Pradhan Mantri Vaya Vandana Yojana - PMVVY LIC 856 Plan Details, Interest Rate & Pension Amount 2026

Pradhan Mantri Vaya Vandana Yojana (PMVVY) was a pension scheme run by the Ministry of Finance to provide an assured pension for senior citizens aged 60 years and above. The scheme was implemented by LIC and eligible senior citizens could buy the LIC PM Vaya Vandana Yojana plan by paying a lump sum amount as the purchase price.

Scheme has been closed or it was a one time scheme which has been closed by the government.

LIC PM Vaya Vandana Yojana plan provided pension payments of a stated amount for a policy term of 10 years. PM Vaya Vandana Yojana offered an assured rate of return for the financial year, and the purchase price was returned at the end of the 10 year term.

PMVVY Scheme was available for purchase up to 31 March 2023. The central government had extended the deadline for 3 years, so the final last date to buy the policy was 31 March 2023. Pension was paid at the end of each period as per the chosen payment mode, and it could start as early as the next month if the monthly mode was chosen. On the death of the pensioner at any time during the 10 year term, the purchase price was refunded to the legal heirs or nominees.

LIC PMVVY Pension Scheme Details

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

Pradhan Mantri Vaya Vandana Yojana Application Form 2026

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

STEP 1: Visit the official website of LIC India at https://licindia.in/

STEP 2: Scroll over the "Products" link in the header and click at the "Pension Plan" option or directly click https://licindia.in/pension-plan to open the page containing the pension plans of LIC India.

STEP 3: Select Plan No. 856 with Product Name as "Pradhan Mantri Vaya Vandana Yojana" and UIN No. 512G336V01. Then the PMVVY Pension Plan (LIC Plan Number 856) page would open.

STEP 4: Click at the "Apply Now" link to open the LIC India PMVVY Online Application Form 2026 as shown below:-

STEP 5: Enter name, mobile number, email address, date of birth, products, age, number of dependents, country, state, city name, Pin code and click at the "Submit" button to fill up the PM Vaya Vandana Yojana online registration form.

Pension payment modes available for Pradhan Mantri Vaya Vandana Yojana were monthly, quarterly, half-yearly and yearly. The minimum investment amount was Rs. 1.50 lakh.

PM Vaya Vandana Yojana (PMVVY) Interest Rates

For the first financial year under the extended PMVVY scheme, the interest rate was fixed at 7.4% for monthly pension which is equivalent to 7.66% per annum. Pension interest rates for 2026 payable under different modes of payment (Yearly, Half Yearly, Quarterly, Monthly) are as under

LIC PMVVY Scheme PDF

The revised guidelines and brochure PDF of the Pradhan Mantri Vaya Vandana Yojana could be downloaded from the official LIC PMVVY page at https://licindia.in/pradhan-mantri-vaya-vandana-yojana-plan-no.-856-uin-512g336v01-

Policy Document | Policy Sales Brochure (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 and maximum Purchase price under different modes of Pension:

Minimum and maximum Pension under different modes of Pension:

PMVVY Loan Facility

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

Loan interest was recovered from the pension amount payable under the policy. The loan interest would accrue as per the period of pension payment under the policy and it would be due on the due date of pension.

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 856 are as follows:-

Aadhaar Card Mandatory for PMVVY Benefits

An individual eligible for receiving the benefit under PM Vaya Vandana Yojana (PMVVY scheme) was required to furnish proof of possession of Aadhaar number. As per the Finance Ministry notification, the applicant had to possess the unique 12-digit biometric identity number or undergo Aadhaar authentication. In case the Aadhaar card was not available, the applicant had to enroll for an 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 was 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 could 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 were taxed as per the existing tax laws and the rate of tax as applicable from time to time. The scheme was exempted from Goods and Services Tax (GST). All general insurance schemes include 18 percent GST such as term insurance. However, to give a relief to senior citizens, there were a few LIC schemes including the Pradhan Mantri Vaya Vandana Yojana scheme, which continued to be exempted under GST as they were exempted from service tax before July 1, 2017.

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

PMVVY Frequently Asked Questions (FAQ's)

Read more details on the official LIC PMVVY page at https://licindia.in/pradhan-mantri-vaya-vandana-yojana-plan-no.-856-uin-512g336v01-

LIC PMVVY Helpline

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

PHONE: +91-22 6827 6827 (24*7)