What is Pradhan Mantri Vaya Vandana Yojana ?

Benefits of the scheme are as follows.

Following are the features of the scheme.

• The plan provides for pension payments for the policy term of 10 years, with return of purchase price at the end of 10 years.
• Pension payments can be availed by the plan subscriber on monthly, quarterly, half-yearly or yearly basis. In case of death of the subscriber the purchase price of the plan would be refunded to the legal heirs.
• Surrender value payable in such cases is 98 per cent of the purchase price, according to the information on LIC's website.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above.Maximum limit under Pradhan Mantri Vaya Vandana Yojana is Rs. 15 lakhs per senior citizen. The period of sale for this scheme has been extended up to 31st March, 2020. LIC of India has been given the sole privilege to operate this scheme. This scheme can be purchased offline as well as online.