LIC Pradhan Mantri Vaya Vandana Yojana

LIC Pradhan Mantri Vaya Vandana Yojana

Introduction:
Government of India has announced Pradhan Mantri Vaya Vandana Yojana for citizen age 60 years and above. LIC of India has been given the sole privilege to operate this scheme. It has been decided to launch Pradhan Mantri Vaya Vandana Yojana on 4th May 2017. The scheme shall be available for one year from date of launch.

Benefits :

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.

Death Benefit:
On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary.

Maturity Benefit:
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.

Eligibility Conditions and Other Restrictions:

Minimum Entry Age: 60 years (completed)

Maximum Entry Age: No limit

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. 5,000/- per month
Rs. 15,000/- per quarter, Rs. 30,000/- per half-year, Rs. 60,000/- per year

Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all the policies allowed to a family under this plan shall not exceed the maximum pension limit. The family for this purpose will comprise of pensioner, his/her spouse and dependants.
 

Payment of Purchase Price:
The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.

The minimum and maximum Purchase Price under different modes of pension will be as under:
 

Mode of Pension	Minimum Purchase Price	Maximum Purchase Price
Yearly	Rs. 1,44,578/-	Rs. 7,22,892/-
Half-yearly	Rs. 1,47,601/-	Rs. 7,38,007/-
Quarterly	Rs. 1,49,068/-	Rs. 7,45,342/-
Monthly	Rs. 1,50,000/-	Rs. 7,50,000/-

The Purchase Price to be charged shall be rounded to nearest rupee.
 

Mode of pension payment:
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.

The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
 

Sample Pension rates per Rs.1000/- Purchase Price
The pension rates for Rs.1000/- Purchase Price for different modes of pension payments are as below:
Yearly: Rs. 83.00 p.a.
Half-yearly: Rs. 81.30 p.a.
Quarterly: Rs. 80.50 p.a.
Monthly: Rs. 80.00 p.a.
The pension instalment shall be rounded off to the nearest rupee. These rates are age independent.
 

Surrender Value:
Can be surrendered for 98% of Purchase Price.
 

Loan:
Loan facility is available after completion of 3 policy years. (75% of the Purchase Price.)Int.@ 10 %

Loan interest will be recovered from pension amount payable under the policy. The loan outstanding shall be recovered from the claim proceeds at the time of exit.
 

Taxes:
Statutory Taxes, if any, imposed on this Plan by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Senior Citizen Savings Scheme (SCSS) Account

Senior Citizen Savings Scheme (SCSS) Account

An individual of the Age of 60 years or more may open the account.

An individual of the age of 55 years or more but less than 60 years who has retired on super ​annuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits.

Maturity period is 5 years.

A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).

In case of Cheque, the date of realiz​​ation of Cheque in Govt. account shall be date of opening of account.

Nomination facility is available at the time of opening and also after opening of account.

Account can be transferred from one post office to another

Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.

Joint account can be opened with spouse only and first depositor in Joint account is the investor.

Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or Money Order.

In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. It will be applicable at all CBS Post Offices.

*Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices.

After maturity, the account can be extended for further three years within one year of the maturity by giving application in prescribed format. In such cases, account can be closed at any time after expiry of one year of extension without any deduction.

Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Rate of Interest: From 1.04.2017, interest rates are as follows:-

8.4​% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.

There shall be only one deposit in the account in multiple of INR.1000/- max. not exceeding INR 15 lac.

Account can be opened by cash for the amount below INR 1 lac and for INR 1 Lac​ and above by

C​heque only.

Premature closure is allowed after one year on deduction of an amount equal to1.5% of the deposit & after 2 years 1% of the deposit.

TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a.

Jeevan Akshay IV, Best Scheme

Have you planned your retirement monthly returns properly ?

Bank deposit rates are falling. In the last two years more than 2 % have come down. It will fall further. How are you going to protect your future returns ?

Your present FD will mature on the due date and if you renew further, you will get only the reduced rate of interest, not the present rate of interest.

Only choice is: LIC JEEVAN AKSHAY.
Your regular income is insured throughout your life and
even throughout your spouse' life (FIXED INCOME). Afterwards it will be paid to your nominees.
Your annuity starts immediately. Your investment only once.

