Pradhan Mantri Vaya Vandana Yojana is a single premium payment pension plan. This pension plan offers an option to one to either choose the amount of pension or the Purchase Price.
At the Buyonlinelic Insurance Agency, we believe in helping you make the right decision based on your lifestyle and needs.
By law, all Life`s in operation in the state of India are required to be insured or bonded.
Pradhan Mantri Vaya Vandana Yojana Plan:
- Benefits: Pradhan Mantri Vaya Vandana Yojana was launched on 4th may 2017 and is available for sale till 3rd may 2018. This is a plan is a government subsidised pension scheme which provides an assured return of 8% per annum, which is paid monthly to the pensioner surviving during the policy term of 10 years. Also this plan is exempted from goods and service tax and is available online for online purchase too.Eligibility criteria and other restrictions.
- Optional Benefit: The policyholder has an option of availing the following Rider benefit(s):LICs Accidental Death and Disability Benefit Rider (UIN: 512B209V01)LICs New Term Assurance Rider (UIN: 512B210V01)Rider sum assured cannot exceed the basic sum assured.
- Death Benefit: – On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
- Maturity benefit: – on the successful completion of the term of the policy, a purchase price and final pension instalment is given to the pensioner.