Govt. of India

Pradhan Mantri Vaya Vandana Yojana / प्रधान मंत्री वय वंदना योजना

प्रधान मंत्री वय वंदना योजना (हिंदी में)

Pradhan Mantri Vaya Vandana Yojana launched by Ministry of Finance, Government of India. LIC of India has been given the sole privilege to operate this scheme. It has been decided to launch Pradhan Mantri Vaya Vandana Yojana on 4th May 2017. A scheme aims welfare of citizen age 60 years and above and makes them self-reliant. The scheme provides an immediate pension for senior citizens 60 years and above. It can be purchased by paying a lump sum amount. The plan provides for pension payments of the stated amount for the policy term of 10 years, with the return of purchase price at the end of 10 years. Along with that Loan, the facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price. The applicant can apply Offline or Online for the scheme or can contact to LIC Agent

Benefits of Pradhan Mantri Vaya Vandana Yojana:

  • Pradhan Mantri Vaya Vandana Yojana has introduced for welfare of citizen age 60 years and above
  • Under this scheme, pensioner will get benefits mentioned below
  • Pension Payment: On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode was chosen) shall be payable
  • Death Benefit: On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to beneficiary
  • Maturity Benefit: On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable
  • Loan: Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price

Required eligibility and conditions applying for Pradhan Mantri Vaya Vandana Yojana:

  1. Applicant must be above age of 60 years
  2. Applicant must be resident of India
  3. Maximum age no limit
  4. Minimum Pension: Rs. 1,000 per month
  5. Maximum Pension: Rs. 5,000 per month
  6. No medical examination is required

Document required applying for Pradhan Mantri Vaya Vandana Yojana:

  1. Residence proof: Domicile certificate, Electricity bill
  2. Identity proof: Aadhar card, Voter ID
  3. PAN card
  4. Age proof: Birth certificate
  5. Birth certificate
  6. Bank details
  7. Passport size photograph
  8. Other documents may be required

Application procedure:

  1. Applicant can apply by visiting nearest LIC office or can get in contact with LIC Agent
  2. The applicant can apply online also. To apply online click here https://goo.gl/brj2fN

Contact Details:

  1. Nearest LIC (Life Insurance Company) Office
  2. OR Applicant can contact LIC Agent

References & details:

  1. For more details regarding documents and other help please visit official website
  2. Official Website: https://goo.gl/Cui1CD
  3. Scheme in Details: https://goo.gl/Cui1CD

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