Pradhan Mantri Vaya Vandana Yojana is Pension plan for Senior citizens announced by Government of India. This policy is government’s subsidized pension scheme which will avail guaranteed 8% return in monthly mode and 8.3% return in yearly mode.
Modifications with effect from 03-05-2018.
- Maximum deposit limit has been increased to 15 Lakh.
- Maximum Pension of 10,000/month can be availed.
- This 15 Lakh Limit has now been modified to per senior citizen (Earlier it was for per family).
- The last date to purchase this scheme is 31-03-2020.
- This 15 Lakh limit is inclusive of earlier 7.5 Lakh, which means if some had ealier deposited 7.5 Lakh, he would be able to deposite another 7.5 Lakh only.
Related Link: Pension Calculator
Plan Parameters
| Age at Entry | 60 Years (Completed) Calculate your Age |
|---|---|
| Maximum Age at Entry | No Limit |
| Policy Term | 10 Years (Fixed) |
| Pension Receiving Mode | Monthly, Quarterly, Half Yearly or Yearly |
Pension benefit
- Pensioner will receive pension amount as per selected mode. Pension will be available on completion of selected mode, for example, in case of monthly mode, pension will be paid on completion of month.
This plan can be purchsed on payment of single one time amount, the minimum and maximum limit of one time lumpsum amount is given in the following table
| Mode | Minimum | Maximum | ||
|---|---|---|---|---|
| Amount | Pension | Amount | Pension | |
| Yearly | 1,44,578 | 12,000 | 14,45,784 | 1,20,000 |
| Half Yearly | 1,47,601 | 6,000 | 14,76,014 | 60,000 |
| Quarterly | 1,49,068 | 3,000 | 14,90,684 | 30,000 |
| Monthly | 1,50,000 | 1,000 | 15,00,000 | 10,000 |
Death benefit
- Deposited amount will be returned to nominee or legal heirs.
Maturity Benefit
- On compltion of 10 years, the deposited amount along with last due pension will be returned to policy holder.
Policy Surrender
- In extra-ordinary cases like critical medical emergency of policy holder or spouse, the policy can be surrendered before completion of 10 year term. The surrender value will be 98% of purchase price.