Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme that has announced in the Budget speech by the Government of India 2018-20. This scheme can be obtained both offline and online, LIC of India is operating this scheme. This scheme is for the sake of the senior citizens to enjoy their retirement without any hassle.
Key Points
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Operated by - Life Insurance Corporation of India
- Website: www.licindia.in
- Plan No: 856
- UIN NO.: 512G336V01
What are the eligibility and Restrictions of PMVVY?
- Minimum Entry Age - 60 years
- Maximum Entry Age - No Limit
- Policy Term - 10 years
- Pension Mode - Monthly, Quarterly, Half-yearly, and yearly
- Minimum Pension - Monthly (Rs 1,000/-), Quarterly (Rs 3,000/-), half-yearly (Rs 6,000) and annually (Rs 12,000)
- Maximum Pension - Monthly (Rs 10,000/-), Quarterly (Rs 30,000/-), half-yearly (Rs 60,000) and annually (Rs 1,20,000)
PMVVY Plan Payment of Purchase Price
The scheme can be purchased by the pensioner with the payment of a lump-sum purchase price, also the pensioner can select either the purchase price or the pension amount.
The below table helps you understand the minimum and maximum purchase prices with respect to different pension modes, the purchase prices that have charged would be rounded to the nearest rupee.
| Mode of Pension | Minimum Purchase | Max. Purchase |
|---|---|---|
| Yearly | Rs 1,56,658/- | Rs 14,49,086/- |
| Half-yearl | Rs 1,59,574/- | Rs 14,76,064/- |
| Quarterly | Rs 1,61,074/- | Rs 14,89,933/- |
| Monthly | Rs 1,62,162/- | Rs 15,00,000/- |
Source- Pradhan Mantri Vaya Vandana Yojana, Plan No. 856, UIN NO. 512G336V01, Sale Brochure. TO DOWNLOAD PMVVY SALES BROCHOURE CLICK HERE
What is the Procedure to apply for PMVVY?
PMVVY schemes can be purchased both offline and online. For online purchase follow these steps-
- Visit the official website of LIC India
- By clicking on the link the homepage of LIC India will appear
- Select the "Pension Plans" on the page
- Select the Pradhan Mantri Vaya Vandana Yojana Scheme
- Now select buy online, now fill the policy document and submit all the required details
- After submitting the form, click on the Get Access ID.
- You will receive an ID on your provided mobile number or Email-ID.
- Now enter the ID and proceed
- Now select the plan of your choice, fill the form, and submit
- From the available payment options to the payment, once completed the company will share the policy document to your registered email address.
CLICK HERE TO DOWNLOAD PMVVY POLICY DOCUMENT
Offline mode of Application
- Visit the LIC branch
- Collect the form to apply for PMVVY
- Fill the application and submit it along with the required documents
- Pay the premium charges and collect the policy document from the branch
What are the documents required for purchasing PMVVY?
- Aadhaar/PAN photocopies
- Age proof certificate
- 2 passport size photos of the applicant
- Address poof
- Documents related to the retirement
What are the Benefits of PMVVY?
- The pensioner will receive an assured return of 8% during the policy duration i.e., 10 years
- Death benefit- if the pensioner dies the beneficiary will receive the money
- Maturity benefit- Both purchase price and final pension installment will be paid to the pensioner
- Loan Facility - After 3-year completion of the tenure the pensioner can apply for a loan (Terms apply)
- Free Lock Period - Pensioner can surrender the amount within 15 days (Terms apply)
Exclusion
Suicide is not covered under this scheme, but the complete price will be paid to the nominee.
The drawback of the PMVVY Scheme
- The lock period is long is 10 years, if there is an emergency, for money will not be available.
- There is no adjustment of inflation if the pension