PMVVY Scheme - Pradhan Mantri Vaya Vandana Yojana

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Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens launched by the Government of India. The scheme was officially launched by India's Finance Minister Arun Jaitley on 21st July 2017, although it has been available for purchase since its soft launch on 4th May 2017. This scheme is a boon for senior citizens in times of falling interest rates. The objective of the scheme is to provide regular pension to senior citizens.

The scheme can be purchased offline and online through Life Insurance Corporation of India as they have been given the sole right to operate it. LIC has sold 58,152 PMVVY plans making INR 2705 Crores since its launch on 4th May 2017.


Features of Pradhan Mantri Vaya Vandana Yojana:-

  • There is no maximum age for entry in to the scheme for senior citizen.
  • It provides a guaranteed rate of return of 8% to 8.30% per year.
  • This plan gives the maturity benefit of the purchase price return.
  • The plan allows premature exit and 98% of the purchase price is paid back.
  • The scheme can be purchased by paying a lump sum amount ranging from INR 1.5 lakh to a maximum of INR 7.5 lakh for monthly Pension.
  • Pension payment is done through NEFT or Aadhaar Card linked payment system.


Benefits of Pradhan Mantri Vaya Vandana Yojana:-


  • There is no maximum entry age.
  • It provides assured pension.
  • It provides the maturity benefit of the return of the purchase price.
  • Premature exits are allowed and 98% of the purchase price is given back.
  • One can buy the plan by paying a large amount which can range from Rs 1.5 lakh to Rs 15 lakh for monthly pension.
  • Pension is paid through NEFT or Aadhaar card linked payment system.
  • Pension Payment - The scheme provides regular pension to senior citizens for 10 years for the chosen time frame.
  • Death Benefit - In the case the policyholder dies, the purchase price of the scheme will be returned to the nominee.
  • Maturity Benefit - This plan offers maturity benefit. Should the policy holder save the term of the schemes, then he will get the purchase price back with the last installment of pension.
  • Loan - After a pension holds the plan for three years, a loan of 75% is available on the purchase price. The loan interest will be adjusted in pension installments and the loan amount will be recovered from the claim proceeds.  


Other details of Pradhan Mantri Vaya Vandana Yojana:-

  • Free look Period - The policy offers a free look period of 15 days if purchased offline and 30 days when purchased  online. If the policy holder is not satisfied with the terms and conditions that he/she can return the policy to the corporation and collect the purchase price deposited minus the charges on stamp duty paid if any.
  • There are no exclusion under Pradhan Mantri Vaya Vandana Yojana. Even on suicide, the scheme will pay back the full purchase price.
  • Investment Period - 10 Years.
  • Applicant Age - 60+ Years.
  • Investment Amount - Up to Rs 15 lakhs per family.
  • Tax - No benefit from section 80c. Pension income is taxable.
  • Good for - Senior Citizens seeking for regular Income.

Location: Delhi, India

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