The government of India in the Budget Speech of 2018-19 has announced the enhancement of maximum limit under Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen. The period of sale for this scheme has also been extended up to 31st March 2020. LIC of India has been given the sole privilege to operate this scheme.
On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode is chosen) shall be payable.
On the death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
|Eligibility conditions and other restrictions|
|Minimum Entry Age||60 years (completed)|
|Maximum Entry Age||No limit|
|Policy Term||10 years|
|Minimum Pension||Rs. 1,000/- per month
Rs. 3,000/- per quarter
Rs.6,000/- per half-year
Rs.12,000/- per year
|Maximum Pension||Rs. 10,000/-per month
Rs. 30,000/-per quarter
Rs. 60,000/- per half-year
Rs. 1,20,000/- per year