How LIC Pradhan Mantri Vaya Vandana Yojna Helps Senior Citizens?

The Government has introduced LIC Pradhan Mantri Vaya Vandana Yojana, with a modified rate of pension in this extended plan. As per the policy terms and conditions, insured will get guaranteed rates of pension that will be reviewed and decided at the beginning of each year by the Ministry of Finance, Government of India. In the first financial year which is up to 31st March 2021, this LIC senior citizen scheme will provide an assured pension of 7.40% p.a. That will be payable in monthly instalment. Only the LIC of India is authorised to operate this scheme. Read this article and know the features of LIC Pradhan Mantri Vaya Vandana Yojna.

List of LIC Pradhan Mantri Vaya Vandana Yojna Benefits!

Let's find out why the LIC Pradhan Mantri Vaya Vandana Yojna, is best for senior citizens aged 60 years and above:-

Pension Payment: If you survive in the policy term of 10 years, pension in debt that is overdue after one or more missing payments. And it will be payable at the end of each period as per your chosen payment mode.

Death Benefit: If you died during the policy term of 10 years, the policy purchase price will be refunded to the beneficiary.

Maturity Benefit: If you survive till the end of the policy term of 10 years, the purchase price along with your final pension instalment will be paid to you.

Who Can Buy LIC Pradhan Mantri Vaya Vandana Yojna?

To buy this LIC life insurance plan, you need to meet the following criteria:-

  1. Minimum age should be 60 years completed 
  2. Minimum pension amount should be INR 1,000/- per month, 3,000/- per quarter, 6,000/-per half-year, or 12,000/- per year.
  3. Maximum pension amount should be INR 9,250/-per month, 27,750/-per quarter, 55,500/-per half-year, 1,11,000/-per year

Make sure that the total amount of purchase price under this plan can be taken under Pradhan Mantri Vaya Vandana Yojna (with UIN 512G311V01 and UIN: 512G311V02). The policy is allowed to a senior citizen only and it shall not exceed INR 15 lakhs. There is no maximum limit for the LIC Pradhan Mantri Vaya Vandana Yojna, and the policy term is of 10 years.

How to Pay the Purchase Price?

The LIC Pradhan Mantri Vaya Vandana Yojna payment is made in lump sum. And you have to choose an option either the amount of pension or the Purchase Price. Know what is the minimum and maximum Purchase Price in different modes of pension:-


Mode of Pension

Purchase Price (Minimum in INR)

Purchase Price (Maximum in INR)

Yearly

1,56,658

14,49,086

Half-yearly

1,59,574

14,76,064

Quarterly

1,61,074

14,89,933

Monthly

1,62,162

15,00,000


Where to Buy LIC Pradhan Mantri Vaya Vandana Yojna?

This scheme can be purchased offline or online. To Purchase this LIC life insurance policy for senior citizens online, you can log in to the LIC official website. And if you are not satisfied with the “Terms and Conditions” of LIC Pradhan Mantri Vaya Vandana Yojna, you may return the policy within 15 days (30 days if you have purchased it online) from the date of receipt of the policy. You also have to state the reason for objections, LIC will refund the amount within the free look period and the Purchase Price which is deposited earlier will be transferred to your account after deducting the charges for Stamp duty and paid pension if any.

So, if you are looking for an insurance plan that can serve your old age needs, buy LIC Pradhan Mantri Vaya Vandana Yojna.

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