If you are a senior citizen and you have lump sum money in the bank, then you should consider purchasing this immediate annuity plan until 31 March 2023. An assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year. There will be annual reset of guaranteed rate of interest with effect from April 1st of financial year.
Eligibility criteria and other conditions:
- Minimum entry age: 60 years (completed)
- Maximum entry age: No limit
- Policy term: 10 years
- Minimum pension: Rs 1000 per month
- Maximum pension: Rs 9,250 per month.
Frequently asked questions about PMVVY
If the pensioner survives till the end of the policy term of 10 years, purchase price i.e. invested amount of the annuity along with final pension installment will be payable to the policyholder.
If the policyholder dies during the policy term of 10 years, the purchase price of the pradhan mantri vay vandana yojana annuity scheme will be refunded to the nominee.
The modes of pension payment are monthly, quarterly, half-yearly and yearly. The pension payment is processed through NEFT.
Pension amount is taxable.
