PRADHAN MANTRI VAYA VANDANA YOJANA – Revised plan 2018
Pradhan Mantri Vaya Vandana Yojana plan is only for age 60 and above Indian Citizens as announced by Government of India.
- This is a Government subsidized scheme and will provide assured returns of 8% p.a. payable monthly
(effective yield of 8.30% p.a.) on pensioner surviving policy term of 10 years.
- Plan can be purchased by payment of lump sum Purchase Price.
- Pensioner has an option to choose either the amount of pension or the Purchase Price.
- Purchase Price will be accepted by cheque/drafts payable on the Bank Branch which is member of local/CTS/Speed Clearing Center.
- Pension will be paid via NEFT/ Aadhar Enabled Payment System.
- Min. Pension should be `1,000 per month and Max. `10000 per month per Sr. Citizen including pension opted under earlier Pradhan Mantri Vaya Vandana Yojana
Features & Conditions:
Minimum age at entry : 60 years lbd
Maximum age at entry : No limit
Available Riders: Nil
Mode of Payment: Single only
Pension Modes: Yearly, Half-yly, Qly or Mly.
The first annuity instalment will start after one year, 6 months, 3 months or one month as per mode selected.
Policy Loan : Available after 3 Policy years up to 75% of Purchase Price. Loan interest will be deducted from Pension.
Assignment: Allowed in favour of LIC only.
Surrender: 98% of Purchase Price, only for treatment of critical illness of self/spouse.
Suicide Clause : Not Applicable
Back Dating : Not Allowed
Current GST Rate : Nil
Tax Benefits in Pradhan mantri Vaya Vandana Yojana:
There is no tax benefits on premium payment.
Pension paid in any mode is taxable according to Tax slab of the policy holder.
Maturity/ Death claim : Tax Free
KYC/AML in Pradhan Mantri Vaya Vandana Yojana:
Source of funds should be clearly established. e.g: Bank FDs, Maturity of postal savings, Claim from Insurance policies, Retirement Benefits, Sale of property, Compensation received etc.
In view of Future Provision of Aadhar Enabled payment system, bank account linked with Aadhar Number and mobile number may be insisted as far as possible.
Pension payment will be released only on receipt of Life Certificate in month of November every year as per LIC Proforma or online “Jeevan Pramaaan”.
For more information and to buy Pradhan Mantri Vaya Vandana, call write to us now.