Life Insurance Corporation of India launches modified PMVVY for senior citizens: Check benefits, other details of this LIC policy

New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) has launched the revamped Pradhan Mantri Vaya Vandana Yojana (PMVVY) for senior citizen with better rate of interest.

The LIC plan will be available for sale commencing for three financial years From May 26, 2020 to March 31, 2023. The scheme can be purchased both offline and online from LIC website.

The scheme promises an assured rate of return of 7.40% p.a. payable monthly. LIC said that the total amount of purchase price under all the policies under this plan, and all the policies taken under Pradhan Mantri Vaya Vandana Yojana allowed to a senior citizen shall not exceed Rs 15 lakhs.

Here are the details of the revamped Pradhan Mantri Vaya Vandana Yojana (PMVVY) for senior citizen.

Eligibility

a) Minimum Entry Age: 60 years

b) Maximum Entry Age: No limit

c) 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 10,000per month

 Rs 30,000per quarter

 Rs 60,000 per half-year

 Rs 1,20,000 per year

Policy Loan

Policy loan shall be available only after the completion of three policy years from date of commencement of the policy. The maximum amount of loan available under the policy shall be 75% of Purchase Price.

For the loan sanctioned till 30th April, 2021, the applicable interest rate is 9.5% p.a. for the entire term of the loan.