Under the Pradhan Mantri Vaya Vandana Yojana (PMVVY), if

Solution

Pradhan Mantri Vaya Vandana Yojana (PMVVY)  
 

• PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from May 04, 2017 to March 31, 2023   
• This scheme is aimed at benefiting senior citizens against a full fall in their income due to some unexpected market conditions.   
• Life Insurance Corporation of India (LIC) will be the administrator of PMVVY on behalf of Government of India  
• Under this scheme an initial lump sum payment of any amount between Rs.1.5 lakh to Rs.15 lakh will entitle the individual for a monthly pension of Rs.1,000 per month to Rs.9,250 per month depending on the payment made.   
• The term of this Scheme is 10 years  
• Assured return - For the Policies sold up to 31.03.2022, the Scheme will provide an assured rate of return of 7.40% p.a. payable monthly .   
• Loan facility is available after completion of 3 policy years . The maximum loan that can be granted shall be 75% of the Purchase Price .    
• Surrender of Policy - the policy can be surrendered anytime during the term of the policy under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse . The Surrender Value payable under this Scheme shall be 98% of Purchase Price .