“Pradhan Mantri Vaya Vandana Yojana” (T-842) is a Pension Scheme launched by Government of India which is specially designed for citizens aged 60 years and above. This plan provides “GUARANTEED PENSION” of 8% per annum payable monthly on the pensioner surviving during the policy term of 10 years.
- Guaranteed Pension in the scenario of decreasing interest rates.
- Attractive interest rates of 8% p.a. for monthly pension or even 8.30% p.a. if taking yearly pension.
- Subsidized by Government of India.
- Surrender is allowed only in special medical circumstances of self or spouse.
- The surrender value payable in such cases shall be 98% of Purchase Price.
- On death full Purchase Price will be refunded to nominee.
- Available for sale from 04-05-2017 for a period of one year only.
|Minimum Age at Entry||60 Years (Completed)|
|Maximum Age at Entry||No Limit|
|Policy Term||10 Years|
|Premium Payment Mode||Single Premium|
|Pension Rate||Yearly : 8.30%|
|Half Yearly : 8.13%|
|Quarterly : 8.05%|
|Monthly : 8%|
|Pension Receiving Mode||Yearly, Half Yearly, Quarterly & Monthly|
|Minimum Investment Amount||1,44,578/- for Rs.12,000 Yearly Pension|
|1,47,601/- for Rs.6,000 Half Yearly Pension|
|1,49,068/- for Rs.3,000 Quarterly Pension|
|1,50,000/- for Rs.1,000 Monthly Pension|
|Maximum Investment Amount||7,22,892/- for Rs.60,000 Yearly Pension|
|7,38,007/- for Rs.30,000 Half Yearly Pension|
|7,45,342/- for Rs.15,000 Quarterly Pension|
|7,50,000/- for Rs.5,000 Monthly Pension|
|Loan||Can be availed after 3 years from the Date of Commencement(up to 75% of subscribed amount)|