The Pradhan Mantri Vaya Vandana Yojana (PMVVY) serves as a Pension Plan designed solely for individuals aged 60 years and beyond. Within this scheme, senior citizens are allowed to invest a maximum of Rs 15 lakh. To acquire this plan, a single lump-sum Purchase Price needs to be paid. Pensioners have the flexibility to decide between receiving a specific pension amount or adjusting based on the Purchase Price.
Pradhan Mantri Vaya Vandana Yojana (PMVVY): Eligibility Details
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To be eligible, the applicant must have attained a minimum age of 60 years.
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Policy Duration: The policy remains in force for a duration of ten years.
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Maximum pension: The highest monthly, quarterly, semi-annual, and annual pensions are Rs. 10,000, Rs. 30,000, Rs. 60,000, and Rs. 1,20,000, respectively.
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There is no upper boundary on the age for eligibility.
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The smallest possible pension that can be obtained is as follows: The minimum monthly, quarterly, semi-annual, and annual pensions are Rs. 1,000, Rs. 3,000, Rs. 6,000, and Rs. 12,000, respectively.
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When establishing the highest pension limit, the entire household is taken into account. This includes the retiree, their spouse, and their descendants, forming the collective family unit.
Pradhan Mantri Vaya Vandana Yojana (PMVVY): Benefits
1. Rate of Return
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) offers participants a guaranteed yield ranging from 7% to 9% over a period of 10 years. (The rate of return is determined and adjusted by the government.)
2. Pension Amount
Minimum Pension
- 1,000/- per month
- 3,000/- per quarter
- 6,000/- per half-year
- 12,000/- per year
Maximum Pension
- 10,000/-per month
- 30,000/-per quarter
- 60,000/- per half-year
- 1,20,000/- per year
3. Maturity Benefit
Upon the culmination of the 10-year policy duration, the total principal sum, encompassing the ultimate pension and the initial purchase amount, will be disbursed.
Pension Disbursement: The pension is distributable at the conclusion of each designated interval, in accordance with the selected frequency (monthly, quarterly, semi-annually, or annually) throughout the 10-year policy tenure.
4. Death Benefit
In the event of the pensioner's demise at any point within the 10-year duration, the initial purchase amount will be reimbursed to the legal beneficiaries or nominees.
Suicidal Circumstances: No restrictions will apply in case of suicide, and the complete purchase amount will be provided.
5. Loan Benefit
After a lapse of three years, it's possible to secure a loan amounting to 75% of the purchase price in case of unforeseen situations. An interest rate will be applied to the borrowed sum, and this rate will be established periodically by the government. The interest on the loan will be deducted from the pension amount due under the policy.
6. Surrender Value
Under extraordinary situations, such as when the pensioner needs funds to cover medical expenses for a severe or terminal illness affecting either themselves or their spouse, the policy permits early termination before its designated tenure. In such instances, a surrender amount equal to 98% of the initial purchase price will be disbursed to the pensioner.
How To Apply For PMVVY Application Form?
Candidates who are willing to apply online for the PMVVY application form can follow the below steps:
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Visit the authorized LIC website.
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Select the 'Purchase Policies Online' feature and tap the 'Click here' button after scrolling down.
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Opt for the 'Pradhan Mantri Vaya Vandana Yojana' choice within the 'Buy Policy Online' section.
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A fresh page will appear. Click on 'Proceed to Buy Online.'
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Input your contact information and press the 'Proceed' button.
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Complete the application form.
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Submit the digital application, upload the required documents, and press the 'Submit' button to finalize the registration process.
Click here to apply through the UMANG application.
Documents required to apply for Pradhan Mantri Vaya Vandana Yojana
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Aadhaar Card
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Bank Account Details
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PAN card
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Proof of address
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Proof of income
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Proof of age
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Proof of documents that the applicant has retired from employment
