Pradhan Mantri Vaya Vandana Yojana is a new pension scheme for senior citizens, in which you can get a fixed return of 8% per annum by investing for 10 years. All senior citizens can benefit from this scheme. The maximum investment limit under this scheme was earlier Rs 7.5 lakh, which has now been increased to Rs 15 lakh. Under this scheme, senior citizens aged 60 years or older receive a monthly pension.
Through this article we are going to provide all the information like application process, documents, interest rate, calculator, loan, age limit, eligibility, last date, official website, eligibility, beneficiaries, maturity benefits, free look period.
Applications for the Pradhan Mantri Vaya Vandana Yojana are being accepted through the official website of the Life Insurance Corporation of India, www.licindia.in. Interested candidates can also apply for the PMVVY pension scheme offline by visiting an LIC branch. In this article, we are getting detailed information about Pradhanmantri Mantri Vaya Vandana Yojana, in which we are telling about how to apply, what is the eligibility etc.
Pradhan Mantri Vaya Vandana Yojana
The primary objective of the Pradhan Mantri Vaya Vandana Yojana is to provide pension funds to elderly individuals in the form of a lump sum amount, and to provide them with the benefit of pension amounts on an annual or monthly basis as per their convenience. Along with this, if a person chooses annual pension as per his convenience, then he will be given interest at the rate of 8.3%.
Now, individuals can live comfortably in their old age without any financial problems. This plan is an important way to provide senior citizens with a pension to help them survive. Senior citizens will not have to depend on any other member of their family to meet their needs.
Pradhan Mantri Vaya Vandana Yojana has been started by the government so that elderly people can get a lump sum amount and can live their life well. You can choose to deposit funds on an annual or monthly basis. This allows anyone to save small amounts for their old age and earn good interest, enabling seniors to become financially strong and self-reliant in their old age.
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Key Features of PMVVY Scheme
This scheme has many features and benefits, which makes PMVVY a unique investment option. Any citizen aged 60 years or older can invest in PMVVY. The term of PMVVY is 10 years and it is exempt from service tax and GST.
- The 8% per annum benefit is available for 10 years, with monthly payments available.
- The pensioner can choose the payment frequency as monthly, quarterly, half-yearly, or yearly.
- There is no GST or service tax applicable to this PMVVY scheme.
- A loan of up to 75% of the purchase price will be available to individuals after three years of the policy.
- After 10 years, the purchase price will be paid along with the final installment.
PM Vaya Vandana Yojana Eligibity
- Only citizens above 60 years of age can invest in this scheme.
- Domicile residents of India can apply for the Pradhan Mantri Vaya Vandana Yojana.
- Under this scheme, citizens must invest for a minimum period of 10 years.
- There is no maximum age limit for individuals to apply under the scheme.
Documents of Pradhan Mantri Vaya Vandana Yojana
To benefit from this LIC scheme, certain documents are required, a list of which we’ve shared below. Please keep these with you when applying.
- Applicants must be residents of India (Domecile Certificate).
- Aadhaar Card
- PAN Card
- Bank account passbook
- Mobile number
- Passport size photo
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How to apply for Pradhan Mantri Vaya Vandana Yojana
Interested senior citizens can register online under the PMVVY Scheme to purchase a pension plan on the LIC India website using the steps given below:
- First, applicants must visit the official website of LIC India, www.licindia.in.
- Click on the banner “Pradhan Mantri Vaya Vandana Yojana” under “Buy Policies Online,” as shown in the image below.
- Pradhan Mantri Vaya Vandana Yojana Online Application Form
- Please click the “Buy Online” button on the next page. An application form will open.
- Fill in all the required details in the PMVVY application form and click “Get Access ID.” You will receive the Access ID via email/SMS.
- Enter the received Access ID in the Access ID box on the right side of the form and click “Proceed.”
- Select the PMVVY pension plan of your choice and complete the next step of the application.
After completing the application, you will be provided with an acknowledgment number, which will allow you to check your PMVVY registration status online in the future.
PMVVY Scheme Offline Regitration
- To apply offline, you will need to contact your local LIC branch.
- You will then need to obtain an application form from the branch manager.
- Now carefully fill in the required information on the application form.
- After completing all the necessary information, attach all your important documents to the form.
- The application form must be submitted to the branch manager.
- In this way the process of registration of Narik in offline form will be completed and he can pay the premium amount based on the option chosen by him.
Interest Rates of Pradhan Mantri Vaya Vandana Yojana
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) offers different interest rates, including monthly, quarterly, and annual. You can see the list below, so investors can earn good interest.
| Pension Option | Interest Rate |
| Monthly | 7.40% |
| Quarterly | 7.45% |
| Half Yearly | 7.52% |
| Yearly | 7.60% |
Maximum and Minimum Purchase and Pension Price
PMVVY scheme can be purchased by payment of a lump sum purchase price. The minimum pension assured under the scheme is Rs. 1,000 per month which can go up to Rs.10,000 a month, depending on the principal invested.
| Mode of Pension Payment | Minimum amount of Purchase Price (investment) | Minimum Pension amount against the Purchase Price | Maximum Purchase Price (investment) | Maximum Pension amount against the Purchase Price |
| Monthly | Rs.1,62,162 | Rs.1,000 | Rs.15,00,000 | Rs.9,250 |
| Quarterly | Rs.1,61,074 | Rs.3,000 | Rs.14,89,933 | Rs.27,750 |
| Half-Yearly | Rs.1,59,574 | Rs.6,000 | Rs.14,76,064 | Rs.55,500 |
| Yearly | Rs.1,56,658 | Rs.12,000 | Rs.14,49,086 | Rs.1,11,000 |
Pension Options
Moreover, the subscriber can opt for monthly/quarterly/ half-yearly or yearly payment of the pension. There are many options for receiving a pension; you can choose any one that suits your needs. You will need to pay your installments accordingly.
- Monthly
- Quarterly
- Semi-Annually
- Annually option available
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You can choose any option you wish. Pension payments will be made via NEFT or Aadhaar Enabled Payment System. You’ll need to deposit a fixed amount each month, which will help you save. After a certain age, all your money is returned to you with good interest.
The policy term for this plan is 10 years. Thus, if the pensioner lives for 10 years, the monthly pension will be paid. However, if the pensioner dies, the amount will be returned to their nominee. If a person is unable to pay the premium on time after taking the policy, or he needs money or wants to give up the policy for any other reason, then in this situation 98% of the amount paid will be returned.
In today’s article, you learned about the Pradhan Mantri Vaya Vandana Yojana (PMVVY Scheme). This scheme is for people aged 60 and over. An investment of up to ₹15 lakh provides a monthly pension of ₹9,250. This is the best investment scheme for senior citizens.