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Ministry Of Finance

Pradhan Mantri Vaya Vandana Yojana

Pension
Senior Citizens
Details
Benefits
Eligibility
Application Process
Documents Required
Frequently Asked Questions
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme exclusively for the senior citizens aged 60 years and above. The maximum Investment limit under this scheme is Rs 15 lakh per senior citizen.

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 Pension Minimum Purchase Price Maximum Purchase Price
Yearly Rs. 1,44,578/- Rs. 14,45,783/-
Half-yearly Rs. 1,47,601/- Rs. 14,76,015/-
Quarterly Rs. 1,49,068/- Rs. 14,90,683/-
Monthly Rs. 1,50,000/- Rs. 15,00,000/-
* The Purchase Price to be charged shall be rounded to nearest rupee.

Mode of pension payment:
  • 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.


Free Look Period: If a policyholder is not satisfied with the policy, he/she can return the policy to the LIC within 15 days (30 days if this policy is purchased online) from the policy receipt date stating the reason for objections. The amount refunded within the free look period is the purchase price deposited by the policyholder after deducting the charges for Stamp duty and pension paid, if any.


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