Pmvvy pension scheme launched for senior citizens

Government has launched another pension plan to ease the after retirement life of Senior citizens.

On 21 july'2017 Government offered the Pradhan Mantri Vaya Vandana Yojna (PMVVY). However, the scheme had a soft launch on 4th May 2017 but now it has been officially announced. From the day of announcement, the policy will be available for one year from the date of launch. The scheme mainly focuses on senior citizens, minimum 60 years of age & above.

8% is the amount fixed for the pension scheme in 10 years.

No maximum limit to enter the scheme is further directed. The mode of pension payment has been already stated which will be through NEFT and Aadhaar Enabled Payment System.

In case of any mis - happening to the pensioner, the price shall be refunded to the beneficiary.

The maximum loan granted will be 75% of the purchase price.For more read click to PMVVY Pension Scheme

Customer needs to keep this in mind that the loan facility will be available after successful completion of 3 policy years and the rate of interest charged for loan amount i.e 10% p.a payable half – yearly for the entire loan term, shall be decided at periodic intervals.

If by any chance or in emergency cases, the pensioner will be charged 2% and the remaining 98% of the purchase value will be payable.

TAX imposed on the policy will be in accordance with the tax laws and the rate of tax as applicable.

HOW TO ENTER THE POLICY?

Purchase of the scheme can be through offline or online mode through LIC (Life Insurance Corporation of India) which is the sole operator of the scheme.

LIC, On the official website has provided a pdf file in which it is clearly declared that the Policy shall be subject to the Definitions, Benefits, Conditions Related To Servicing Aspects, Other Terms And Conditions and Statutory Provisions and that the Schedule and every endorsement placed on the Policy by the Corporation shall be deemed part of the Policy.

Government has tried to make every point clear (in both english and hindi language) so that no sense of confusion could be placed at the time of entering the policy.

The customer will be provided with the privilege of free look period i.e if the policy holder is not satisfied with the "term&conditions" of the policy, Then he/she can return the policy within 15 days (offline mode) and 30 days (For the customers who entered via online mode).

For more information about investment visit to : www.mutualfund-investments.com