Published Article Details

5 smart things to know about Pradhan Mantri Vaya Vandana Yojana

Posted by: Labdhi Mehta on Jun 27, 2017, 05.00 AM IST

1 : PMVVY is a pension scheme for senior citizens (60 years and above) being implemented by Life Insurance Corporation of India.

2 : There is a guaranteed interest of over 8% for 10 years and the pension is received at the end of the time period chosen either monthly, quarterly, half-yearly or yearly.

3 : For yearly pension, the minimum investment is Rs 1.44 lakh and maximum is Rs 7.22 lakh. For monthly mode, the minimum to be invested is Rs 1.5 lakh and the maximum is Rs 7.5 lakh.

4 : If pensioner survives policy term, the amount invested along with final pension instalment is payable. On death of pensioner during policy term, amount invested is given to beneficiary.

5 : The scheme allows premature exit during the policy term under exceptional circumstances like for the treatment of any critical/terminal illness of self or spouse.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.) This article appeared in Economic Times dated Jun 27, 2017, 05.00 AM IST

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