Pradhan Mantri Vaya Vandana Yojana Eligibility, PMVVY Application Form

Pradhan Mantri Vaya Vandana Yojana provides pension options of monthly, quarterly, half-yearly and yearly frequency, resulting in return of around 8.3 per cent for citizen age 60 years and above. Here are Benefits, Eligibility Criteria and application procedure of PMVVY.

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Pradhan Mantri Vaya Vandana Yojana Eligibility, PMVVY Application Form

Pradhan Mantri Vaya Vandana Yojana (PMVVY) launched by Finance Minister on Friday is a senior citizens’ pension scheme, which promises assured annual return of 8 per cent for 10 years. The scheme, being sold by Life Insurance Corporation, provides for pension options of monthly, quarterly, half-yearly and yearly frequency, resulting in return of around 8.3 per cent for citizen age 60 years and above. The scheme shall be available for one year from date of launch till May 3, 2018.

This scheme can be purchased offline as well as online. To Purchase this scheme online please log on to our website www.licindia.in.

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 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.

Eligibility Criteria for Pradhan Mantri Vaya Vandana Yojana

  • Minimum Entry Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term : 10 years
  • Minimum Pension: Rs. 1,000/- per month
    Rs. 3,000/- per quarter
    Rs.6,000/- per half-year
    Rs.12,000/- per year
  • Maximum Pension: Rs. 5,000/- per month
    Rs. 15,000/- per quarter
    Rs. 30,000/- per half-year
    Rs. 60,000/- per yearCeiling of maximum pension is for a family as a whole i.e. total amount of pension under all the policies allowed to a family under this plan shall not exceed the maximum pension limit. The family for this purpose will comprise of pensioner, his/her spouse and dependants.

Payment of Purchase Price for Pradhan Mantri Vaya Vandana Yojana

The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.

The minimum and maximum Purchase Price under different modes of pension will be as under:

Mode of PensionMinimum Purchase PriceMaximum Purchase Price
YearlyRs. 1,44,578/-Rs. 7,22,892/-
Half-yearlyRs. 1,47,601/-Rs. 7,38,007/-
QuarterlyRs. 1,49,068/-Rs. 7,45,342/-
MonthlyRs. 1,50,000/-Rs. 7,50,000/-

The Purchase Price to be charged shall be rounded to nearest rupee.

Policy Document

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