**This scheme was to end on 31 Mar, 2020 but now been extended for another 3 years i.e. till 31 Mar, 2023.
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
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.
- Maxmum 15 lakh can be invested by one person
- The maximum period for the policy can be 10 years.
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
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.
- 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.
|1||Interest Rate (as on Jul, 2021)||7.66%|
|2||Maximum Pension (per month)||9250|
|3||Term of the Plan||10 Years|
|4||Minimum Investment||1 Lakh|
|5||Maximum Investment||15 Lakh|
|6||Minimum Age||60 Years|
|Full Form PMVVY||Pradhan 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
- Bank details
- Cheque details
The documents required for the plan are:
- Copy of aadhaar
- Copy of PAN
- Cancelled cheque
- Bank statement
- 1 photo
Pension Rates for PMVVY
|Mode of Pension||Minimum Minimum Invest||Pension Amount|
|Yearly||1,56,658||12,000 per annum|
|Half-Yearly||1,59,574||6,000 Half yrly|
|Monthly||1.62,162||1,000 per month|
|Mode of Pension||Maximum Investment||Pension amount|
|Yearly||14.49.086||1,11,000 per year|
|Half-Yearly||14,76,064||55,500 Half yrly|
|Monthly||15,00,000||9250 per month|
Death benefit: On death of the pensioners the invested amount and the pro-rata interest thereon.
PS: there is no loan or surrender facility in this plan.
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.
1,000 per month is the minimum and 9,250 per month is the maximum that one can get from PMVVY
Yes surrender of the plan is possible. However 98% of the invested amount is refunded.
Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75 per cent of the purchase price.
You can visit the LIC India official website at the link (https://onlinesales.licindia.in/eSales/liconline/setprop) and buy the plan online.
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.
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.
You can get 9250 per month as pension under 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/
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.
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