LIC of India 5326 views July 24, 2020

It is better to plan for your future rather than facing a financial crisis in the future. So, the best way out of this problem is to go for a Pension Plan. In a pension plan, usually, an individual invests money for his future so that after his retirement he can live a happy life without a financial problem. Therefore, you must take a look at the LIC Pradhan Mantri Vaya Vandana Yojna Plan in which you will receive a specified sum of money as a pension so that you can fulfill your future needs. This plan is available only for senior citizens who have acquired the age of 60 years. Let’s explore the details of this pension plan and see how it will help you in the future.


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Key Features of Pradhan Mantri Vaya Vandana Yojna

  1. It is a plan from our Indian Government.
  2. The minimum age of entry in this plan is 60 years.
  3. This plan is especially for the senior citizens of our country.
  4. This plan includes Maturity Benefits and Death Benefits as well.
  5. 10 Years is the policy term of this insurance plan.
  6. There is no maximum limit for the age of entry.

Benefits of Pradhan Mantri Vaya Vandana Yojna Policy

There are some exclusive benefits of this pension plan that you must explore before buying it. You must know all the details of this plan so that you can understand it better.

Pension Payment

After the expiry of the policy term that is 10 years, you will start receiving your pension amount as it was decided. You can receive your pension on a yearly, half-yearly, quarterly, and monthly basis. The pension will help you to meet your financial needs after your retirement.

Death Benefits

If in case the insured dies during the policy term then the purchase price will be returned to the nominee or the beneficiary.

Maturity Benefits

If in case the insured survives the policy term of 10 years then the company will return the purchase price to the insured and start paying the pension amount that was decided at the time of inception of the policy.

Easy Modes for the Payment

You can receive the amount of your pension monthly, quarterly, half-yearly, and yearly. You will have to decide the pension paying frequency at the time of inception of the policy. The payment of the pension will be through the national electronic fund transfer.

Surrender Benefits

In case of an emergency, you have the option to surrender the Pradhan Mantri Vaya Vandana Yojna plan. The company will pay you 98% of the purchase price as the surrender benefit and you can use that sum of money for tackling the financial emergency.

Loan Benefits

Life Insurance Corporation of India (LIC) also allows you to take a loan against this plan but it is only allowed once you complete 30 years of the policy term. You can take a maximum loan of 75% of the purchase price and the company will charge applicable interest on the loan amount.

Free-Look Period

You will get a free-look period for 15 days in which you can return the policy if you don’t find it interesting. The free-look period will increase to 30 days if you have purchased the policy online.

Other Details of LIC Pradhan Mantri Vaya Vandana Yojna Plan

Minimum Age of Entry60 Years
Maximum Age of EntryNo Limit
Policy Term10 Years
Minimum Amount of Pension Per MonthRs.1000
Minimum Amount of Pension Per QuarterRs.3000
Minimum Amount of Pension Per 6 MonthsRs.6000
Minimum Amount of Pension Per AnnumRs.12000
Maximum Amount of Pension Per MonthRs.9250
Maximum Amount of Pension Per QuarterRs.27750
Maximum Amount of Pension Per 6 MonthsRs.55500
Maximum Amount of Pension Per AnnumRs.111000
Minimum Yearly Purchase PriceRs.156658
Minimum Half-Yearly Purchase PriceRs.159574
Minimum Quarterly Purchase PriceRs.161074
Minimum Monthly Purchase PriceRs.162162
Maximum Yearly Purchase PriceRs.1449086
Maximum Half-Yearly Purchase PriceRs.1476064
Maximum Quarterly Purchase PriceRs.1489933
Maximum Monthly Purchase PriceRs.1500000

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