Life Insurance Corporation (LIC) of India, which gives numerous insurance coverage like endowment plans, a refund plans, time period insurance coverage, additionally gives pension plans. LIC Pradhan Mantri Vaya Vandana Yojana is one such pension plan being supplied by the nation’s largest life insurance coverage firm. The authorities has modified fee of pension for Pradhan Mantri Vaya Vandana Yojana and prolonged the interval of sale of this plan for an extra interval of three years from monetary yr 2020-21 until March 31, 2023. As per the phrases and circumstances below this plan, assured charges of pension for insurance policies bought throughout a yr shall be reviewed and determined in the beginning of every yr by the Ministry of Finance. For the primary monetary yr upto March 31, 2021, the scheme will present an assured pension of seven.40 per cent every year payable month-to-month, LIC mentioned on its web site. (Also Read: LIC Jeevan Akshay VII Plan: Pensions, Premiums And Other Benefits Here)
Here are particulars of LIC Pradhan Mantri Vaya Vandana Yojana:
- LIC’s Pradhan Mantri Vaya Vandana Yojana offers fast pension for senior residents of 60 years and above. It might be bought by paying a lumpsum quantity , LIC mentioned on its web site.
- The plan offers for pension funds for the coverage time period of 10 years, with return of buy worth on the finish of tenth yr.
- The first installment of pension shall be paid after 1 yr, 6 months, three months or 1 month from the date of buy of the identical relying on the mode of pension fee i.e. yearly, half-yearly, quarterly or month-to-month respectively.
- Pension funds might be availed by the subscriber on month-to-month, quarterly, half-yearly or yearly foundation. In case of demise of the subscriber the acquisition worth of the plan can be refunded to the authorized heirs.
- The Pradhan Mantri Vaya Vandana Yojana might be bought with none medical examination and untimely exit is allowed throughout coverage time period below distinctive circumstances like essential/terminal sickness of self or partner .
- Surrender worth payable in such instances is 98 per cent of the acquisition worth, in keeping with the knowledge on LIC’s web site.
- The subscribers of the plan additionally get to avail mortgage from the Life Insurance Corporation of India after complying with the coverage for 3 years.
- The most mortgage quantity supplied by the LIC is 75 per cent of the acquisition worth.