Pradhan Mantri Vaya Vandana Yojana: Age Limit, Benefits, & Pension Options
Over the years, government pension schemes have played a crucial role in strengthening the financial independence of India’s senior citizens. PMVVY stood out as one of the most reliable options because it delivered a guaranteed pension for a full decade, regardless of market movements. Who manages the PMVVY scheme, and what are the PMVVY benefits?
Let’s explore!
PMVVY Scheme
PMVVY full form is Pradhan Mantri Vaya Vandana Yojana
What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?
It is a government pension scheme for senior citizens aged sixty years and above. It provides social security and a fixed income source after retirement. The Life Insurance Corporation of India manages the scheme, which offers fixed returns for ten years and allows limited withdrawals under specific conditions.
The scheme was available for purchase until March 31, 2023, and is now closed to new investments
PMVVY Scheme Details
Here is everything about the PM Vaya Vandana Yojana:
| Category | Information |
| Eligibility | Indian citizens aged sixty years or above; no upper age limit. |
| Investment Limit | Up to fifteen lakh rupees per individual. |
| Minimum Annual Pension | Twelve thousand rupees. |
| Maximum Annual Pension | One lakh eleven thousand rupees. |
| Policy Term | Ten years. |
| Pension Options | Monthly, quarterly, half-yearly, or yearly. |
| Payout Schedule | Pension is paid at the end of the chosen interval. |
| Return of Purchase Price | Investment amount returned to the nominee on maturity or on the policyholder’s death. |
| Loan Facility | Available after three completed policy years. |
| How to Apply | Online via UMANG or the Life Insurance Corporation of India website, and offline at Life Insurance Corporation of India branches. |
What is PMVVY eligibility?
- Minimum entry age: 60 years
- Maximum entry age: No limit
- Policy term: 10 years
- PMVVY Minimum pension: ₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half year, ₹12,000 per year
- PMVVY Maximum pension: ₹9,250 per month, ₹27,750 per quarter, ₹55,500 per half year, ₹1,11,000 per year
- Maximum purchase price: Total investment across all PMVVY policies cannot exceed ₹15,00,000 per senior citizen
While PMVVY covers long-term pension security, your everyday banking needs remain just as important. A zero-balance savings account can offer a simple way to manage monthly pension inflows.
What is the PMVVY interest rate?
The PMVVY interest rate is set by the Ministry of Finance for each financial year.
For the introductory year, the interest rate translated to 7.40 percent per annum for monthly payouts. Each year, the rate is reviewed, and new policies sold that year follow the notified rate.
What are the PMVVY benefits?
- Pension payment: If the pensioner survives during the 10-year policy term, the pension is paid in arrears at the end of the chosen interval (monthly, quarterly, half-yearly, or yearly).
- Death benefit: If the pensioner dies during the 10-year term, the purchase price is refunded to the nominee.
- Maturity benefit: If the pensioner survives till the end of 10 years, the purchase price and the final pension instalment are paid together.
What are the Documents Required for PMVVY
To apply for the plan, the following documents are needed:
- Aadhaar card
- PAN card
- Bank account details
- Recent photographs
- Address proof
- Completed PMVVY application form
How to Check PMVVY?
To check PMVVY status or policy details, senior citizens can use the UMANG app or the LIC website.
Using the UMANG app
- Download and open the UMANG app.
- Go to the PMVVY section and select Policy Basic Details.
- Choose MPIN or OTP as your login method and enter your mobile number.
- Enter your policy number to view your details.
Using the LIC website
- Visit the LIC website.
- Open the login or customer portal section.
- Log in using your registered details.
- Go to the policy details section to check your pension and loan information.
PMVVY registration has been discontinued after 31 March 2023, and new applications are no longer being accepted.
PMVVY Contact Details
If you need help with your PMVVY policy or have any questions, you can reach LIC through the following channels.
Email: onlinepmvvy@licindia.com
Phone: 02267819281
1800227717
Website: licindia.in
Final Words
The PMVVY scheme is one of the most reliable pension options for senior citizens who want stability, predictable earnings, and government-backed trust. With easy PMVVY online registration, clear rules, simple documentation, and fixed payouts, it stands out as a dependable income plan for retirement years.
Looking for government-backed financial support beyond pensions? Discover how the CGTMSE Scheme helps MSMEs access collateral-free loans. Read more.
PMVVY Scheme – FAQs
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-subsidised pension scheme that offers senior citizens aged sixty years and above a guaranteed pension for a period of ten years.
The PM Vaya Vandana Yojana (PMVVY) is administered by the Life Insurance Corporation of India on behalf of the Government of India.
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) was available for sale up to 31 March 2023.
The policy term for the PMVVY is ten years.
Pension under the PM Vaya Vandana Yojana (PMVVY) can be received on a monthly, quarterly, half-yearly, or yearly basis. The first pension instalment will be paid after one month, three months, six months, or one year, respectively, depending on the chosen mode.
Yes. The pension rate contracted at the time of purchase remains fixed for the entire ten-year term.
Yes. A policy under the Pradhan Mantri Vaya Vandana Yojana (PMVVY) can be surrendered at any time during the policy term.
Surrender is permitted during the policy term under exceptional circumstances, such as when the pensioner requires funds for the treatment of any critical or terminal illness of self or spouse.
The surrender value payable under the Pradhan Mantri Vaya Vandana Yojana (PMVVY) is 98 percent of the purchase price.
Yes. The loan facility becomes available after completion of three policy years. The maximum loan allowed is 75 percent of the purchase price.
Source: licindia.in
