Pradhan Mantri Vaya Vandana Yojana – PMVVY LIC 856 Plan Online Application Form / Interest Rate / Pension Details PDF Download

LIC PMVVY pension scheme 2021 application form PDF download from, buy LIC PMVVY Policy (No. 856) online, download the LIC PMVVY scheme document, brochure and details PDF प्रधानमंत्री वाया वंदना योजना आवेदन पत्र PDF डाउनलोड अब पर
Updated: By: 21 Comments - Leave a Comment Ministry: Ministry of FinanceBeneficiaries: Everyone,

Pradhan Mantri Vaya Vandana Yojana 2021 is a pension scheme being run by the Ministry of Finance to provide immediate pension for senior citizens of 60 years and above. PMVVY pension scheme is being implemented with LIC and interested and eligible candidates can buy LIC PM Vaya Vandana Yojana plan online at The revised PMVVY LIC Plan 856 can be purchased by paying a lumpsum amount.

LIC PM Vaya Vandana Yojana 2021 plan provides pension payments of stated amount for the policy term of 10 years. PM Vaya Vandana Yojana envisages an assured rate of return of 7.4% per annum (for monthly pension) for the financial year 2021, equivalent to 7.66% per annum. In this LIC Pension Plan 856, there is a return of purchase price at the end of 10 years.

PMVVY Scheme last date was 31 March 2020, but central govt. has extended its deadline for 3 years i.e Now PMVVY last date is 31 March 2023. PM Vaya Vandana Yojana 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 Scheme Apply Online

Pradhan Mantri Vaya Vandana Yojana was recently modified in May 2020 by the central government is a non-linked, non-participating, pension scheme subsidized by the Government of India. According to the new changes, the new interest rate would be reviewed and decided at the beginning of new every financial year by the Ministry of Finance. The scheme was extended for 3 years up to 31st March 2023.

Pradhan Mantri Vaya Vandana Yojana Application Form 2021

The application form for PMVVY LIC pension scheme can be downloaded from the official website of LIC India or obtained from the nearby office of LIC. However, candidates can also purchase the PM Vaya Vandana Yojana pension plan at the official website of LIC India at using the below given procedure.

STEP 1: Visit the Online Policy Page at the official website of LIC India at

STEP 2: Now Click the “Buy Now” button under the LIC Plan 856 (Pradhan Mantri Vaya Vandana Yojana) as given in the below screenshot.

LIC PMVVY Plan Buy Online
LIC PMVVY Plan Buy Online

STEP 3: On the next page click the “Click to Buy Online” button to open the LIC PMVVY online application form 2021 which will look like below.

Central Government Schemes 2021केंद्र सरकारी योजना हिन्दीPopular Schemes in Central:प्रधानमंत्री आवास योजना 2021PM Awas Yojana Gramin (PMAY-G)Pradhan Mantri Awas Yojana

LIC PMVVY Online Form
LIC PMVVY Online Form

STEP 4: Fill all the required details in the form and click “Calculate Premium” button. Now, you will receive the OTP on your mobile number, enter the OTP on the OTP screen and click “Proceed” button.

Application Form OTP
Enter OTP

STEP 5: After entering the OTP, you will be asked if you already have a PM Vaya Vandana Yojana policy, select “No” and then click “Next” button.

previous policy
Select Previous Policy

STEP 6: On the next page, you will see the complete application form for the LIC PMVVY Plan, where you have to select the “Purchase Option“, “Pension Mode“, “Amount” and “Payment Mode“. After filling all the details as per your choice, click the “Calculate Premium” button.

LIC PMVVY Application Form Details
LIC PMVVY Application Form Details

STEP 7: On the next step, you will be shown the details of the premium and then you can go ahead with the Aadhaar Validation and online payment of the premium. After successful payment, you will be issued the policy and a policy number will be provided.

The purchase of the policy under this Government subsidised scheme requires unique Aadhaar number validation. Pension payment modes available for Pradhan Mantri Vaya Vandana Yojana are monthly, quarterly, half-yearly and yearly. The minimum investment amount is Rs. 1.50 lakh.

