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The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an investment policy that was initiated with the aim of providing financial security to the elderly in the form of a regular pension. The pension scheme is available via online or offline mode and the maximum limit of the scheme is INR 15 lakh. Let us check the other Pradhan Mantri Vaya Vandana Yojana (PMVVY) 2023-24 Scheme details here.
Below are the eligibility criteria that need to be meet for the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme:
The scheme considers the entire family including pensioners, their spouse and dependents etc. at the time of deciding the ceiling of maximum pension amount.
Here are the benefits of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme:
The PMVVY scheme offers a guaranteed return of 8% p.a to the pensioner for a 10-year policy duration.
The Vaya Vandana Yojana can be bought by paying a lump sum amount by the policyholder. The pensioner has the option to choose between pension amount or purchase price amount to receive.
Here are the minimum and maximum pension prices shown in the table below under different modes:
|Pension Mode||Minimum Purchase Price (INR)||Maximum Purchase Price (INR)|
The various Pension Payment Modes available under PM Vaya Vandana Yojana are monthly, quarterly, half-yearly, and annual modes in which payments are available. The payments can be done via NEFT or other Aadhaar enabled payment system.
The only condition under which premature exit from the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme is allowed is when the policyholder requires money for his/her treatment of a critical illness or his/her spouse. The Surrender Value paid is 98% of the Purchase Price.
Here is an example of the pension interest rates for INR 1,000 Purchase Price under various pension payment modes
Fraud under the scheme would mean an act of forgery committed by the policyholder or an agent to deceive the insurer. LIC or Life insurance corporation who is the insurer in this case can inform the policyholder if there is any fraud associated with the scheme within 3 years from the date of policy issuance.
The insurer can also inform if there is any fraud from the risk commencement date or the date of revival of the policy. If there is a rider added to the policy, the insurer can inform the insured of any fraud from the date of availing the rider.
The insurer also has to inform the insured or his/her nominees about such details in writing.
To Sum UP
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Prime Minister pension scheme for senior citizens. It is an insurance policy-cum-pension plan which offers security to the senior citizens in the country. The purchasing date of the LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) (Plan No. 856) is valid till March 31, 2023.
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Below are the papers needed:
Permanent Account Number (PAN)
Address Proof - Passport or Aadhaar Card
Copy of the cheque leaf or the
First page of bank passbook needs to be submitted, where the pension amount is credited
The application form must be submitted along with the relevant documents. You can also apply in the scheme online.
Unlike other pension schemes, no tax benefits can be made for investments towards the PMVVY scheme.
Policyholders can invest in the PMVVY scheme online as well as offline. For investing online, you can visit the official website of LIC. For the offline method, you can visit a branch of the LIC office and submit the application form.
The Pradhan Mantri Vaya Vandana Yojana was launched by the Government of India on 4th May 2017.
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