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This is a pension plan for senior citizens who are 60 years and above.
Pradhan Mantri Vaya Vandana Yojana
(A Non-Linked, Non-Participating, Pension Scheme subsidized by the Government of India)
1. Introduction:
The Government of India has introduced Pradhan Mantri Vaya Vandana Yojana, with modified rate of pension under this plan and extended the period of sale of this plan for a further period of three years from Financial Year 2020-21 till 31st March, 2023. As per the terms and conditions under this plan, guaranteed rates of pension for policies sold during a year will be reviewed and decided at the beginning of each year by Ministry of Finance, Government of India. For the first financial year i.e. upto 31st March 2021, the Scheme will provide an assured pension of 7.40% p.a. payable monthly.
2. Benefits :
a. Pension Payment :
On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
b. Death Benefit:
On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
c. Maturity Benefit:
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
