08/10/2021
7.40% p.a Central Government Pension Scheme
Pradhan Mantri Vaya Vandana Yojna
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years
Plan :Pradhan Mantri Vaya Vandana Yojana
Product Summary :
Pradhan Mantri Vaya Vandana Yojana is a Government subsidized Scheme which shall provide an assured return of 7.4% p.a.payable monthly (i.e. equivalent to 7.66% p.a.) on the pensioner surviving during the policy term of 10 years for citizens aged 60 years and above.
Premium Payment Mode :
Single Premium
Mode of Pension payment :
• The modes of pension payment are monthly, quarterly, half-yearly and yearly. The pension payment shall be through NEFT OR Aadhar Enabled Payment System only.
Pension Rate :
• Yearly : 7.66
• Halfly : 7.52
• Quarterly : 7.45
• Monthly : 7.40
Minimum Entry Age :
60 Year Completed
Maximum Entry Age :
No Limit
Minimum Sum Assured :
• Yearly : 1,56,658
• Halfly : 1,59,574
• Quarterly : 1,61,074
• Monthly : 1,62,162
Maximum Sum Assured :
• Yearly : 14,49,086
• Halfly : 14,76,064
• Quarterly : 14,89,933
• Monthly : 15,00,000
Min-Max Pension Limit :
• Minimum Pension:
Rs. 1,000/- per Month
Rs. 3,000/- per Quarter
Rs. 6,000/- per Half-year
Rs. 12,000/- per Year
• Maximum Pension:
Rs. 9,250/- per Month
Rs. 27,750/- per Quarter
Rs. 55,500/- per Half-year
Rs. 1,11,000/- per Year
Policy Benefits :
On Death :
On death, the full purchase price will be refunded to nominee.
Surrendered Value :
Surrender would be allowed in special circumstances like critical / terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan :
Loan (up to 75% of subscribed amount) can be availed after 3 years from the Date of Commencement.
Salient Features:
Scheme provides initially an assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year. For Financial Year 2021-22, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2022.
Eligibility Conditions and Other Restrictions
Minimum Entry Age: 60 years (completed)
Maximum Entry Age: No limit
Policy Term : 10 years
Investment limit : Rs 15 lakh per senior citizen
Only Senior Citizens are eligible for this Investment.
As compared to Bank FD's, this offers 45% better returns with Better level of safety as compared to senior citizens.
For Further Information Please call
Saaransh Sonie
Director
Nabhya Finserv
9820176774
Advisor of Fixed Income Products like Bonds/ Debentures and Fixed Deposits.
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