Pradhan Mantri Vaya Van. Yojana

PRADHAN MANTRI VAYA VAN. YOJANA – 856

Product Summary :
Pradhan Mantri Vaya Vandana Yojana (Plan No. 856) is a Government subsidized Scheme which shall provide an assured return of 7.4% p.a.payable monthly (i.e. equivalent to 7.66% p.a.) on the pensioner surviving during the policy term of 10 years for citizens aged 60 years and above.

Premium Payment Mode :
Single Premium

Mode of Pension payment :
• The modes of pension payment are monthly, quarterly, half-yearly and yearly. The pension payment shall be through NEFT OR Aadhar Enabled Payment System only.

Pension Rate :
• Yearly : 7.66
• Halfly : 7.52
• Quarterly : 7.45
• Monthly : 7.40

Minimum Entry Age :
60 Year Completed

Maximum Entry Age :
No Limit

Minimum Sum Assured :
• Yearly : 1,56,658
• Halfly : 1,59,574
• Quarterly : 1,61,074
• Monthly : 1,62,162

Maximum Sum Assured :
• Yearly : 14,49,086
• Halfly : 14,76,064
• Quarterly : 14,89,933
• Monthly : 15,00,000

Min-Max Pension Limit :
• Minimum Pension:
Rs. 1,000/- per Month
Rs. 3,000/- per Quarter
Rs. 6,000/- per Half-year
Rs. 12,000/- per Year

• Maximum Pension:
Rs. 9,250/- per Month
Rs. 27,750/- per Quarter
Rs. 55,500/- per Half-year
Rs. 1,11,000/- per Year

Policy Benefits :

On Death :
On death, the full purchase price will be refunded to nominee.

Surrendered Value :
Surrender would be allowed in special circumstances like critical / terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.

Loan :
Loan (up to 75% of subscribed amount) can be availed after 3 years from the Date of Commencement.