PRADHAN-MANTRI-VAYA-VANDANA-YOJANA

LIC’s Pradhan Mantri Vaya Vandan Yojana 842

LIC’s  Pradhan Mantri Vaya Vandan Yojana Plan No 842 is a plan which is Government Subsidized Scheme. It provides Return of 8% P.A. payable monthly (Equivalent to 8.30 % p.a) during policy term of 10 years. This plan is for the citizens above 60 years.

 Sum Assured:

  • Yearly: Minimum Rs. 1,44,578/-  Maximum Rs. 7,22,892/-
  • Half Yearly: Minimum Rs. 1,47,601/-  Maximum Rs. 7,38,007/-
  • Quarterly: Minimum Rs. 1,49,068/-  Maximum Rs. 7,45,342/-
  • Monthly: Minimum Rs. 1,50,000/-  Maximum Rs. 7,50,000/-

Pension Rate:

  • Yearly: 8.30 %
  • Half Yearly: 8.13 %
  • Quarterly: 8.05 %
  • Monthly: 8.00 %

Pension Limit:

  • Yearly: Minimum Rs. 12,000/-  Maximum Rs. 60,000/-
  • Half Yearly: Minimum Rs. 6,000/-  Maximum Rs. 30,000/-
  • Quarterly: Minimum Rs. 3,000/- Maximum Rs. 15,000/-
  • Monthly: Minimum Rs. 1,000/- Maximum Rs. 5,000/-

Policy Term:  10 Years.

Premium Paying Term: Single Premium.

Entry Age: 60 years and above.

Policy Death Benefits: 

In the case of death, full purchase price will be refunded to the nominee.

Liquidity Benefit: Policy holder can take a loan (up to 75% of the amount) under this policy after completion of 3 years of the Policy.

Surrender: Policy can be surrendered in special circumstances like critical illness of self or spouse. Surrender value in such cases shall be 98% of Purchase price.

An example of LIC’s Pradhan Mantri Vaya Vandan Yojana Table No. 842

PlanPradhan Mantri
Vaya Vandan
Yojana
Pradhan Mantri
Vaya Vandan
Yojana
Table842842
Age60 years and
above
60 years and
above
Premium Paying Term11
Policy Term10 Year10 Year
Basic Sum AssuredRs. 1,50,000/-Rs. 7,00,000/-
PremiumRs. 1,50,000/-Rs. 7,00,000/-
MonthlyRs. 1,000/-Rs. 4,667/-
QurterlyRs. 3,019/-Rs. 14,088/-
Half YearlyRs. 6,098/-Rs. 28,455/-
YearlyRs. 12,450/-Rs. 58,100/-
On DeathRs. 1,50,000/-Rs. 7,00,000/-

Above Calculations are approximate.

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