PM Vaya Vandana Yojana (PMVVY) Interest Rates

For the first financial year under the extended PMVVY scheme, the interest rate has been fixed at 7.4% for monthly pension which is equivalent to 7.66% per annum. Pension interest rates for 2021 payable under different modes of Payment (Yearly, Half Yearly, Quarterly, Monthly) are as under

Mode of PensionEffective Interest Rate per annum
PMVVY Interest Rates


The revised guidelines and brochure PDF of the Pradhan Mantri Vaya Vandana Yojana can be downloaded using the below links.

Policy Document | Policy Sales Brocure (Basic Guidelines) | LIC PMVVY Sales Brochure – English | LIC PMVVY Sales Brochure – Hindi

PMVVY Investment / Pension Amount

Below are the complete details of investment and pension amount for different modes of pension

Minimum Purchase Price

Mode of PensionMinimum Purchase Price (Rs.)Corresponding Pension Amount
Yearly1,56,65812,000 per annum
Half-Yearly1,59,5746,000 Half year
Quarterly1,61,0743,000 per Qtr.
Monthly1,62,1621,000 per month
Minimum Purchase Price and Pension Amount

Maximum Purchase Price

Mode of PensionMaximum Purchase Price (Rs.)Corresponding Pension Amount
Yearly14,49,0861,11,000 per annum
Half-Yearly14,76,06455,500 per half year
Quarterly14,89,93327,750 per Qtr.
Monthly15,00,0009,250 per month
Maximum Purchase Price and Pension Amount

PMVVY Loan Facility

This is one of the biggest advantages of the Pradhan Mantri Vaya Vandana Yojana. Under the scheme, applicants can apply for loan after completion of 3 policy years. Policy holders can get up to 75% of the purchase price as loan. The rate of interest for the loan is determined by the LIC of India at periodic intervals.

Loan interest will be recovered from the pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension.

PMVVY Loan Interest Rate
For the loan sanctioned till 30th April, 2021, the applicable interest rate is 9.5% per annum for the entire term of the loan.

Eligibility Criteria for Pradhan Mantri Vaya Vandana Yojana

Below is the basic eligibility criteria for the PM Vaya Vandana Yojana pension scheme.

  • Minimum Entry Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term: 10 years
  • Minimum Pension: 1,000/- per month, 3,000/- per quarter, 6,000/- per 6 months, Rs. 12,000/- per year
  • Maximum Pension: 9,250/- per month, 27,750/- per quarter, 55,500/- per half-year, 1,11,000/- per year

Total amount of purchase price under all the policies taken under Pradhan Mantri Vaya Vandana Yojana shall not exceed Rs. 15 lakhs.

LIC PMVVY Scheme Features

The important features and highlights of LIC Plan Number 842 are as follows:-

MedicalNo medical examination is required.
Surrender ValuePremature 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.
LoanLoan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.
SuicideThere is no exclusion in case of suicide. In such a case, the full purchase price will be payable to the nominee / legal heir.
LIC PMVVY Scheme Features

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 PM Vaya Vandana Yojana registration.

Tax Benefits of PM Vaya Vandana Yojana

PM Vaya Vandana Yojana pension scheme for senior citizens is not a tax saving scheme but an investment plan to fund their retirement. All the elderly people above 60 years were allowed to invest a max. amount of Rs. 15 lakh on or before 31 March 2023. For the policy term of 10 years, senior citizens can get a minimum pension of Rs. 1,000 per month and a maximum pension of Rs. 9,250 per month depending on the amount invested.

Will you get tax savings benefit under section 80C?
Returns from this scheme will be taxed as per existing tax laws and the rate of tax as applicable from time to time. The scheme is exempted from Goods and Services Tax (GST). All general insurance scheme includes 18 percent GST such as term insurance. However, to give a relief to senior citizens, there are a few LIC schemes including Pradhan Mantri Vaya Vandana Yojana scheme, which continues to be exempted under GST as they were exempted from service tax before July 1, 2017.

This PMVVY scheme will not allow investor to claim a deduction for investments up to Rs. 1.5 lakh under section 80C of the Income Tax Act. This scheme is not an eligible investment under this section of the Income Tax Act. However, a representation can be filed before IT dept. to include the sum paid under PMVVY scheme as an eligible deduction under section 80C of Income Tax Act to bring this scheme on par with Senior Citizens Saving Scheme. The inclusion however, will require legislative amendment which can be made in the subsequent budgets.

