ప్రధాన మంత్రి పెన్షన్ స్కీమ్ ప్రతి నెల 5000/- | Lic Prime Minister Pension Scheme | Best Lic Policy

Watch ప్రధాన మంత్రి పెన్షన్ స్కీమ్ ప్రతి నెల 5000/- | Lic Prime Minister Pension Scheme | Best Lic Policy | SumanTV

1. Introduction:
Government of India in the Budget Speech of 2018-19 has announced the enhancement of
maximum limit under Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior
citizen. The period of sale for this scheme has also been extended upto 31st March, 2020.
LIC of India has been given the sole privilege to operate this scheme.
This scheme can be purchased offline as well as online. To Purchase this scheme online
please log on to our website www.licindia.in.
2. Benefits :
a. 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.
b. Death Benefit:
On death of the Pensioner during the policy term of 10 years, the Purchase Price shall
be refunded to the beneficiary.
c. 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.
3. Eligibility Conditions and Other Restrictions:
a) Minimum Entry Age: 60 years (completed)
b) Maximum Entry Age: No limit
c) Policy Term : 10 years
d) Minimum Pension: Rs. 1,000/- per month
Rs. 3,000/- per quarter
Rs.6,000/- per half-year
Rs.12,000/- per year
e) Maximum Pension: Rs. 10,000/-per month
Rs. 30,000/-per quarter
Rs. 60,000/- per half-year
Rs. 1,20,000/- per year
Ceiling of maximum pension is per senior citizen i.e. total amount of pension under all
the policies under this plan, including policies taken under Pradhan Mantri Vaya

PROHIBITION OF REBATES SECTION 41 OF INSURANCE ACT, 1938 AS
AMENDED BY INSURANCE LAW (AMENDMENT) ACT, 2015:
1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to
any person to take out or renew or continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate of the whole or part of the commission
payable or any rebate of the premium shown on the policy, nor shall any person taking out
or renewing or continuing a policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectuses or tables of the insurer: provided
that acceptance by an insurance agent of commission in connection with a policy of life
insurance taken out by himself on his own life shall not be deemed to be acceptance of a
rebate of premium within the meaning of this sub-section if at the time of such acceptance
the insurance agent satisfies the prescribed conditions establishing that he is a bonafide
insurance agent employed by the insurer.
2) Any person making default in complying with the provisions of this section shall be liable
for a penalty which may extend to ten lakh rupees.

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