What are the benefits of Pradhan Mantri Vaya Vandana Yojana ?
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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

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.

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.

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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