Plan Features
PMVVY (856)
Product Summary
Pradhan Manthri Vaya Vandana Yojana (856) is a Government Subsidised pension scheme which shall provide an assured return of 7.4% per annum payable monthly(which is equlalent to 7.66 % per annum)for 10 years, provided the life assured survives the period.
Premium Payment Mode :
Single premium only.
Annuity Mode
-
Optional Benefits
-
Term :
10 years
Premium Paying Term :
1 year
Minimum Age at Entry :
30 Year completed
Maximum Age at Entry :
No Limit
Annuity Options
Deferred annuity two options (1. Single Life 2. Joint Life).
Minimum Purchase Price
Rs. 1,50,000
Deferment Period
-
Joint Annuity
-
Maximum Cover Ceasing Age:
-
Maturity Age:
-
Sum Assured
-
Maturity Benefit
-
Death Benefit
-
Minimum Basic Sum Assured :
-
Minimum age at the end of Premium Paying Term
-
Maximum Maturity Age :
-
Minimum Premium:
-
Maximum Premium:
-
Minimum Basic Sum Assured :
-
Sum Assured on Death
-
Minimum Sum Assured :
Yearly -1,56,658; Hly -1,59,574, Qly - 1,61,074, Mly -1,62,162
Maximum Sum Assured :
Yearly -14,49,086 Hly -14,76,064, Qly - 14,89,933, Mly -15,00,000
Guaranteed Additions
-
Survival Benefits
-
Riders Available
Nil
Accidental Death and Disability benefit (ADDB) :
Nil
Policy Benefits
On Death :
Higher of (Purchase Price +Additional death benefit) or (105% of the purchase price)
On Survival :
Full purchase price paid on survival of 10 Years
On detection of Early Stage Cancer
-
On detection of Major Stage Cancer
-
Settlement Option :
-
Multiple Allowed
-
Surrender Value :
Surrender allowed in special circumstances such as Critical/Terminal Illness to self or spouse. The surrender value payable is 98% of pruchase price.
Loan :
Loan available after completion of three full years and the amount payable is 75% of purchase price.
Income Tax Benefit :
Income Tax benefits not available.
Proposal Form :
Form No 470