- Details
- Benefits
- Eligibility
- Application Process
- Documents Required
- Frequently Asked Questions
- Sources And References
- Feedback
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Ministry Of Finance
Pradhan Mantri Vaya Vandana Yojana
Details
- The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
- The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
Benefits
Rate of Return
Pension Amount
- Rs. 1,000/- per month
- Rs. 3,000/- per quarter
- Rs.6,000/- per half-year
- Rs.12,000/- per year
- Rs. 10,000/-per month
- Rs. 30,000/-per quarter
- Rs. 60,000/- per half-year
- Rs. 1,20,000/- per year
Maturity Benefit
Death Benefit
Loan Benefit
Surrender Value
Eligibility
- There are no specific eligibility criteria as such for PMVVY scheme except that the subscriber must be a senior citizen, i.e. (60 years and above).
- The applicant must be an Indian citizen.
- There is no maximum entry age for the PMVVY scheme.
- The applicant must be ready to avail of the policy term of ten years.
Application Process
- Log onto the official website of LIC https://licindia.in/
- Click on the ‘Buy Online Policies’ option and click on the ‘Click here’ button by scrolling down the page.
- Click on the ‘Pradhan Manti Vaya Vandana Yojana’ option under the ‘Buy Policy Online’ heading.
- A new page will open. Click on the ‘Click to Buy Online’ option.
- Enter the contact details and click on the ‘Proceed’ button.
- Fill out the application form.
- Submit the online application, upload the documents as requested and click on the ‘Submit’ button to complete the registration.
Documents Required
- Aadhaar Card
- Bank Account Details
- Aadhaar card
- PAN card
- Proof of age
- Proof of address
- Proof of income
- Documents indicating that the applicant has retired from employment
Frequently Asked Questions
Is PMVVY Scheme Taxable?
Yes, The returns are taxable. However, the scheme is exempted from Goods and Services Tax (GST).
Is Investing In PMVVY Tax Free As Per IT Act?
Investing in the scheme will not allow to claim a deduction under section 80C of the Income-tax Act.
Can The Investment Be Withdrawn In Case Of Urgent Need Of Money Other Than Terminal Disease Etc.?
Yes, the investment can be withdrawn before completion of 10 years. The pensioner will get 98% of the principal amount on surrender of policy before maturity.
Can The Policy Be Bought Jointly?
No.
What Is The Lock In Period Of Policy?
The lock-in period in the PMVVY is for the entire 10-year tenure once you buy it
Can The Policy Be Brought From Bank?
The policy can be only be bought from LIC either online or offline(LIC Branches).
Can Multiple Senior Citizens Within A Family Purchase This Policy Separately?
Any number of senior citizen above 60 years old can purchase this policy.
Sources And References
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You need to sign in before applying for schemes
Apply Via:
You need to sign in before applying for schemes
Apply Via:
Check Eligibility
Ministry Of Finance
Pradhan Mantri Vaya Vandana Yojana
- The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
- The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
Share
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