Pradhan Mantri Vaya Vandana Yojana Table No. 842

    **This scheme was to end on 31 Mar, 2020 but now been extended for another 3 years i.e. till 31 Mar, 2023.
    lic of india

    Pradhan Mantri Vaya Vandana Yojana  – Explanation in simple words

    The policy  is being run by LIC of India on behalf of Government of India. It is a pension plan. Its is a popular senior citizen pension scheme.

    The plan can be taken for a maximum of 10 years and for a amount not exceeding 15 lakh. Only people above the age of 60 years ca take this PMVVY 

    Details

    The PMVVY policy from LIC of India is introduced by Prime Minister Shri Narender Modi to make senior citizens self reliant. LIC of India manages the policy on Government of India’s behalf. The plan is giving out extra interest rates to senior citizens, the rate of interest is always kept higher than the bank, and other financial instruments.

    There are very few policies available for people above the age of 60 years. Life insurance works on a simple formulae that smaller the age is lesser would be the premium. Thought there are some policies for people who are more than 60 years old.

    • The PMVVY scheme is for senior citizens with a assured return.
    • Maximum 15 lakh can be invested by one person
    • The maximum period for the policy can be 10 years. 
    Pradhan Mantri Vaya Vandana Yojana
    *Old ad. The scheme is now extended till 31 Mar, 2023. The interest rates have been reduced now.

    Policy Illustration

    Lets understand the policy in details with the help of a example. For example, Mr. Sharma who was working with Hero Motocorp in Gurgaon invests s. 15,00,000 fifteen lakhs in PMVVY. He will be getting a monthly pension of Rs. 9250 for the next 10 years. This is the maximum he can invest in this scheme.

    The plan cannot be taken more than once. PMVVY can be taken even if Mr. Sharma has invested in senior citizens savings scheme with his bank.

    Eligibility for the Plan

    The scheme is available only to people above the age of 60 years. This is the only eligibility requirement in he scheme. Anyone below the age of 60 cannot take this policy.

    PMVVY in Hindi

    प्रधान मंत्री व्यय वंदना योजना एक वरिष्ठ नागरिक योजना है जिसे प्रधान मंत्री जी ने सेवा निवृत व्यक्तियों की लिए पेश किया ह। इस योजना के अंतर्गत कोई भी वरिष्ठ नागरिक जिसकी उम्र ६० साल से ज्यादा है निवेश कर सकता ह। इस योजना में एक व्यक्ति सिर्फ एक ही बार निवेश कर सकता ह। योजना में काम से काम १ लाख और अधिकतम १५ लाख निवेश किये जा सकते ह। यह योजना १० साल के लिए वैद्य होती है और इसमें ७-६६% का ब्याज दिया जाता है उदाहरण के किये अगर कोई व्यक्ति १५ लाख इस योजना में निवेश करता है तो उसे ९२५० रूपये हर महीने मिलते है १० साल के लिए १० साल बाद उसका निवेश किया पैसे उसे वापस कर दिया जाता ह।

    योजना में निवेश करने की साड़ी जानकारी निचे दी गयी है। आवेदन पत्र निचे दिए दये लिंक से डाउनलोड किया जा सकता है/ अधिक जानकारी के लिए कॉल करें ९८९१४२०५०३

    Description

    LIC PMVVY pension scheme is sponsored and managed by Government of India and LIC has been appointed as the facilitator for the scheme. The scheme has been launched to provide the retirement security for senior citizens. It is one of the most popular pension plan by LIC of India.

    PMVVY scheme was introduced being managed by IC of India and we at InsuringGurgaon.com are providing all services for the plan buying, existence certificate and surrender etc. in Gurugram. To buy PMVVY scheme in Gurugram call us at 9891420503

    Interest rate on PMVVY 7.66%
    • Pradhan Mantri Vaya Vandana Yojana (Table 842) is a government subsidized scheme with a assured return of 7.4% per annuum. 
    • There is no insurance in the scheme.
    • Mode of payment can be monthly, quarterly, half yearly or yearly.
    • Pensioners have to submit Existence certificate / Jeevan Pramaan Patra every 5 years.
    1Interest Rate (as on Jul, 2021)7.66%
    2Maximum Pension (per month)9250
    3Term of the Plan10 Years
    4Minimum Investment1 Lakh
    5Maximum Investment15 Lakh
    6Minimum Age 60 Years
    7Medical TestsNone
    Full Form PMVVYPradhan Mantri Vyay Vandana Yojna

    PMVVY Form Download

    Download the application for for the PMVVY plan (in PDF). You can take a print out, fill the form with your details and submit the application at nearest LIC office with required documents. You can take a print out of the form and use it. You can find the lic vaya vandana scheme form on LIC website as well.

