LIC PMVVY
The Pradhan Mantri Vaya Vandana Yojna ( PMVVY) is a scheme launched on 4th May 2017, under which senior citizens aged 60 or above can buy the scheme and be assured of a monthly, quarterly, half yearly , or annual pension. The sole privilege to operate this scheme has been granted to LIC of India. In this scheme the investor can invest a minimum or maximum amount as per the table below and get the following benefits as applicable:
Benefits:
- Pension Payment: On survival of investor for the policy term of 10 years a pension in arrears is paid at the end of the maturity period.
- Death Benefit: In case of the investor's death within the policy period of 10 years , the purchasing price shall be paid back to the beneficiary.
- Maturity Benefit: On survival of the investor till maturity, the purchase price along with the last accrued pension shall be paid to the investor.