Pradhan Mantri Vaya Vandana Yojana (PMVVY) Details Online
- Eligibility for PMMVY
- Benefits of Pradhan Mantri Vaya Vandana Yojana
- Features of Pradhan Mantri Vaya Vandana Yojana
- PMMVY Pension Amount
- How To Apply For Pradhan Mantri Vaya Vandana
Pradhan Mantri Vaya Vandana Yojana is a central government Scheme. The main objective of Pradhan Mantri Vaya Vandana Yojana (PMVVY) is to provide the beneficiaries like pensions to the senior citizen of the country. The coordination of PMVVY with Life Insurance Corporation (LIC) provides an assured return of 8% per annum for 10 years. Those senior citizens of the country who are interested may invest the capital money under Vaya Vandana till 31st December 2020. The minimum amount of purchase is Rs. 1, 50,000/- and the maximum purchase price is Rs. 15, 00,000/-
The Plan of Pradhan Mantri Vaya Vandana Yojana (PMVVY) provides immediate pension for senior citizens of age 60 years and above. The pension can be purchased by paying a lump-sum amount . Pension payment modes are available as Monthly/ Quarterly/ Half-yearly / Yearly. Pension will be paid at the end of each period as per payment mode chosen starts as early as next month if monthly mode is chosen. On the death of the pensioner of Pradhan Mantri Vaya Vandana Yojana (PMVVY) at any time during the term of 10 years, the purchase price will be refunded to the legal heirs/nominees. After purchasing the policy the maturity of the policy (10 years later from the date of purchasing policy) of LIC will pay you Purchase price and 8 % interest rate per annum of ten years period of time. The motto of the Pradhan Mantri Vaya Vandana Scheme is to secure the future of citizens after their retirement.
Eligibility for PMMVY
- The Minimum age for entry in to the policy is 60 years.
- There is no upper age limit.
Benefits of Pradhan Mantri Vaya Vandana Yojana
- 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 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 the 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.
Features of Pradhan Mantri Vaya Vandana Yojana
- No medical examination is required for applying.
- Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse . Surrender Value payable in such cases is 98% of the Purchase Price.
- Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price. The rate of interest to be charged for loan amount shall be determined at periodic intervals
Pradhan Mantri Vaya Vandana Yojana Pension Amount
Pradhan Mantri Vaya Vandana Yojana gives the guarantee of assured pension/return linked to the subscription amount. LIC Vaya Vandana provides an assured return of 8% per annum for 10 years. The interest is provided on the basis of monthly, quarterly, half yearly and yearly. Pradhan Mantri Vaya Vandana Scheme Minimum and maximum Purchase price under different modes of Pension are given below
| Mode of Pension | Minimum Purchase Price | Corresponding Pension Amount |
|---|---|---|
| Yearly | 1,44,578 | 12,000 per annum |
| Half-Yearly | 1,47,601 | 6,000 Half year |
| Quarterly | 1,49,068 | 3,000 per Qtr. |
| Monthly | 1,50,000 | 1,000 per month |
| Mode of Pension | Maximum Purchase Price(Rs) | Corresponding Pension Amount |
|---|---|---|
| Yearly | 14,45,783 | 1,20,000 per annum |
| Half-Yearly | 14,76,015 | 60,000 per half year |
| Quarterly | 14,90,683 | 30,000 per Qtr. |
| Monthly | 15,00,000 | 10,000 per month |
How To Apply For Pradhan Mantri Vaya Vandana (PMMVY)
The Eligible candidates can apply for Pradhan Mantri Vaya Vandana through online or offline by following the steps given below
- Visit the official website of LIC or click on the link PMMVY for online registration.
- Contact the nearest LIC Branch for applying offline.
- Submit the online/offline application by filling the fields and attesting the required documents.
- The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
- The first installment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
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