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What are the benefits of Pradhan Mantri Vaya Vandana Yojana ?

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Anand Anand
Answered on March 31,2019

Benefits of Pradhan Mantri Vaya Vandana Yojana are as follows.

  • Pension scheme for the senior citizens aged 60 years and above
  • Assured return of 8% per annum payable monthly
  • Exempted from Service Tax/ GST
  • Loan upto 75% of purchase price allowed after 3 policy years
  • Allows for premature exit for the treatment of any critical illness of self or spouse
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Vishnu Vishnu
Answered on March 31,2019
  • No medical examination is required.
  • Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse . Surrender Value payable in such cases is 98% of the Purchase Price.
  • Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.
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Jai Jai
Answered on March 31,2019
  • The plan provides for pension payments for the policy term of 10 years, with return of purchase price at the end of 10 years.
  • Pension payments can be availed by the plan subscriber on monthly, quarterly, half-yearly or yearly basis. In case of death of the subscriber the purchase price of the plan would be refunded to the legal heirs.
  • Surrender value payable in such cases is 98 per cent of the purchase price, according to the information on LIC's website.
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Abhishek Abhishek
Answered on March 31,2019

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 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.
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