as online through the Life Insurance Corporation of India.
Influenced by the success and popularity of Varishtha Pension Bima Yojana 2003 and Varishtha Pension Bima Yojana 2014 schemes and to protect elderly people aged 60 years and above in the falling interest regime, the Modi government recently announced the launch of a simplified scheme of assured pension, called Pradhan Mantri Vaya Vandana Yojana (PMVVY). The scheme is currently being implemented through the Life Insurance Corporation (LIC) of India and was formally launched by Finance Minister Arun Jaitley in New Delhi recently.
As per the scheme, on payment of an
initial lump sum amount ranging from a minimum purchase price of Rs 1,50,000
for a minimum pension of Rs 1000 per month to a maximum purchase price of Rs
7,50,000 for a maximum pension of Rs 5,000 per month, subscribers will get an
assured pension based on a guaranteed rate of return of 8% per annum, payable
monthly.
Here
are 10 things to know about the scheme:
1. The Pradhan Mantri Vaya Vandana
Yojana is a pension scheme announced by the Government of India
exclusively for senior citizens. It will be available from 4th May, 2017 to 3rd
May, 2018.
2. One
can subscribe to the PMVVY Pension Scheme offline as
well as online through the Life Insurance Corporation of India.
3.
PMVVY Pension Scheme provides an assured return of
8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.
4. Pension is payable at the end of each period,
during policy term of 10 years, on monthly/ quarterly/ half-yearly/ yearly
basis as chosen by the pensioner.
5.
Death Benefit: On
the death of the pensioner during the policy term of 10 years, the purchase
price shall be refunded to the beneficiary.
6.
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.
7.
Eligibility Conditions and Other Restrictions:
Minimum
Entry Age: 60
years (completed)
Maximum
Entry Age: No
limit
Policy
Term: 10
years
Minimum
Pension: Rs
1,000 per month
Rs 3,000 per quarter
Rs 6,000 per half year
Rs12,000 per annum
Rs 3,000 per quarter
Rs 6,000 per half year
Rs12,000 per annum
Maximum Pension: Rs 5,000 per month
Rs 15,000 per quarter
Rs 30,000 per half year
Rs 60,000 per annum
Rs 15,000 per quarter
Rs 30,000 per half year
Rs 60,000 per annum
8.
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
of Pension Minimum Purchase Price Maximum Purchase Price
Yearly
|
Rs. 1,44,578/-
|
Rs. 7,22,892/-
|
Half-yearly
|
Rs. 1,47,601/-
|
Rs. 7,38,007/-
|
Quarterly
|
Rs. 1,49,068/-
|
Rs. 7,45,342/-
|
Monthly
|
Rs. 1,50,000/-
|
Rs. 7,50,000/-
|
9.
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. For the loan sanctioned
in Financial Year 2016-17, the applicable interest rate is 10% p.a. payable
half-yearly for the entire term of the loan.
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.
10.
Taxes: Statutory
Taxes, if any, imposed on this plan by the Government of India or any other
constitutional Tax Authority of India shall be as per the tax laws and the rate
of tax as applicable from time to time. The amount of tax paid shall not be
considered for the calculation of benefits payable under the plan.
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