What are the benefits of Pradhan Mantri Vaya Vandana Yojana ?

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

• 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.

• 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.

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.