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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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xploringindia
Xploringindia is a administrator who has a keen interest in politics, fashion, and lifestyle. She is a post-graduate in Economics and loves to listen to classic old Hindi songs and travel to new places in her leisure time. Her writing is well researched, covering important aspects and core of the topic covering crucial points.
22 comments
    1. vinod nair

      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.

  1. COL RAVINDER SINGH PARMAR

    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!

  2. Y Laxman Rao

    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 ….

  3. SURESH VANZARA

    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)

  4. Anil Kumar

    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.

  5. Anil Kumar

    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.

  6. rajendra

    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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