For example: Mr.X
Investment of Rs.10,00,000 Age : 45
Yly Annuity Rs.68,850/- throughout Mr. X's life.
Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
(Flexible annuity payment: monthly/quarterly/half yearly or yearly)
Who else will ensure the returns fixed in the interest falling market ?

Get more details first, whether you invest or not.
Contact: 98404 85595

Why Insurance is important ?

Why Insurance in important ?

When we talk about insurance, people think that
LIC agents are trying to market the schemes just to earn commission only

It may be partly true.

Like any other business, LIC is also a business,  but  it is airmed for
YOUR  FAMILY'S  FINANCIAL  SECURITY.  
YOUR  WELL  BEING
YOUR  FUTURE
YOUR  CHILDREN'S  FUTURE        Not agent's family's security.

No other business is bothered about your family.

Do you love your family ?   If your is a big  YES,
then, show it on paper, by signing insurance policies.
That is the best thing you can do it to your family, to show your LOVE &
AFFECTION.

Usual replies from people when you talk about LIC.

Frequently  Asked  Questions and Frequently told statements:

Returns are very  less:

               When compared to other investments, it is little less. I agree. Life insurance is not good from the                    point of  investment ALONE. Everybody is worried about the difference in the return of                                investement.What about the huge loss for the family and industry if God forbid something should                   happen to you tomorrow ?   People will not sacrifice the future of their family for the sake of extra                 returns.

Not an ideal investment:

               Some say that life insurance is not an ideal investment when compared to other investments.
               Many have invested in their house and pay regular EMIs.  Some has tied up with some insurance                  companies for home loan. In the event of death of the insured, the loan will be waived off.  Good.
              People are wise enough to do that insurance coverage for home loan.  But what about monthly
              mainatenance of the family ?  Do you have enough Fixed Deposits to take care of your family                       throughout their life time ?  Your family needs an amount equivalent to your present take home                       salary. What plan you have for that  ?

Why don't you contact me next month ?
Meet me after Deepavali
Give me some time. I need to think over it.
Get in touch with me after two months
Not now, perhaps after a month or so.

              Your family's protection is postponed. Nothing else. Earlier you join in any insurance schemes, the                 premium will be less. The more the delay, the cost of premium will be high. The cost of policy                       increases every year if you don't have it.

              Our life is not a guaranteed one. Nobody knows what happens tomorrow ?
              In the last five years, when did you find a 'GOOD DAY' to invest in insurance and called
              your insurance agent.  We will never do it. Hardly 2 % people have ever thought of it and called                   insurance agents to sign policies.
         
No money to invest

              If we don't understand the importance of insurance, we will not have enough money to sign a                         policy, at any point of time. We will never think that we have enough money to invest. Life                             insurance is such an investment, you will not see any tangible asset once you invest, like TV, Fridge,               etc. It is a different type of asset. You will enjoy only when you get the maturity payments after                     certain years.
              Every student will think on the examination day that he should have studied well in advance. Should               not have postponed till exam date. We have been programmed like that right from school days.
              When we have some financial challenges, we will think that we should have done something right                   before. The best time to plant a tree is 10 years ago. Next best time is today.

I have big commitments

              Many professionals and businessmen have a lot of commitments in the way of bank loans, outside                 borrowings.  They are exposing their families to a greater risk.  Without adequate coverage, if they                 do such things, then what will happen to the family, in the event of unfortunate death of professional               or businessman ? How will they repay the big financial commitments ?
              Already some cost is involved in the commitments (like interest, process charges, etc). Add the                     policy premium also just like a cost.  Don't leave your family to the bigger commitments. Let them                 manage their atleast without this challenge, while managing themselves to face your absence.

I have enough insurance policies.
I have covered enough

              May be true. While taking a policy, you thought that your worth is that much. But years have                         passed. The cost of living have gone up. Your worth is also increased. Any extra investment in                       insurance is definitely NOT a waste.  There is different types of policies. You can customise one                   suitably.

I do not need any insurance

             Many professionals say, I am already earning enough. I don't need any insurance.  When a lawyer                or doctor dies, he leaves his family without any ongoing business. If he has started some company or              some business, atleast we can assume, that that business will give enough money to manage their                    regular life. Professional earn only when they are alive. But their right investments in insurance earn                their family throughout their life, provided he had invested in such schemes.