Pradhan Mantri Vaya Vandana Scheme (PMVVY)| LIC Vaya Vandana Features

Pradhan Mantri Vaya Vandana Scheme has started by the central government for providing the benefits like pensions to the senior citizen of the country. Under the PMVVY Scheme Life Insurance LIC provides an assured return of 8% per annum for 10 years. The scheme has launched in the Budget Speech of financial year 2018-19. The eligible senior citizens of the country 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/-

LIC Vaya Vandana Scheme

Under the Pradhan Mantri Vaya Vandana Yojana once you have to purchase the policy. After the maturity of the policy (10 years later from the date of purchasing policy) the LIC will pay you Purchase price and 8 % interest rate per annum of ten years time period. The objective of the Pradhan Mantri Vaya Vandana Scheme is to secure the future of citizens after their retirements.   The complete details of purchase price, interest rates and time duration are in the form of chart is given in just below section.  

Brief Summary Of PMMVY

Scheme name Vaya Vandana Scheme
Launched date financial year 2018-19
Ministry   Ministry of Finance
Start date to apply Available now
Last date to apply 31st march 2020
Objective To secure the future of citizens after retirement
Category Central govt. Scheme
Official website https://www.licindia.in/
Check PM-SYM Scheme

About PMVVY

The PMVVY scheme provides old age income security to senior citizens of the country. In the Pradhan Mantri Vaya Vandana Scheme government 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 under the scheme is provided on monthly, quarterly, half yearly and yearly basis. Read more about Indira Gandhi Pension

Key Features Of Vaya Vandana Features

  • Maximum limit PMVVY is Rs. 15 lakhs per senior citizen.
  • LIC of India is operating this scheme.
  • Assured interest of 8 % per annum on purchase price.
  • Time time duration of the scheme is 10 years.
  • First installment of pension shall be paid after yearly, half-yearly, quarterly or monthly respectively depand upon the mode of the scheme.
  • The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
  • Scheme also provides the relief in Tax.
  • Digital Life Certificate

Mode Interest Rate Vaya Vandana Scheme

Mode of Pension Minimum Purchase Price Maximum Purchase Price Pension Interest rate (p.a) Pension amount
Yearly Rs. 1,44,578/- Rs. 14,45,783/- 8.3 % 12,000
Half-yearly Rs. 1,47,601/- Rs. 14,76,015/- 8.13 % 6,000
Quarterly Rs. 1,47,601/- Rs. 14,90,683/- 8.50 % 3,000
Monthly Rs. 1,50,000/- Rs. 15,00,000/- 8.00 % 1,000

Benefits Of PM Vaya Vandana Scheme

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.
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.
  • The rate of interest to be charged for loan amount shall be determined at periodic intervals

Eligibility for PMMVY

  • Minimum age limit is 60 years.
  • There is no upper age limit.

Pradhan Mantri Vaya Vandana Scheme (PMVVY)| LIC Vaya Vandana Features
PMVVY Scheme

How To Apply For Pradhan Mantri Vaya Vandana

  • The interested candidates who want to apply for Pradhan Mantri Vaya Vandana go to the official website of LIC.
  • You can also contact to their nearest LIC Branch for the offline application mode.
  • We are also providing you he direct links in just below section.
  • Click on the buy online section and provide all required detail .
  • Click on the submit button
Important Download
Pmvvy PIB Notification Click Here
PMVVY User Manual Click Here
Quick Links
PMVVY Buy online Click Here
Official website Click Here
Central govt. scheme Click Here
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