9 Points for 8% Assured Pension.

LIC of India issues Pradhan Mantri Vaya Vandana Yojana (PMVVY) that fetches 8% pension for senior citizens. This is a very special scheme available only for senior citizen.

Now a days when interest rate across all savings are falling, PMVVY offers guaranteed 8% interest rate for 10 years. Under this scheme pension is payable as per the intervals chosen by the holder i.e. monthly/quarterly/half-yearly or yearly.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

  1. This scheme is only available for senior citizens till May 3, 2018.
  2. PMVVY offers regular income at a time of falling interest rates. The scheme is exempted from GST  (Goods and Services Tax).
  3. PMVVY can be purchased offline through agents as well as online through Life Insurance Corporation (LIC) of India.
  4. PMVVY will provide secure return of 8 percent annually for 10 years.
  5. There is a minimum and maximum limit for investment in the Pradhan Mantri Vaya Vandana Yojana scheme.(for details visit LIC’s official website)
  6. On the completion of 10 years, holder gets back amount invested along with final pension installment.
  7. In case of death of the holder during the policy term of 10 years, the purchase price will be paid to the nominee.
  8. A loan available after 3 policy years – up to 75 per cent of purchase price.
  9. Premature exit/surrender is allowed for treatment of any critical/terminal illness of self or spouse. On such premature exit, 98 per cent of the purchase price will be refunded.

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