Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Pension Scheme for Senior Citizens

Dated: June 14, 2017 | Updated On: June 14, 2017 | By: Rajesh Kumar | | Beneficiary of Scheme:
Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a new pension scheme for senior citizens being implemented by Life Insurance Corporation of India. The scheme follows the announcement of launch of pension scheme for senior citizens (Above 60 years of age) under which they would be provided an interest of over 8% for 10 years.

The scheme would provide more chances to senior citizens to earn regular income. The scheme would be available for one year from the date of launch. The central government would provide subsidy under the Pradhan Mantri Vaya Vandana Yojana (PMVVY).

Apply Online for Pradhan Mantri Vaya Vandana Yojana (PMVVY)

The interested applicants can apply online for the PMVVY scheme benefits through the official website of LIC India at www.licindia.in. Below are the steps to buy the PMVVY policy online through LIC website

STEP 1: Visit the LIC website at www.licindia.in.

STEP 2: Click on the “Pradhan Mantri Vaya Vandana Yojana” banner under the buy policy online header or directly click this link.

STEP 3: On the next page, read all the information about the scheme and click on “Buy Online” button and fill all the details correctly anc click on “Get Access ID” button to receive a 9 Digit Access ID.

STEP 4: Once you receive access ID on your email and mobile number, enter it in the Access ID box in the right side of form and click “Proceed”.

STEP 5: After clicking proceed, you will be asked to fill mode details, choose the scheme, and do the payment. Complete all further steps to buy PMVVY policy online.

Pension Options under PMVVY

Minimum and maximum purchase price under different modes of pension:

Mode of PensionMinimum Purchase PriceCorresponding Pension Amount
Yearly1,44,57812,000 per annum
Half-Yearly1,47,6016,000 Half year
Quarterly1,49,0683,000 per Qtr.
Monthly1,50,0001,000 per month

Minimum and maximum pension under different modes of pension:

Mode of PensionMaximum Purchase Price (Rs.)Corresponding Pension Amount
Yearly7,22,89260,000 per annum
Half-Yearly7,38,00730,000 per half year
Quarterly7,45,34215,000 per Qtr.
Monthly7,50,0005,000 per month

Pension Rates

Pension rates payable under different modes of payment (Yearly, Half Yearly, Quarterly, Monthly) are as under:

Mode of PensionEffective Pension Rate per annum for rs. 1000/- purchase price
Yearly83.00 p.a
Half-Yearly81.30 p.a
Quarterly80.50 p.a
Monthly80.00 p.a

Highlights of Pradhan Mantri Vaya Vandana Yojana (PMVVY)

  • Pensioner would receive the pension at the end of each time period (monthly/quarterly/half-yearly and yearly) chosen during policy purchase.
  • Pension would be transferred to the pensioner’s bank account through NEFT or AEPS (Aadhar Enabled Payment System).
  • If the pensioner dies during the policy term of 10 years, the purchase price would be refunded to the nominee of the beneficiary.
  • Minimum age of entry in PMVVY is 60 years, there is no maximum age limit.
  • There is a minimum and maximum amount which can be invested under the scheme.
  • Minimum pension under the scheme is Rs. 1000 which maximum is Rs. 5000 per month.
  • Upon premature exit, 98% of the invested amount would be provided to the policy holder. However, it is allowed only under exceptional circumstances like critical/terminal illness of self or spouse.
  • After completion of 3 years of policy, loan facility would be provided to the pensioner under which loan amount would be maximum 75% of the invested amount.
  • The policy can be purchased by paying a lumpsum amount.
  • No medical examination is required to buy the PMVVY policy.

More details about the scheme can be found on LIC website at www.licindia.in

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