LIC Introduced Pradhan Mantri Vaya Vandana Yojana

New Delhi :The Life Insurance Corporation of India (LIC), on May 26, introduced the modified Pradhan Mantri Vaya Vandana Yojana (PMVVY) Scheme for senior citizens.
LIC of India is solely authorised to operate this scheme. “This scheme is a Non-Linked, Non-Participating, Pension Scheme subsidised by the Government of India,”.

Here is all the information you need to know about PMVVY:
👉PMVVY is a govt backed pension plan available with LIC for senior citizens over 60 years and above.
👉only residents of India are eligible to purchase this plan.
👉this plan will be available from today for 3 financial years up to 31st March 2023.
👉the maximum pension one can get under this scheme is Rs. 9,250 per month.
👉the scheme allows for premature exit in case of critical, terminal illness of self or spouse.
👉the plan provides for pension payments of stated amount for the policy term of 10years, with return of purchase price at the end of 10 years.
👉on the death of the pensioner at any time during the term of 10 years, the purchase price will be refunded to the legal nominees.
👉loan is available under the plan after completion of 3 policy years upto 75% of the puchase price.
👉this plan can be purchased by a payment of lumpsum amount.