Pradhan Mantri Vaya Vandana Yojana (PMVVY) online application forms are being invited through the official website of Life Insurance Corporation of India at www.licindia.in. However, the interested candidates can also apply for PMMVY pension scheme offline by visiting the nearest LIG India branch.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a new pension scheme for senior citizens which provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years. Below is the complete procedure to apply online for Pradhan Mantri Vaya Vandana Yojana.
The Pradhan Mantri Vaya Vandana Yojana at present is available from 4th May, 2017 to 3rd May, 2018 for a period of one year.
Apply Online for Pradhan Mantri Vaya Vandana Yojana
Interested senior citizens can fill the online application form on the LIC India website to purchase pension plans under PMVVY using the steps below:
STEP 1: Open the LIC India website by clicking this link: www.licindia.in
STEP 2: Click on the “Pradhan Mantri Vaya Vandana Yojana” banner under the buy policies online header as shown in the image below.
STEP 3: On the next page, please click on “Buy Online” button, on the next page, an application form will open.
STEP 4: Fill all the required details in the PMVVY application form and click “Get Access ID”. An access ID is a 9 digit number which will be received to you by email/SMS.
STEP 5: Enter the access ID in the access ID box on the right side of the form and click “Proceed”.
STEP 6: Choose the PMVVY pension plan of your choice and complete the further steps of application.
Your application is now complete. You will be provided the acknowledge number and a policy number at the end of application form.
Salient Features of PMVVY Pension Scheme
- An assured return of 8% p.a. payable monthly for 10 years.
- Pensioner can choose monthly/quarterly/half yearly or yearly option as the frequency of payment.
- There is no GST or Service tax applicable for the scheme.
- A loan of up to 75% of purchase price would be available for individuals after three years of policy.
- After 10 years, purchase price along with the final installment would be payable.
For more detail, visit the official website of LIC India at below link: