Pradhan Mantri Vaya Vandana Yojana
Product UIN: 512G336V01
Introduction: The Government of India has introduced Pradhan Mantri Vaya Vandana Yojana (Modified-2020), with the 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.
For the first financial year i.e. up to 31st March 2021, the Scheme will provide an assured pension of 7.40% p.a. payable monthly.
Pradhan Mantri Vaya Vandana Yojana is a Non-Linked, Non-Participating, Pension Scheme subsidized by the Government of India.
During the policy term, an annuity in arrear (at the end of each period as per mode chosen) shall be payable, provided the pensioner survives.
If the pensioner dies during the policy term, the purchase price will be refunded to the beneficiary.
If the pensioner survives to the end of the policy term, the purchase price along with the final annuity installment shall be payable.
Payment of Purchase price:
The scheme can be purchased by payment of a lump sum Purchase Price
The minimum and maximum Purchase Price under different modes of pension will be as under:
Mode of pension payment:
The modes of pension payments are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System. To purchase this scheme, there should be a unique Aadhaar number validation.
Sample pension rates:
The pension rates for ₹1000/- Purchase Price for different modes of pension payments are as below:
Policy Surrender Value:
In case the policy needs to be surrendered under exceptional circumstances, 98% of the purchase price is payable.