Pradhan Mantri Vaya Vandana Yojana – A pension scheme for the senior citizens.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)– The Indian government has developed a series of social security systems based on the needs of the hour. For years, the public sector Pension Fund (PPF) has been in operation, Atal Pension Scheme, National Pension Scheme, Senior Citizen Savings Scheme (SNSS), and many other schemes. These are the most popular plans for those managing their retirement. The latest addition to the list is Pradhan Mantri Vaya Vandana Yojana. PMVVY is a pension scheme operated by the Life Insurance Corporation of India (LIC) which is India’s largest life insurance provider. Here are some details you may want to know about this scheme.

In this article, we will provide you with complete information about Pradhan Mantri Vaya Vandana Yojana. Kindly look through it for PMVVY Benefits & Feature, Current Progress, News Update, Eligibility Check, Documents Required, Registration, Sign up Log in, Online Form, How to Apply, Beneficiary List, Status Check.

Pradhan Mantri Vaya Vandana Yojana

The Government of India has introduced Pradhan Mantri Vaya Vandana Yojana (Modified-2020), with the modified rate of pension under this plan and extended the period of sale of this plan for a further period of three years from Financial Year 2020-21 till 31st March 2023.

Feature of PMVVY

• The money invested by the purchasers of the scheme is called the purchase price. As the sovereign guarantees back the scheme, it offers an assured rate of return on investment.
• The scheme pays out regular pension and the frequency can be monthly, quarterly, or yearly. The PMVVY is an excellent alternative to traditional bank deposits.
• The scheme provides the assured rate of return of 8% p.a payable monthly for the period of 10 years. This equals 8.3% p.a effectively.
• The scheme is exempted from goods and services tax or GST.

Benefits of Pradhan Mantri Vaya Vandana Yojana

• Pension Payment 
  On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
• Steady Regular Income
  If the pensioner survives, the plan provides a steady income regularly in the form of pension payment as per the mode chosen by the pensioner till the end of the policy term of 10 years.
• Death Benefit
  If the subscriber passes away within the term of the policy, then the nominee would be paid out with the purchase price.
• Guaranteed Return
  The scheme offers a pension at an assured rate of interest per annum for the entire policy period of 10 years. Pension rates would vary depending on the mode of pension payment chosen.
• Loan facility
  Once the policy completes three years of the term, the facility of loan is made available. Maximum of up to 75% of the price of purchase or the invested amount can be granted as a loan.
• Flexibility to choose the pension payment frequency
  Pradhan Mantri Vaya Vandana Yojana offers flexible pension payment options such as monthly, quarterly, half-yearly, and yearly.
• Tax benefits
  The investment made into Pradhan Mantri Vaya Vandana Yojana is exempt from the income tax as U/S 80CCC of the Income Tax Act, 1961. The pension received on the investment is an annuity, which is taxable in the hands of the annuitant.
• Medical Emergencies
  Due to medical emergencies (self and spouse), the subscribers can withdraw 98% of the purchase price.
• Maturity Benefit
  On survival of the pensioner to the end of the policy term of 10 years, the Purchase price along with the final pension installment shall be payable.

Pradhan Mantri Vaya Vandana Yojana Key Highlights

Pradhan Mantri Vaya Vandana Scheme Eligibility Criteria

• The applicant must be an Indian citizen.
• PMVVY scheme except that the subscriber must be a senior citizen (above the age of 60 years).
• There is no maximum entry age for the PMVVY scheme.
• The applicant must be ready to avail of the policy term of ten years.
• The investment limit should be Rs. 15 lakh per senior citizen.

Pradhan Mantri Vaya Vandana Yojana Pension Policy

(Note: Upper cap on the maximum purchase price is per senior citizen.)

PMVVY 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 purchase of the policy under this Government-subsidized scheme requires unique Aadhaar number validation.
The first installment 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.

Documents Required for PMVVY

• Age proof such as PAN card, Passport, Aadhaar card, Driving license or Voter’s ID card, etc.
• Aadhaar card.
• Address proof such as Driving license, Passport, Voter’s ID card, Telephone bill or Electric bill, etc.
• Passport size photograph.
• Documents indicating that the applicant has retired from employment.

Pradhan Mantri Vaya Vandana Scheme Important Date

{Step by Step Guide} PMVVY Online Registration

• Click on LIC’s Pradhan Mantri Vaya Vandana Yojana official website.
• Click on the ‘‘buy online’’ tab, this will take you to the application page.
• Fill in all the relevant details in the application form and then click on ‘‘Get Access ID’’.
• A nine-digit access id will be sent to your contact number provided via SMS or through email.
• Enter the access ID and click on “proceed”.
• Complete the application, you will receive an acknowledgment number on completion followed by a policy number at the end.

{Step by Step Guide} PMVVY Offline Registration

• Pradhan Mantri Vaya Vandana Yojana application form with UIN 512G311V01 is available at LIC branch offices. Application copy can also be downloaded from the LIC website.
• All the details need to be filled up.
• Attach required document.
• At last, submit the duly signed application form at the LIC branch office along with all the required documents.

Pradhan Mantri Vaya Vandana Scheme Important Links

Scheme Details	Download Here
Official Website	Click Here

Pradhan Mantri Vaya Vandana Yojana Contact Details & Helpline Number

We have provided all the details related to Pradhan Mantri Vaya Vandana Yojana. If you have faced any issues while applying for Pradhan Mantri Vaya Vandana Yojana, Kindly note below contact details for any help.

Registered Office:

• Life Insurance Corporation of India
  Central Office, Yogakshema, Jeevan Bima Marg, Mumbai – 400021.
• Website: www.licindia.in
• Registration Number: 512

Pradhan Mantri Vaya Vandana Scheme FAQs

What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Government subsidized pension Scheme for senior citizens aged 60 years and above.

Who is the administrator of the PMVVY?

Life Insurance Corporation of India will be the administrator of PMVVY on behalf of Government of India.

What is the period for which the Pradhan Mantri Vaya Vandana Scheme is available for sale?

This Pradhan Mantri Vaya Vandana Scheme is available for sale up to 31st March 2023.

Can i cancel Pradhan Mantri Vaya Vandana Yojana for any reason once I bought it?

Yes, you can cancel your investment in Pradhan Mantri Vaya Vandana Yojana within the ‘free-look period’ stated in the policy. The scheme comes with a free-look period of 15 days (for offline policies) or 30 days (for online policies).

Can I surrender Pradhan Mantri Vaya Vandana Yojana in the middle of the policy term?

Yes, you can! Pradhan Mantri Vaya Vandana Yojana allows you to take premature exit during the policy term of 10 years in exceptional situations like needing the money for critical illness treatment or for terminal illness care for self or spouse. The company would pay out 98% of the purchase price on surrendering the policy mid-way.

What is the term of this Pradhan Mantri Vaya Vandana Scheme?

The term of this Pradhan Mantri Vaya Vandana Scheme is 10 years