Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana 

The Central Government of India has declared that another annuity conspire named PMVVY (Pradhan Mantri Vaya Vandana Yojana) would be propelled in spending plan 2017-18 for Senior Citizens with an ensured rate of return.

What is Pradhan Mantri Vaya Vandana Yojana 

The Pradhan Mantri Vaya Vandana Yojana is like Varishtha Pension Bima Yojana (2014) Scheme which was propelled amid 2014-15. 

This plan is reported for Indian Citizens matured 55 years or more. This plan was right off the bat presented in the Union Budget 2003-04 (Atal Vajpayee Ji's residency). A One-time premium installment of Rs 2.66 Lakh would give a deep rooted month to month benefits of Rs 2, 000 and the guaranteed return was 9% p.a. 

Highlights of the Scheme 

Here are the highlights of the Pradhan Mantri Vaya Vandana Yojana -
Indian Citizens matured 60 years or more are qualified to put resources into PMVVY. 

The arrangement is open for membership from 04-May-2017 to 03-May-2018. One time premium installment of around Rs 1,44,578/ - gets a month to month benefits of Rs 1,000 for a long time. 

One time premium installment of Rs 7,22,892/ - would give a month to month benefits of Rs 5000 (greatest). 

Premium and Pension Details of the Scheme

The roof of most extreme benefits is for a family overall i.e. aggregate sum of annuity under all the PMVVY arrangements issued to a family under this arrangement will not surpass the greatest benefits restrain. The family for this reason will include the retired person, his/her companion and wards. 

The approach term is for a long time. The policyholder can choose month to month, quarterly, half yearly or yearly annuity installment. The guaranteed return is 8% p.a. Viable yearly yield works out to 8.30% for a month to month benefits. In case of disastrous end of the retired person (policyholder), the premiums paid (price tag) will be come back to the chosen one/legitimate beneficiary of the retired person. The annuity pay is assessable in the hands of the beneficiary. The expense rate relies upon his/her wage charge section. Disaster protection Corporation (LIC) will be the select chairman for PMVVY conspire. Credit up to 75% of price tag is accessible after fulfillment of least 3 approach years. Enthusiasm on the credit will be recouped from your benefits sum. PMVVY Pension Policy can be surrendered amid the strategy term under outstanding conditions like beneficiary requires cash for treatment of any basic/terminal sickness of self or life partner. The Surrender esteem payable will be 98% of price tag. 

Benefits Payment will be through ECS or NEFT. 

I trust that wage tax cuts are not accessible on the Purchase cost of PMVVY under Section 80C. Likewise, the annuity sum is an assessable salary in the hands of retired people. 

This plan has been added to the 'administration charge' exclusion list. 

LIC's 8% Return Pension design PMVVY and Benefits 

Advantages of the Scheme - 

Annuity Payment 

Retired people will get the annuity amid the arrangement term, benefits falling behind financially (toward the finish of every period according to mode is picked by you) will be payable. For instance: If you choose month to month benefits mode then following multi month of strategy date you will begin accepting the annuity sum. 

Passing Benefit under PMVVY 

On the passing of the retired person amid the arrangement term (10 years), the Purchase Price will be discounted to the chosen one (or lawful beneficiaries without candidate). 

Development Benefits: On survival of retired person to the finish of the strategy term, Purchase Price and last portion of the annuity will be paid to the beneficiary. 

Development Benefits 

On survival of retired person to the finish of the strategy term, Purchase Price and last portion of the annuity will be paid to the beneficiary.

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