PMVVY Frequently Asked Questions (FAQ’s)

What is PM Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens offered by Life insurance Corporation (LIC) and run by the ministry of Finance, Government of India.

What is the interest rate under PMVVY Scheme

As per the new guidelines, the interest rate for FY 2021 for PMVVY Scheme is 7.4% per annum and thereafter to be reset every year.

What is the minimum and maximum entry age for PM Vaya Vandana Scheme

The minimum entry age for PMVVY Scheme is 60 years while the maximum entry age has no limit.

What is the minimum and maximum pension amount for PMVVY Scheme

The minimum pension amount is Rs. 1,000 per month while the maximum pension amount is Rs. 9,250 per month.

What is the Maturity Benefit for PMVVY

If the pensioner survives till the end of the policy term of 10 years, purchase price of the annuity along with final pension installment will be payable to the policyholder.

What is the death benefit of PMVVY

If the pensioner dies during the policy term of 10 years, the purchase price of the annuity scheme will be refunded to the beneficiary.

How to apply online for PMVVY

Citizens can now apply online for PMVVY Scheme at the official website of Life Insurance Corporation (LIC) India at

Is Aadhaar Card Mandatory for PMVVY

Yes, Aadhaar Card is mandatory

What is minimum and maximum purchase amount under PMVVY

The minimum investment amount is Rs. 1,62,162 for Rs. 1,000 p.m pension while the maximum investment is Rs. 15,00,000 for Rs. 9,250 p.m as pension.

What is the Last Date of PMVVY

The new last date for PMVVY policy purchase is 31 March 2023.

LIC PMVVY Helpline

Visit the official website of LIC India at for more details or reach at the below helpline contact details

PHONE: 022-67819281 or 022-67819290 (Monday to Saturday: 10.30 am to 05.30 pm, except 2nd and 4th Saturday of every month)

TOLL FREE: 1800-227-717

EMAIL: [email protected]

21 thoughts on “Pradhan Mantri Vaya Vandana Yojana – PMVVY LIC 856 Plan Online Application Form / Interest Rate / Pension Details PDF Download”

  1. मी व माझी पत्नी दोघानाही ६० वर्ष पूर्ण झालेत. दोघेही या योजनेत पत्र आहे का. म्हणजे दोघेही मिळून १५-१५ लाख जमा करू शतो का

  2. I approached Patna branch -1, for pension under PMVVY . The branch deed not show intereste in fact neglected and insisted on other lic pension plan to which I was not interested.
    Secondly he explained me that the interest in PMVVY is floating rate therefore the pension fixed in 2020 may change after april 2021.
    I do not agree with, my reading is that, the pension fixed in march 2020 @ 7.4% interest. Will continue same for ten years.
    Reluctance to implement social security yojana of the govt. is not good and will deprive the willing senior citizens. Kindly reach the grievance to appropriate authority. kindly reply.

    • Hello Mr. Surya Narayan,

      Yes, you are right that reluctance to implement any of the government scheme is not good, however,

      Since this scheme is being run by the Department of Financial Services under the Ministry of Finance, Govt. of India, you may reach about the same at contact details of the department given at

      And Yes, the government has recently made the changes to the scheme while extending it further. according to the recent changes, the interest rate for each financial year will be decided and applicable from 1st April every year.

      The maximum rate of interest is capped at 7.75 per cent at any point.


  3. i am having joint a/c.with my husband either or survival with first name of my husband i have not taken debit card and amount shall be paid through netbanking of husband i feel there should be no problem kindly confirm.a

    • No, this scheme has been closed, however, due to COVID-19 Pandamic lockdown, Govt. may extend the last date which was 31st March 2020,

  4. While online pmvvy I complete, but I could’nt noted the acknowledge no.and policy no.due to error accured. However I complete online full process payment throygh NEFT.,and an emailed sent to me by [email protected] india for NEFT transfer for amount filled by me on 31/03/2020 in Axis Bank in LIC account Bombay immediately after compleletion. I only have access I’d. No. Due to lockdown I could not done NEFT & No LIC excetive available on custumer care and phone is always show busy. How can I get ack. No. & policy No.? I have email detailed for NEFT transfer & Access I’d.


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