Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a central government scheme of pension for the senior citizens aged 60 years and above. It was launched to provide social security to elderly persons who attained the age of 60 years.

Eligibility

1. Minimum entry age must be 60 years.
2. Maximum entry age has no limit.
3. Policy term is for 10 years.

Benefits

• An assured return of 8% per annum payable monthly is provided for 10 years.
• No service tax/GST is levied.
• Purchase price along with final pension installment shall be payable. on survival of the pensioner to the end of policy terms of 10 years.
• In case of premature exit, 98% of the purchase price shall be refunded.
• In case of pensioner death during policy term, purchase price shall be paid to beneficiary.
• On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
• The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependants.

Payment of Purchase Price

You can purchase the scheme by payment of a lump sum Purchase Price. You have an option to choose either the amount of pension or the Purchase Price.

Sample Pension rates per Rs.1000/- Purchase Price

• Monthly: Rs. 80.00 p.a.
• Quarterly: Rs. 80.50 p.a.
• Half-yearly: Rs. 81.30 p.a
• Yearly: Rs. 83.00 p.a.

How to apply

You can purchase it offline as well as online. To Purchase this scheme online please log on to our website www.licindia.in.

Contact details :

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