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Overview
Pradhan Mantri Vaya Vandana Yojana is a single premium payment pension plan. This pension plan offers an option to either choose the amount of pension or the purchase price. The new Pradhan Mantri Vaya Vandana Yojana was launched on May 4, 2017. It is a government-subsidized pension scheme that provides an assured return of 7.66% per annum, paid monthly to the pensioner surviving during the policy term of 10 years. This plan is also exempted from Goods and Services Tax and is available for online purchases.
LIC Pradhan Mantri Vaya Vandana Yojana Plan offers a range of benefits, including:
- Maturity Benefits
- Death Benefits
- Surrender Value
- Loan Facility
- Pension Benefits
How to Buy LIC Pradhan Mantri Vaya Vandana Yojana Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Pradhan Mantri Vaya Vandana Yojana Plan
There are various benefits to buying the LIC Pradhan Mantri Vaya Vandana Yojana Plan. Let's understand each in detail:
- Maturity Benefits: On successful completion of the policy term, the purchase price and final pension installment are given to the pensioner.
- Loan Facility: The loan facility is available under the Pradhan Mantri Vaya Vandana Yojana. One can avail of this facility after the completion of 3 years of the policy term. The maximum loan that can be granted is 75% of the purchase price.
- Death Benefits: In case of the unforeseen death of the pensioner during the policy term, the purchase price is returned to the nominee.
- Pension Payments: If the pensioner survives throughout the policy term, the pension is paid according to the selected pension payment mode.
Surrender Value
Surrender value is available under this policy. The policyholder can exit the policy term before maturity under exceptional circumstances, such as the pensioner requiring money for treatment.
Free-Look Period
If a policyholder is not satisfied with the "Terms and Conditions" of the policy, they may return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of inception.
Pension Payment Mode Options
You can choose your pension mode: yearly, half-yearly, quarterly, and monthly.
Tax Benefits
LIC Pradhan Mantri Vaya Vandana Yojana Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Pradhan Mantri Vaya Vandana Yojana Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Retirement Planning'.
- Click on 'LIC Pradhan Mantri Vaya Vandana Yojana Plan'.
- Click on ‘Buy Online’ to be redirected to a new page.
- Enter your name and contact information. A representative will reach out to discuss quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Pradhan Mantri Vaya Vandana Yojana Plan
Here is the list of documents required to buy the LIC Pradhan Mantri Vaya Vandana Yojana Plan:
- Photo ID Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving Licence.
- Age Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving Licence.
- Address Proof: Any one of the following: Utility Bill, Passport, Voter ID, Ration Card.
- Medical Records: Medical records of the policyholder (if requested).
- Income Proof: Any one of the following: Bank Statement, last three months' salary slips (for salaried individuals).
Plan at a Glance
| What's Good Here | What's Missing |
|---|---|
| Maturity Benefits | Premium Offset |
| Death Benefits | High sum assured rebate |
| Pension Benefits | Auto cover continuance |
| Loan Facility | Top-up premium |
In a Nutshell
If you are looking for a pension plan that can provide financial security during your retirement years, you can consider buying LIC Pradhan Mantri Vaya Vandana Yojana Plan. This plan offers pension and maturity benefits. If you are still confused about whether this plan is right for you, contact us at PolicyX.com.
For more information about this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts will listen to your unique needs and suggest the best possible solution.
