The scheme is aimed towards providing social security during old age and to protect elderly people aged 60 and above against a future fall in their income due to uncertain market conditions. The scheme provides an assured return of 8% per annum for 10 years.
Under the scheme, one has to fulfil the following conditions to be eligible-
Minimum Entry Age- 60 years , Maximum Entry Age- No Limit, with a policy term of 10 years
One could avail the following benefits under the scheme as per components identified under the insurance scheme :
Pension Payment :
On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
Senior citizens who want to apply for the PMVVY can fill the online application form on the LIC India website by visiting the LIC India website
Check your eligibility for the schemeClick here to know