Everything To Know About The Pradhan Mantri Vaya Vandana Yojna

Everything To Know About The Pradhan Mantri Vaya Vandana Yojna

The Pradhan mantra Vaya vandana Yojna (PMVVY) is a senior citizen pension scheme. The LIC senior citizen scheme gives an assured returns of 8% per annum (year). The PMVVY pension scheme is implemented via the Life Insurance Corporation (LIC) of India and was announced in the Union Budgets of both 2017/18 and 2018/19.

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In the budget of 2018/19, the government doubled the maximum limit to Rs. 15 lakh from Rs. 7.5 lakh per senior citizen. The PMVVY scheme can only be subscribed until March 2020 and senior citizens of who are 60 years old are eligible for subscription.

The government has not set any maximum age limit for people to subscribe the PMVVY scheme and the senior citizens scheme can only be availed until the 31st of March 2020.

Also Read: Aadhaar Mandatory For Senior Citizen PMVVY Pension Programme

Under this scheme, a senior citizen will get a return of 8% per year which will be paid monthly for 10 years, however, the investor can opt for other options as well, i.e. Quarterly, Half Yearly, or Annual options.

Additionally, once the first 3 years of the policy get completed, the senior citizen can get a loan of up to 75% of the amount he/she has subscribed to. The interest of the loan will be adjusted/deducted from the installments and principal. It is said that the LIC PMVVY senior citizen scheme will be closed after 31st March 2020, however, according to a leading news agency, there are chances that the central government can extend the scheme for more years.

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22 Comments

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  • Send the policy premium and the maturity period. Is life covered or not. Thanks

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    • Dear Sir/Ma’am,

      PMVVY scheme PLZ contact mee

      Thanks And Regards
      Ritu.

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  • how many amount in minimum one a month

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  • Res-ected Sir/Mam,
    I am a propritor of a firm i am eligble for this.

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    • Like to know whether the PMVVY scheme is life time coverage . Whether only 1 lakh is insurance coverage like banks or is it fully (the deposit amt ) insurance covered. Whether is it possible to joint (husband ,wife ) policy . Can the policy holder nominate his children.

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  • I have deposited with Bank of Baroda for Rs. 15 lacs. Can I deposit with LIC under PMVVY

    Regards
    Adhikari

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  • PMVVY (LIC) PENSION SCHEME ~ can it be availed by a citizen with date of birth as 08 MAY 1960.
    Please confirm the options if the PMVVY (LIC) PENSION SCHEME is not extended further.

    Best wishes and warm regards!

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    • All ready deposit in bank.so can i deposit in lic PMVVY .

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  • Within tenure did not complete lic owner will dead. What’s will be happening that’s times

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  • no comments at this very moment

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  • Pl. Let me know more of this yogana as iam retiring on March 2020 at age 58.

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  • It is very good option for senior citizen for do not dependent by their children

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  • I will interest this plan.what documents

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  • What about sr citizens who are Abou,65 & 70 who does not even have pension . should they die or are they treated as not living or are they are considered not worth living ….. We were happy after a long wait at the end of life atleast we have a good governance ….

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  • Where should is get pmvvy, I am 55yrs aged.

    Thankue

    hemasundara raju

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  • To,
    CMD LIC & CENTRAL GOVT. OF INDIA,
    Please don’t close PMVVY & Continue it 12 to 15 years. Because of this scheme is very much helpful to those senior citizens, they have not been any type of income for food and also they are helpless.
    Please do needful as possible at your end. Thank you so much.
    SURESH VANZARA
    (Senior citizen & social worker)

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  • Please let me know the procedure for applying for PMVVY Senior citizen programme.

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  • Please let me know how to apply for PMVVY. kya mujhe kujh deposit bhi karwana hoga bcz i have not a single penny

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  • I Anil Kumar My DOB 30 May 1955 .
    I will deposit Rs 15,00,000/- in LIC pension plane now . After how many day shall start getting pension & How much.

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  • I Anil Kumar My DOB 30 May 1955 .
    I will deposit Rs 15,00,000/- in LIC pension plane now . After how many days shall start getting pension &, How much.
    Plz also specify that upto what age shall I keep getting pension plz.

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  • ear Sir/Ma’am,

    PMVVY scheme PLZ contact mee

    Thank you

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  • is life certificate is required for continuity of pension if so from where i will get from and after how many years i have to fill up this form

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