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.
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 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.
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