LIC PMVVY Scheme: From assured return to Rs 15 lakh payout, check top features of PM Vaya Vandana Yojana
National insurer LIC recently announced the launch of the modified centrally-subsidised pension scheme, PM Vaya Vandana Yojana (PMVVY). The government has introduced the PMVVY (modified-2020), with a changed rate of pension for those over 60 years and above, and LIC is solely authorised to run the scheme. Here are some of the key features of LIC PMVVY Scheme:-
-For policies sold during the next two financial years, the applicable assured rate of interest will be reviewed and decided at the beginning of each financial year by the government
-Total amount of purchase price under all the policies under this plan and all the policies taken under earlier versions of the scheme allowed to a senior citizen shall not exceed Rs 15 lakh
-The minimum purchase price for monthly mode is Rs 1,62,162, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half-yearly mode and Rs 1,56,658 for yearly mode.
-The maximum pension one can get under this scheme will be Rs 9,250 per month, Rs 27,750 per quarter, Rs 55,500 half-yearly and Rs 1,11,000 on annual payout basis.
-If the pensioner lives through the policy term, the purchase price and the final pension installment shall be payable
-The policy also allows loan up to 75 per cent of purchase price after three policy years
-The scheme also allows for premature exit for treatment of any critical/terminal illness of self or spouse and the surrender value payable shall be 98 per cent of the purchase price