This video is a popular scheme of LIC for senior citizens i.e. PMVVY - Pradhan Mantri Vaya Vandana Yojana.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which was available from 4th May, 2017 to 31st March, 2020. The scheme is now extended up to 31st March, 2024 for a further period of four years beyond 31st March, 2020.
Following are the major benefits under the Pradhan Mantri Vaya Vandana Yojana (PMVVY):
Scheme provides initially an assured rate of return of 10 % per annum for the year 2023-24 per annum and thereafter to be reset every year. For Financial Year 2021-22, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2024.
Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
The scheme is exempted from GST.
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds.
The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded.
On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary.
The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependants.
The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration shall be subsidized by the Government of India and reimbursed to the Corporation.
Pradhan Mantri Vaya Vandana Yojana | PMVVY Pension Scheme | Best Scheme Of LIC In Hindi | Josh Money
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