    How to fill the application form

    You are required to fill in the folowing nformation iin the form

    1. Name
    2. Address
    3. PAN
    4. Aadhaar
    5. Bank details
    6. Cheque details

    The documents required for the plan are:

    1. Copy of aadhaar
    2. Copy of PAN
    3. Cancelled cheque
    4. Bank statement
    5. 1 photo
    PMVVY form download

    Pension Rates for PMVVY

    Mode of PensionMinimum Minimum InvestPension Amount
    Yearly1,56,65812,000 per annum
    Half-Yearly1,59,5746,000 Half yrly
    Quarterly1,61,0743,000 Qrtly
    Monthly1.62,1621,000 per month
    PMVVY Minimum Investment
    Mode of PensionMaximum InvestmentPension amount
    Yearly14.49.0861,11,000 per year
    Half-Yearly14,76,06455,500 Half yrly
    Quarterly14,89,93327,750 Qrtly
    Monthly15,00,0009250 per month
    PMVVY Maximum Investment

    Features

    LIC PM vyay vanadana

    Death benefit: On death of the pensioners the invested amount and the pro-rata interest thereon.

    LIC plan pension planning

    PS: there is no loan or surrender facility in this plan.

    Senior Citizen Savings Scheme VS PMVVY

    Though both the plan have similar interest rates and other features the main difference between he two is that though SCSS is available for only 5 years whereas PMVVY assures guaranteed fixed interest rates for 10 years.

    FAQs

    InsuringGurgaon.com is a leading LIC of India advisory firm based in Gurgaon. Our team of life insurance experts have an combined experience of over 40 years in life insurance services. Do get in touch with our insurance advisers to understand how Pradhan Mantri Vaya Vandana Yojana can help you achieve your financial goals in a systematic manner.

    Which is better PMVVY or Jeevan Shanti?

    PMVVY can only be taken for 10 lakhs and a maximum of 10 years whereas there is no such restriction on Jeevan Shanti. Any one can take Jeevan Shanti but PMVVY is only for senior citizens. There are many other differences as well, do comment below if you would like to understand the two policies in details.

    What is the amount of pension one gets?

    1,000 per month is the minimum and 9,250 per month is the maximum that one can get from PMVVY

    How much is the surrender value of PMVVY Pradhan Mantri Vaya Vandana Yojana?

    Yes surrender of the plan is possible. However 98% of the invested amount is refunded.

    Is loan available on PMVVY scheme

    Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75 per cent of the purchase price.

    Is medical compulsory for this scheme

    No

    How can I buy PM Vaya Vandana Yojana online?

    You can visit the LIC India official website at the link (https://onlinesales.licindia.in/eSales/liconline/setprop) and buy the plan online.

    Can I buy both SCSS and PMVVY?

    Yes. A senior citizen above the age of 60 can simultaneously buy both plans / schemes. For PMVVY the total investment cannot increase beyond 15 lakhs.

    Is life certificate required for PMVVY?

    Once you have bought the plan, you will be required to submit life certificate every 5 years. To buy the plan life certificate isn’t required.

    How can I get 10000 Pension monthly?

    You can get 9250 per month as pension under PMVVY.

    Commission on PMVVY

    A LIC agent gets 0.1% commission on the policy. Ie. if you invest 15 lakhs in the plan the agent will get 1500 as commission. Check out commission chart for all LIC policies here. https://insuringgurgaon.com/blog/lic-agent-commission/

    What is the interest rate for PMVVY

    The interest rates under the PMVVY scheme is 7.66% on a deposit of 15 lakhs for a term of 10 years. Rs. 9250 is the amount paid every month to the pensioner.


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