Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana (Modified-2020)
(A Non-Linked, Non-Participating, Pension Scheme subsidized by the Government of India)
(UIN: 512G336V01)
- 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. - Benefits:
- 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.
- Death Benefit: On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
- 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:
| Minimum Entry Age | 60 years (completed) |
| Maximum Entry Age | No limit |
| Policy Term | 10 years |
| Minimum Entry Age | 60 years (completed) |
| Minimum Pension | Rs. 1,000/- per month Rs. 3,000/- per quarter Rs. 6,000/-per half-year Rs. 12,000/- per year |
| Maximum Pension | Rs. 9,250/-per month Rs. 27,750/-per quarter Rs. 55,500/-per half-year Rs. 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 of Pension | Minimum Purchase Price | Minimum Purchase Price |
| Yearly | Rs. 1,56,658/- | Rs. 14,49,086/- |
| Half-yearly | Rs. 1,59,574/- | Rs. 14,76,064/- |
| Quarterly | Rs. 1,61,074/- | Rs. 14,89,933/- |
| Monthly | Rs. 1,62,162/- | Rs. 15,00,000/- |
The Purchase Price to be charged shall be rounded off to nearest rupee.