LIC Pension Plam, PMVVY Scheme Details, Interest Rate 2022, Last Date To Apply: Who doesn’t want a handsome and sustained income in old or retirement days? To secure retirement, we invest in multiple tools expecting that the corpus at the time of retirement will help in spending our old days without any stress. It is a fact that retirement planning is not easy. But those who work on realistic plan(s), reap the benefits after 60 years of age. For those already in the retirement stage and looking for guaranteed pension schemes backed by the Modi government, a new plan is doing the rounds which could help you spend your old days peacefully. The scheme being talked about here is Pradhan Mantri Vaya Vandana Yojana (PMVVY).
The Pradhan Mantri Vaya Vandana Yojana was launched in 2017. It was initially available for subscription till March 31, 2020. But the government extended the last date till March 31, 2023. The scheme aims to protect elderly persons aged 60 years (completed) and above by providing an assured/guaranteed pension. LIC of India is solely authorised to operate this pension scheme wherein senior citizens are provided immediate monthly/quarterly/half-yearly/yearly pension. To enroll, senior citizens will have to buy the plan by paying a lumpsum amount. On maturity, LIC returns the premium to the pensioner.
PMVVY Last Date To Apply
The Pradhan Mantri Vaya Vandana Yojana is available for subscription till March 31, 2023.
PMVVY Age Eligibility
According to the LIC, senior citizens aged 60 years (completed) and above can purchase the pension scheme. There is no upper age limit for subscribing to the scheme.
PMVVY Policy Term
The policy term of the Pradhan Mantri Vaya Vandana Yojana is 10 years.
PMVVY Pension Payment
Pension will be paid to the subscriber on a monthly/quarterly/half-yearly or yearly basis. The subscriber will have to choose this at the time of purchase. Once the frequency of the pension is selected, it cannot be changed throughout the policy term.
As per the policy document, the first pension will start after 1 month, 3 months, 6 months or 1 year from the date of purchase.
PMVVY Minimum and Maximum Pension
The minimum and maximum pension under the PMVVY depends on the plan purchased by the pensioner.
Minimum Pension: MONTHLY – Rs 1,000 | QUARTERLY or 3 MONTHS – Rs 3,000 | Half-Yearly or 6 Months Rs 6,000 | YEARLY Rs 12,000
Maximum Pension: MONTHLY – Rs 9,250 | QUARTERLY or 3 MONTHS 27,750 | Half-Yearly or 6 MONTHS 55,500 | YEARLY Rs 1,11,000.
The total amount of purchase price/premium under all the plans under PMVVY shall not exceed Rs 15 lakhs.
FOR MINIMUM PENSION
For Rs 1,000 Monthly pension – Rs 1,62,162 premium
For Rs 3,000 Quarterly (3 Months) pension – Rs 1,61,074 premium
For Rs 6,000 Half-Yearly (6 Months) pension – Rs 1,59,574 premium
For Rs 12,000 Yearly pension – Rs 1,56,658 premium
FOR MAXIMUM PENSION
For Rs 9,250 Monthly pension – Rs 15,00,000 premium
For Rs 27,750 Quarterly (3 Months) pension – Rs 14,89,933 premium
For Rs 55,500 Half-Yearly (6 Months) pension – Rs 14,76,064 premium
For Rs 1,11,000 Yearly pension – Rs 14,49,086 premium
PMVVY Interest Rate (as per policy document)
For Monthly Pension – 7.4%
For Quarterly Pension – 7.45%
For Half-Yearly Pension – 7.52%
For Yearly Pension – 7.66%
As per the LIC document, on the death of the pensioner during the policy term of 10 years, the purchase price/premium shall be refunded to the beneficiary.
On maturity, LIC will return/refund the purchase price/premium along with the final pension installment to the pensioner.
Loan facility is available after the completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.