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{"id":1064,"date":"2017-07-25T12:11:50","date_gmt":"2017-07-25T06:41:50","guid":{"rendered":"http:\/\/investdunia.com\/?p=1064"},"modified":"2018-06-20T10:11:11","modified_gmt":"2018-06-20T04:41:11","slug":"invest-pradhan-mantri-vaya-vandana-yojana-pmvvy","status":"publish","type":"post","link":"https:\/\/investdunia.com\/invest-pradhan-mantri-vaya-vandana-yojana-pmvvy\/","title":{"rendered":"Should You Invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY)"},"content":{"rendered":"
\n

The Government has launched one pension plan, Pradhan Mantri Vaya Vandana Yojana (PMVVY) for senior citizens which give fixed rate of interest.  The Government has set LIC to operate the scheme. It has started on 4th<\/sup> May for subscription and it will be available up to 3rd<\/sup> May, 2018. In this context, I want to stress on the fact that if you are young and thinking of saving of retirement corpus, EPF<\/a> can be a great source of your wealth.<\/p>\n

Features:<\/strong><\/span><\/h4>\n

PMVVY has the following features:<\/p>\n

    \n
  1. Indian citizen of 60 years age and above are eligible to invest in this scheme.<\/li>\n
  2. There is no maximum age limit to enter into this scheme.<\/li>\n
  3. You can withdraw the pension monthly, quarterly, half yearly and yearly. The mode will be selected during entry to the scheme. The pension will be credited to your account through NEFT or AADHAAR enabled Payment System.<\/li>\n
  4. The minimum pension is Rs 1000 per month and the maximum pension is Rs 5000 per month. The minimum and maximum investment shall be as per the followings:<\/li>\n<\/ol>\n

     <\/p>\n\n\n\n\n\n\n\n
    Mode of Pension<\/strong><\/span><\/td>\nMinimum Investment (Rs)<\/strong><\/span><\/td>\nMinimum Pension (Rs)<\/strong><\/span><\/td>\nMaximum Investment(Rs)<\/strong><\/span><\/td>\nMaximum Pension (Rs)<\/strong><\/span><\/td>\n<\/tr>\n
    \n

    Monthly<\/p>\n<\/td>\n

    		1,50,000<\/td>\n1000<\/td>\n7,50,000<\/td>\n5000<\/td>\n<\/tr>\n
    \n

    Quarterly<\/p>\n<\/td>\n

    		1,49,068<\/td>\n3000<\/td>\n7,45,342<\/td>\n\n

    15000<\/p>\n<\/td>\n<\/tr>\n

    Half Yearly<\/td>\n1,47,601<\/td>\n6000<\/td>\n7,38,007<\/td>\n\n

    30000<\/p>\n<\/td>\n<\/tr>\n

    Yearly<\/td>\n1,44,578<\/td>\n12000<\/td>\n7,22,892<\/td>\n\n

    60000<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

      \n
    1. The policy period is 10 years. So the period is fixed.<\/li>\n
    2. The scheme attracts an interest rate of 8% annually and yield rate is 8.3%.<\/li>\n
    3. PMVVY is an immediate annuity plan<\/a>. If you invest today your pension can be started from next month, next quarters etc. onwards according to your choice.<\/li>\n
    4. \n
      You can take the loan under this policy after completion of three years. The maximum amount is 75% of the invested amount which you can take as loan. The rate of interest shall be fixed at periodic intervals. The loan interest has been set as 10% for the FY 2016-17 and which will be payable during the loan tenure.<\/h6>\n<\/li>\n
    5. The pension amount is taxable under the Income Tax act.<\/li>\n
    6. The pensioner can surrender the policy and exit during the policy tenure in case of critical illness of self or spouse. The surrender value, in this case, is 98% of the invested amount.<\/li>\n
    7. In case of suicide of subscriber, the full invested amount shall be paid to the nominee or legal heirs in the absence of nominee.<\/li>\n
    8. There is a free look period of 15 days (for offline) and 30 days (for online) for this policy. If you are not satisfied with the terms and conditions<\/a> of the policy, you can return within the specified date stating the reasons. You will get the money after deducting the stamp duty charges and pension paid, if any.<\/li>\n<\/ol>\n

      Also Know: <\/strong>Features and How to Apply Atal Pension Yojana Online<\/a><\/em><\/p>\n

      Benefits:<\/strong><\/span><\/h4>\n

      This scheme has primarily three benefits:<\/p>\n

      Pension Payment <\/strong><\/span><\/p>\n

      The policy holder or subscriber will get the pension at the end of each period selected. If you select monthly pension, you will start getting pension after one month of investment.<\/p>\n

      Death Benefit<\/strong><\/span><\/p>\n

      If the pensioner dies during the policy period of 10 years, invested amount shall be refunded to the nominee or legal heirs in absence of the nominee.<\/p>\n

      Maturity Benefit<\/strong><\/span><\/p>\n

      At the end of the policy period of 10 years, invested amount along with final pension shall be paid to the subscriber or pensioner.<\/p>\n

      How to apply:<\/strong><\/span><\/h4>\n

      You can buy the policy both online and offline. LIC is the only authorized distributor of this policy.<\/p>\n

      You can buy the policy online in the following procedure.<\/p>\n