Pradhan Mantri Vaya Vandana Yojana Premium and Maturity Calculator
Pradhan Mantri Vaya Vandana Yojana Premium and Maturity Calculator - PThis is a pension plan for senior citizens who are 60 years and above. Under this scheme senior citizens will get a guaranteed return of 8% for 10 years. This plan is exempted from Goods and services tax (GST).The scheme will be available for one year from date of launch. LIC has already sold 58,152 policies so far and collected Rs. 2,705 crore since its soft launch on 4th May 2017.
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This policy can be purchased online as well as offline. The plan UIN is 512G311V01.
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The investment limit has been increased to 15 lakhs under under the Pradhan Mantri Vaya Vandana Yojana (PMVVY). The earlier limit was 7.5 lakhs.
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The last date to apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been extended to 31st March, 2020. It was earlier supposed to end on 4th May, 2018.
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The limit on maximum investment has now revised to per senior citizen(and not per family). So now in a family if both husband and wife are senior citizen. Both can invest 15 lakhs each as purchase price (total 30 lakhs) and can enjoy bonus facility.
Eligibility conditions in Pradhan Mantri Vaya Vandana Yojana?
| Minimum | Maximum | |
| Age | 60 Years (Completed) | No Limit |
| Policy Term | 10 Years | |
| Pension Mode | Monthly, Quarterly, Half-yearly or Yearly | |
| Purchase Price | Rs. 1,50,000 for monthly Rs. 1,49,068 for quarterly Rs. 1,47,601 for half-yearly Rs.1,44,578 for yearly |
Rs. 15,00,000 for monthly Rs. 14,90,683 for quarterly Rs. 14,76,015 for half-yearly Rs. 14,45,783 for yearly |
| Pension Amount | Rs. 1,000/- per month Rs. 3,000/- per quarter Rs.6,000/- per half-year Rs.12,000/- per year |
Rs. 10,000/- per month Rs. 30,000/- per quarter Rs. 60,000/- per half-year Rs. 1,20,000/- per year |
Mode of pension payment:
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
Benefits of Pradhan Mantri Vaya Vandana Yojna
Pension Payments
On survival of the policyholder during the policy term of 10 years, pension is payable at the end of each period as per the mode of monthly/ quarterly/ half yearly/ yearly as chosen by the pensioner at the time of purchase. For every Rs. 1,000 invested in the plan,
Rs. 80 will paid out in the monthly mode Rs. 80.5 paid out in the quarterly mode Rs. 81.3 will paid out in the half-yearly mode Rs. 83 paid out in the yearly mode
Death Benefit of Pradhan Mantri Vaya Vandana Yojna
On death of the policyholder during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.
- Maturity Benefit
On survival of the policyholder to the end of the policy term of 10 years, Purchase price along with final pension installment shall be returned.
- Surrender Value
- Loan
For financial Year 2016-17, the applicable interest rate to be charged is 10% p.a.
- Free Look period
In this case the policyholder will get the entire amount after deducting the charges for Stamp duty and pension paid (if any).
- Exclusions
- Tax Benefit
The deposits made in the scheme are exempt from income tax under section 80C of Income Tax Act, 1961. However, the interest earned on the deposit is not exempt from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.
Pradhan Mantri Vaya Vandana Yojna Example
Let us understand this plan with the help of an example.
Suppose Ramesh with following details has taken this plan. He invests a lumpsum from his savings to ensure a fixed regular income for the next 10 years.
Age: 60 years
Purchase Price: Rs. 7,50,000
Policy Term: 10 years
Purchase Year: 2017
Pension Mode: Monthly
So the benefits received by Ramesh in the Pradhan Mantri Vaya Vandana Yojna will be as follows:
Pension Benefit
Ramesh will receive Rs. 5,000 as pension amount at the end of every month for 10 years. The rate of interest is 8%. So 8% of Rs. 7,50,000 divided by 12 is what he will get every month. This is of course if he survives the 10 year term.
Maturity Benefit
On completion of 10 years Ramesh will receive the purchase price i.e Rs. 7,50,000 which he had paid to purchase the plan.
Death Benefit
In case Ramesh dies at the age of 65 - Till the age of 65 he will receive monthly pension of Rs. 5,000 and on his death the purchase price i.e Rs. 7,50,000/- will be payable to his nominee. This is true for his death at anytime during the policy term of 10 years.
Surrender Benefit
Suppose at the age of 68 Ramesh needs his money for treatment of some critical illness of self or spouse. In such a scenario, till the age of 68 he will receive monthly pension of Rs. 5,000 and at the age of 68 when he surrenders the policy he will be refunded 98% of purchase price i.e. 98% of 7,50,000 = Rs. 7,35,000.
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