Pradhan Mantri Vaya Vandana Yojana (T-842)
“Pradhan Mantri Vaya Vandana Yojana” (T-842) is a Pension Scheme launched by Government of India which is specially designed for citizens aged 60 years and above. This plan provides “GUARANTEED PENSION” of 8% per annum payable monthly on the pensioner surviving during the policy term of 10 years.
Key Features
- Guaranteed Pension in the scenario of decreasing interest rates.
- Attractive interest rates of 8% p.a. for monthly pension or even 8.30% p.a. if taking yearly pension.
- Subsidized by Government of India.
- Surrender is allowed only in special medical circumstances of self or spouse.
- The surrender value payable in such cases shall be 98% of Purchase Price.
- On death full Purchase Price will be refunded to nominee.
- Available for sale from 04-05-2017 for a period of one year only.
Eligibility Criteria:
| Minimum Age at Entry | 60 Years (Completed) |
| Maximum Age at Entry | No Limit |
| Policy Term | 10 Years |
| Premium Payment Mode | Single Premium |
| Pension Rate | Yearly : 8.30% |
| Half Yearly : 8.13% | |
| Quarterly : 8.05% | |
| Monthly : 8% | |
| Pension Receiving Mode | Yearly, Half Yearly, Quarterly & Monthly |
| Minimum Investment Amount | 1,44,578/- for Rs.12,000 Yearly Pension |
| 1,47,601/- for Rs.6,000 Half Yearly Pension | |
| 1,49,068/- for Rs.3,000 Quarterly Pension | |
| 1,50,000/- for Rs.1,000 Monthly Pension | |
| Maximum Investment Amount | 7,22,892/- for Rs.60,000 Yearly Pension |
| 7,38,007/- for Rs.30,000 Half Yearly Pension | |
| 7,45,342/- for Rs.15,000 Quarterly Pension | |
| 7,50,000/- for Rs.5,000 Monthly Pension | |
| Loan | Can be availed after 3 years from the Date of Commencement(up to 75% of subscribed amount) |