Pradhan Mantri Vaya Vandana Yojana

1. Introduction:
The Government of India has introduced Pradhan
Mantri Vaya Vandana Yojana (Modified-2020), with
modified rate of pension under this plan and extended
the period of sale of this plan for a further period of
three years from Financial Year 2020-21 till 31st March,
2023. As per the terms and conditions under this plan,
guaranteed rates of pension for policies sold during a
year will be reviewed and decided at the beginning of
each year by the Ministry of Finance, Government of
India. For the first financial year i.e. upto 31st March
2021, the Scheme will provide an assured pension of
7.40% p.a. payable monthly.
LIC of India is solely authorised to operate this
scheme.
This scheme can be purchased offline as well as
online. To Purchase this scheme online please log on
to our website www.licindia.in.
2. Benefits
a. Pension Payment :
On survival of the Pensioner during the policy term of
10 years, pension in arrears (at the end of each
period as per mode chosen) shall be payable.
b. Death Benefit:
On death of the Pensioner during the policy term of
10 years, the Purchase Price shall be refunded to the
beneficiary.
c. Maturity Benefit:
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.
3. Eligibility Conditions and Other Restrictions:
a) Minimum Entry Age : 60 years (completed)
b) Maximum Entry Age : No limit
c) Policy Term : 10 years
d) Minimum Pension : ` 1,000/- per month
` 3,000/- per quarter
`6,000/-per half-year
`12,000/- per year
e) Maximum Pension : ` 9,250/-per month
` 27,750/-per quarter
` 55,500/-per half-year
` 1,11,000/-per year
Total amount of purchase price under all the policies
under this plan, and all the policies taken under
Pradhan Mantri Vaya Vandana Yojana (with UIN
512G311V01 and UIN: 512G311V02) allowed to a
senior citizen shall not exceed `15 lakhs.
4. Payment of Purchase Price:
The scheme can be purchased by payment of a lump
sum Purchase Price. The pensioner has an option to
choose either the amount of pension or the
Purchase Price.
The minimum and maximum Purchase Price under
different modes of pension will be as under:
Mode Minimum Maximum
of Pension Purchase Price Purchase Price
Yearly ` 1,56,658/- ` 14,49,086/-
Half-yearly ` 1,59,574/- ` 14,76,064/-
Quarterly ` 1,61,074/- ` 14,89,933/-
Monthly ` 1,62,162/- ` 15,00,000/-
The Purchase Price to be charged shall be rounded
off to nearest rupee