Pradhan Mantri Vaya Vandana Yojana (T-842)
“Pradhan Mantri Pension Plan (Pradhan Mantri Vaya Vandana Yojana)” (T-842) is launched by Government of India which is specially designed for citizens aged 60 years and above. In the scenario of decreasing interest rates Pradhan Mantri Pension Plan provides “GUARANTEED PENSION” of 8% per annum payable monthly on the pensioner surviving during the policy term of 10 years.
Pradhan Mantri Pension Plan – USP’s
Let’s check some unique selling points of Pradhan Mantri Pension Plan
- Pradhan Mantri Pension Plan Provides Guaranteed Pension in the scenario of decreasing interest rates.
- Attractive interest rates of 8% p.a. for monthly pension or even 8.30% p.a. if taking yearly pension.
- Subsidized by Government of India.
- Surrender is allowed in Pradhan Mantri Pension Plan only in special medical circumstances of self or spouse.
- The surrender value payable in such cases shall be 98% of Purchase Price.
- On death full Purchase Price will be refunded to nominee.
- Guaranteed Pension will be given to the annuitant in the scenario of decreasing interest rates.
- Loan can be availed under this plan after 3 years from date of commencement.
- Pradhan Mantri Pension Plan is available for sale from 04-05-2017 for a period of one year only.
Eligibility Criteria For Pradhan Mantri Pension Plan:
|Minimum Age at Entry||60 Years (Completed)|
|Maximum Age at Entry||No Limit|
|Policy Term||10 Years|
|Premium Payment Mode||Single Premium|
|Pension Rate||Yearly : 8.30%|
|Half Yearly : 8.13%|
|Quarterly : 8.05%|
|Monthly : 8%|
|Pension Receiving Mode||Yearly, Half Yearly, Quarterly & Monthly|
|Minimum Investment Amount||1,44,578/- for Rs.12,000 Yearly Pension|
|1,47,601/- for Rs.6,000 Half Yearly Pension|
|1,49,068/- for Rs.3,000 Quarterly Pension|
|1,50,000/- for Rs.1,000 Monthly Pension|
|Maximum Investment Amount||7,22,892/- for Rs.60,000 Yearly Pension|
|7,38,007/- for Rs.30,000 Half Yearly Pension|
|7,45,342/- for Rs.15,000 Quarterly Pension|
|7,50,000/- for Rs.5,000 Monthly Pension|
|Loan||Can be availed after 3 years from the Date of Commencement(up to 75% of subscribed amount)|