Yak Highlights Of Pradhan Mantri Vaya Vandana Yojana (Pmvvy)

The Union Finance Minister Arun Jaitley today launched the much awaited 8% Pension scheme "Pradhan Mantri Vaya Vandana Yojana (PMVVY)". PMVVY is a Pension Scheme announced past times the Government of Republic of Republic of India alone for the senior citizens aged lx years too inward a higher house which is available from quaternary May, 2017 to tertiary May, 2018. The Scheme tin forcefulness out move purchased offline equally good equally online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to piece of occupation this Scheme.

Here are to a greater extent than or less of import Points you lot should know well-nigh this Scheme

• Under this scheme, at that spot volition move an assured provide of 8 per cent p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.
• If at that spot is a shortfall betwixt the actual provide earned nether the system too the guaranteed provide of 8 per cent too then the authorities volition subsidise LIC for it.
• LIC started offering the pension system since May 4,2017 too it volition stay opened upwards for the side past times side 1 year.
• Loan upto 75% of Purchase Price shall move allowed later iii policy years (to run into the liquidity needs). Loan involvement shall move recovered from the pension installments too loan to move recovered from claim proceeds.
• The system too allows for premature larn out for the handling of whatever critical/ terminal affliction of self or spouse. On such premature exit, 98% of the Purchase Price shall move refunded.
• Pension is payable at the destination of each period, during the policy term of 10 years, equally per the frequency of monthly/ quarterly/ half-yearly/ yearly equally chosen past times the pensioner at the fourth dimension of purchase.
• On survival of the pensioner to the destination of the policy term of 10 years, Purchase toll along alongside concluding pension installment shall move payable.
• On expiry of the pensioner during the policy term of 10 years, the Purchase Price shall move paid to the beneficiary. 
• The ceiling of maximum pension is for a household unit of measurement equally a whole, the household unit of measurement volition incorporate of pensioner, his/her husband too dependants.
• The system is exempted from Service Tax/ GST.

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