Pradhan Mantri Vaya Vandana Yojanaa
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This is a pension plan for senior citizens who are 60 years and above. Under this scheme senior citizens will get a guaranteed return of 8% for 10 years. This plan is exempted from Goods and services tax (GST).The scheme will be available for one year from date of launch. LIC has already sold 58,152 policies so far and collected Rs. 2,705 crore since its soft launch on 4th May 2017.

Eligibility Conditions & Restrictions
Minimum age : 60 Years (Completed)
Maximum age : No Limit
Policy Term : 10 Years
Pension Mode : Monthly, Quarterly, Half-yearly or Yearly
Purchase Price Minimum : Rs. 1,50,000 for monthly
Rs. 1,49,068 for quarterly
Rs. 1,47,601 for half-yearly
Rs.1,44,578 for yearly
Purchase Price Maximum : Rs. 15,00,000 for monthly
Rs. 14,90,683 for quarterly
Rs. 14,76,015 for half-yearly
Rs. 14,45,783 for yearly
Death Benefit : On death of the policyholder during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.
Maturity Benefit : On survival of the policyholder to the end of the policy term of 10 years, Purchase price along with final pension installment shall be returned.
Surrender Value : The policy allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan : Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price For financial Year 2016-17, the applicable interest rate to be charged is 10% p.a.
Income Tax Benefits : The deposits made in the scheme are exempt from income tax under section 80C of Income Tax Act, 1961. However, the interest earned on the deposit is not exempt from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.

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