LIC Plan: Hurry! This senior citizen pension scheme can give you ₹10,000 a month, but to end on March 31
LIC Pension Plan Alert! Proper monetary planning can benefit you a long way in twilight years. Keep this in mind, the Life Insurance Company (LIC) is offering insurer a pension scheme that will give policyholders Rs 10,000 per month. Pradhan Mantri Vaya Vandana Yojana (PMVVY) enables senior citizens to get this monetary. However, to be noted, PMVVY a pension scheme to benefit the senior citizens is available until March 31, 2020.
In Budget 2018-19, govt has announced the enhancement of maximum limit under Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen.
Pradhan Mantri Vaya Vandana Yojana offers a guaranteed monthly income of up to ₹10,000 for 10 years. Citizens above 60 years of age can invest in this scheme and enjoy guaranteed monthly income benefit.
Apart from this, Pradhan Mantri Vaya Vandana Yojana (PMVVY) also offers a death benefit in the form of the return of purchase price of the scheme to the nominee.
At present, the government has not extended the last date to avail this pension scheme beyond March 31, 2020. So, all the senior citizen who have a lump-sum amount in your bank account can consider buying this immediate annuity scheme before March 31.
Those who have not yet planned retirement wisely, life can become tough for you. In fact, even those who have, it is to be noted that old age comes with a number of problems. So, senior citizens who are interested in this pension scheme, can purchase it offline as well as online. To Purchase this scheme online please log on to our website www.licindia.in or contact your agent.
Pradhan Mantri Vaya Vandana Yojana (PMVVY):
a. Pension Payment: On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
b. Death Benefit: On the death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
c. Maturity Benefit: On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension instalment shall be payable.
Eligibility Conditions and Other Restrictions:
a) Minimum Entry Age: 60 years (completed)
b) Maximum Entry Age: No limit
c) Policy Term: 10 years
d) Minimum Pension: Rs. 1,000/- per month
Rs. 3,000/- per quarter
Rs.6,000/- per half-year
Rs.12,000/- per year
e) Maximum Pension: Rs. 10,000/-per month
Rs. 30,000/-per quarter
Rs. 60,000/- per half-year
Rs. 1,20,000/- per year
Mode of pension payment:
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System. The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
The rate of interest to be charged for loan amount shall be determined at periodic intervals. For the loan sanctioned till 30th April 2018, the applicable interest rate is 10% p.a. payable half-yearly for the entire term of the loan.
Loan interest will be recovered from pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding shall be recovered from the claim proceeds at the time of exit.