Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension plan provides immediate pension for senior citizens of 60 years and above. LIC Plan 842 can be purchased by paying a lumpsum amount. People can now buy LIC PM Vaya Vandana Yojana plan online at licindia.in. LIC Plan 842 (PMVVY) application form PDF download available at the official website.
PM Vaya Vandana Yojana plan provides for pension payments of stated amount for the policy term of 10 years. PMVVY Scheme envisages an assured rate of return of 8% per annum. In this LIC Pension Plan 842, there is a return of purchase price at the end of 10 years. Pension payment modes available for PMVVY scheme are monthly, quarterly, half-yearly and yearly.
Latest Update (27 December 2019) – Central govt. has made Aadhaar mandatory for subscribers of Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme for senior citizens. The notification dated 23 December 2019 has been issued under Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. Check last section of this post for more information.
PMVVY Pension would be paid at the end of each period as per payment mode chosen starts as early as next month if monthly mode is chosen. On the death of the pensioner at any time during the term of 10 years, the purchase price will be refunded to the legal heirs/nominees.
LIC PMVVY Pension Plan Application Form PDF Download
Below is the complete procedure to buy LIC Pension Plan No. 842 named PM Vaya Vandana Yojana:-
- Firstly visit the official Life Insurance Corporation (LIC) website at licindia.in
- At the homepage, click at the “Pradhan Mantri Vaya Vandana Yojana” under ‘Buy Policies Online’ section.
- Direct Link – https://eterm.licindia.in/onlinePlansIndex/login.do
- The LIC Pension Plan No. 842 page for PMVVY application form pdf download will appear as shown below:-
- Here select the “Pradhan Mantri Vaya Vandana Yojana” tab or directly click this link. In the new page, click at the “Buy Online” option to open the application form for PMVVY scheme as shown below:-
Here candidates can enter their personal details, e-mail, mobile phone number, date of birth, address, pin code and click at the “Get Access ID” button to get access identity.
LIC Plan 842 (PMVVY) Features
The important features and highlights of LIC Plan Number 842 are as follows:-
|Medical||No medical examination is required.|
|Surrender Value||Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse. Surrender Value payable in such cases is 98% of the Purchase Price.|
|Loan||Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.|
Pradhan Mantri Vaya Vandana Yojana Pension Options
Here are the minimum and maximum purchase price under different modes of pension:-
PM Vaya Vandana Yojana Minimum Purchase Price
|Mode of Pension||Minimum Purchase Price||Corresponding Pension Amount|
|Yearly||1,44,578||12,000 per annum|
|Half-Yearly||1,47,601||6,000 half year|
|Quarterly||1,49,068||3,000 per qtr|
|Monthly||1,50,000||1,000 per month|
PM Vaya Vandana Yojana Maximum Purchase Price
|Mode of Pension||Maximum Purchase Price||Corresponding Pension Amount|
|Yearly||14,45,783||1,20,000 per annum|
|Half-Yearly||14,76,015||60,000 half year|
|Quarterly||14,90,683||30,000 per qtr|
|Monthly||15,00,000||10,000 per month|
LIC Plan 842 (PMVVY) Pension Rate
The various modes of pension effective pension rate per annum for Rs. 1000 purchase price are as follows:-
The PMVVY pension rates payable under different modes of payment are yearly, half yearly, quarterly and monthly.
Aadhaar Card Mandatory for PMVVY Benefits
An individual eligible for receiving the benefit under PM Vaya Vandana Yojana (PMVVY scheme) shall hereby be required to furnish proof of possession of Aadhaar number. As per the Finance Ministry notification, applicant must possess the unique 12-digit biometric identity number or undergo Aadhaar authentication. In case aadhar card is not available, applicant must enroll for Aadhaar number first before making PMVVY registration.
In cases where Aadhaar authentication fails due to poor biometrics, then Dept. of Financial Services through its implementing agency would make provisions to help beneficiaries get the Aadhaar number. Further, where biometric or Aadhaar one-time password or time-based OTP authentication is not possible, benefit under the scheme may be given on the basis of physical Aadhaar letter whose authenticity may be verified through the quick response (QR) code printed on the Aadhaar letter. In the Budget 2018-19, the maximum limit under PMVVY was doubled to Rs 15 lakh per senior citizen. PMVVY scheme is available for subscription till March 2020.