Life Insurance Corporation (LIC) of India, which presents numerous insurance policies like endowment plans, reimbursement plans, time period insurance policy, additionally presents pension plans. LIC Pradhan Mantri Vaya Vandana Yojana is one such pension plan being provided by the nation‘s largest life insurance coverage firm. The government has modified the 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 can be reviewed and determined at first of every yr by the Ministry of Finance. For the primary monetary yr up to March 31, 2021, the scheme will present an assured pension of seven.40 percent every year payable month-to-month, LIC stated on its web site.
Listed below are particulars of LIC Pradhan Mantri Vaya Vandana Yojana:
- LIC’s Pradhan Mantri Vaya Vandana Yojana offers instant pension for senior residents of 60 years and above. It may be bought by paying a lump sum amount, LIC stated on its web site.
- The plan offers pension funds for the coverage time period of 10 years, with the return of buy value on the finish of the tenth yr.
- The primary 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 may be availed by the subscriber on a month-to-month, quarterly, half-yearly, or yearly foundation. In case of the demise of the subscriber, the acquisition value of the plan can be refunded to the authorized heirs.
- The Pradhan Mantri Vaya Vandana Yojana may be bought with none medical examination and untimely exit is allowed throughout coverage time period below distinctive circumstances like important/terminal sickness of self or partner.
- Give up worth payable in such instances is 98 percent of the acquisition value, based on the data 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 utmost mortgage quantity provided by the LIC is 75 percent of the acquisition value.