Answer-Under the Pradhan Mantri Vaya Vandana Yojana (PMVVY), if the policy is surrendered anytime duri...

Question

Answer-Under the Pradhan Mantri Vaya Vandana Yojana (PMVVY),  if  the policy  is   surrendered anytime duri...

Accepted Answer

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 criticalterminal illness of self or spouse . The Surrender Value payable under this Scheme shall be 98 of Purchase Price .

Under the Pradhan Mantri Vaya Vandana Yojana (PMVV

Detailed Solution

More Current Financial Awareness Questions

Hey! Ask a query

Please Register/Login

RBI Grade B 2026 Phase 1 Memory Based Paper