Pradhan Mantri Vaya Vandana Yojana (T-842)

“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.

Key Features

  • 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.

Eligibility Criteria:

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)