Product Summary | NPradhan 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. |
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Premium Payment Mode | Single premium only. |
Annuity Mode | - |
Optional Benefits | - |
Term | 10 years |
Premium Paying Term | 1 years |
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 | - |
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 |
On Death | Higher of (Purchase Price +Additional death benefit) or (105% of the purchase price) |
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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 |