Govt. of India

Pradhan Mantri Vaya Vandana Yojana for Senior Citizen in India / प्रधानमंत्री वय वंदना योजना

प्रधानमंत्री वय वंदना योजना  (हिंदी में)

The Government of India (Ministry of Finance) Mr. Arun Jaitley finally launched the new pension scheme for Senior Citizen named Pradhan Mantri Vaya Vandana Yojana (PMVVY).  The main purpose of the scheme is to provides pension plan to the aged people with an assured return of 8% per annum payable monthly (equivalent to 8.30% p.a. effective) for 10 years who are above 60 years of age. This scheme is implemented by the Life Insurance Corporation of India (LIC). The pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase. The main objective of the scheme is to protect elderly persons aged 60 years & above against a future fall in their interest income due to the uncertain market conditions and also provides them social security during their old age

Benefits of Pradhan Mantri Vaya Vandana Yojana:

  • Pension benefit: Pensioner will receive pension amount as per selected mode. The pension will be available on completion of selected mode, for example, in the case of monthly mode; pension will be paid on completion of a month
  • Death benefit: Deposited amount will be returned to nominee or legal heirs
  • Maturity Benefit: On completion of 10 years, the deposited amount along with last due pension will be returned to policyholder
  • Policy Surrender: In extraordinary cases like a critical medical emergency of policyholder or spouse, the policy can be surrendered before completion of the 10-year term. The surrender value will be 98% of purchase price

Features of Pradhan Mantri Vaya Vandana Yojana:

  1. Minimum pension per month is Rs.1,000, quarterly is Rs.3,000, half yearly is Rs.6,000 and yearly is Rs.12,000.
  2. Maximum monthly pension in this plan is monthly Rs.5,000, quarterly Rs.15,000, half-yearly Rs.30,000 and yearly Rs. 60,000
  3. In the case of surrender during a policy period, certain exceptional circumstances like pensioner require money for treatment of any critical/terminal illness of self or spouse. Surrender value payable will be 98% of purchase price
  4. The pension directly transfers in the bank account through NEFT facility or Aadhaar Enabled Payment System
  5. There is no GST/Service tax applicable for the scheme
  6. A loan of up to 75% of purchase price would be available for individuals after three years of policy
  7. Pradhan Mantri Vaya Vandana Yojana insurance plan is implemented by Life Insurance Corporation of India (LIC). Senior citizen can buy this plan by ONLINE or OFFLINE mode

Pradhan Mantri Vaya Vandana Yojana Policy Plan:

Eligibility for Pradhan Mantri Vaya Vandana Yojana:

  1. Applicant should be resident of India
  2. Applicant minimum age should be 60 Years of age or above
  3. There is no maximum age limit set
  4. The pension period or policy term is 10 years

Documents required for Pradhan Mantri Vaya Vandana Yojana:

  1. Aadhaar card
  2. Address proof
  3. Passport size photos

Application Procedure:

  1. The senior citizen of India can apply offline or online for the Pradhan Mantri Vaya Vandana Yojana (PMVVY)
  2. For offline application, applicant should visit Life Insurance Corporation of India (LIC) office
  3. For online application, applicant visit official site of Life Insurance Corporation of India (LIC) https://www.licindia.in/Home
  4. Now, click on Pradhan Mantri Vaya Vandana Yojana buy policy online
  5. On the next page, please click on Buy Online button and then, application form will be open
  6. Fill the essential details such name, mobile no, email id etc. and click on  “Get Access ID”
  7. An access ID is a 9 digit number which will be received to you by email/SMS
  8. Enter the access ID in the access ID box on the right side of the form and click “Proceed”
  9. Choose the PMVVY pension plan of your choice and complete the further steps of application
  10. Your application is now complete. You will be provided the acknowledge number and a policy number at the end of application form

References & Details:

  1. For more details about Pradhan Mantri Vaya Vandana Yojana for Senior Citizen in India Visit: http://financialservices.gov.in/insurance-divisions/Government-Sponsored-Socially-Oriented-Insurance-Schemes/Pradhan-Mantri-Vaya-Vandana-Yojana(PMVVY)
  2. Pradhan Mantri Vaya Vandana Yojana: http://pib.nic.in/newsite/PrintRelease.aspx?relid=168721
  3. Life Insurance Corporation of India(LIC) visit: http://www.licindia.in/Products/Pension-Plans/Pradhan-Mantri-Vaya-Vandana-Yojana

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