PM Vaya Vandana Yojana to Give Rs 10,000 Pension to Senior Citizens with These Benefits; Apply Online Here

A guaranteed monthly income of 10,000 for 10 years is offered under the pension scheme of PMVVY.

PM Vaya Vandana Yojana to Give Rs 10,000 Pension to Senior Citizens with These Benefits; Apply Online Here
PMVVY

PM Vaya Vandana Yojana to Give Rs 10,000 Pension to Senior Citizens with These Benefits; Apply Online Here 

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an LIC pension scheme for the senior citizens which will be available till March 31, 2020. 

After the retirement of senior citizens, this LIC scheme is providing an option to get a steady income. A guaranteed monthly income of 10,000 for 10 years is offered under the pension scheme of PMVVY.

Besides this, a nominee will get the death benefit in the form of the return of purchase price of the scheme.

Though, the last date to avail this scheme is not extended by the government. Hence, if you are having a lump sum amount in your bank account and above 60 years then you will be considered to buy this annuity pension scheme.

Importantly, under this scheme an insurer agrees to give a fixed amount of money per month to the pensioner.

How to purchase PM Vaya Vandana Yojana online?

PMVVY pension scheme can be purchased either offline or online. One can buy this scheme offline by visiting the nearest office of Life Insurance Corporation of India (LIC). If you are looking for an online purchase then you can visit the official website of LIC at https://licindia.in/

Eligibility Criteria:

The below given points are the eligibility criteria and the conditions of the PMVVY pension scheme.

•    Policy term: 10 years
•    Minimum entry age: 60 years (completed)
•    Maximum entry age: No limit
•    Minimum pension: Rs 1000 per month

Installments of pension payment:

A person who purchases the pension scheme can pay the installments through NEFT or Aadhaar Enable Payment System. The first installment of the pension scheme can be paid respectively -

•    Monthly
•    Quarterly
•    Half Yearly
•    Yearly

   Credit : ByScoop

Maturity & Death Benefits:

Maturity benefit: 

A policy holder will get the purchase price of the annuity along with the installments of final pension, if a pensioner survives till the end of the policy terms of 10 years.

Death benefit:

A nominee will get the death benefit in the form of the return of purchase price of the scheme, if the pensioner dies amid the policy term of 10 years.

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