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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.
Table of Contents
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.
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.
If in case the insured dies during the policy term then the purchase price will be returned to the nominee or the beneficiary.
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.
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.
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.
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.
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.
Particulars | Details |
---|---|
Minimum Age of Entry | 60 Years |
Maximum Age of Entry | No Limit |
Policy Term | 10 Years |
Minimum Amount of Pension Per Month | Rs.1000 |
Minimum Amount of Pension Per Quarter | Rs.3000 |
Minimum Amount of Pension Per 6 Months | Rs.6000 |
Minimum Amount of Pension Per Annum | Rs.12000 |
Maximum Amount of Pension Per Month | Rs.9250 |
Maximum Amount of Pension Per Quarter | Rs.27750 |
Maximum Amount of Pension Per 6 Months | Rs.55500 |
Maximum Amount of Pension Per Annum | Rs.111000 |
Minimum Yearly Purchase Price | Rs.156658 |
Minimum Half-Yearly Purchase Price | Rs.159574 |
Minimum Quarterly Purchase Price | Rs.161074 |
Minimum Monthly Purchase Price | Rs.162162 |
Maximum Yearly Purchase Price | Rs.1449086 |
Maximum Half-Yearly Purchase Price | Rs.1476064 |
Maximum Quarterly Purchase Price | Rs.1489933 |
Maximum Monthly Purchase Price | Rs.1500000 |