(PMVVY) Pradhan Mantri Vaya Vandana Scheme: Pradhan Mantri Vaya Vandana scheme was launched in the Budget Speech of financial year 2018-19. The central government has started Pradhan Mantri Vaya Vandana Scheme for providing pensions to our senior citizens. Under this Scheme “LIC” provides an assured return of 8% annually for a period of 10 years. All eligible senior citizens of our country could invest capital money under Vaya Vandana untill 31st December 2020. The Minimum amount of purchase is Rs.1,50,000/- and the maximum purchase Price is Rs.15,00,000/-
Pradhan Mantri Vaya Vandana LIC Vaya Vandana Scheme
You can directly purchase the Policy under Pradhan Mantri Vaya Vandana Yojana and after the maturity of your policy (i.e.,10 years from the date of purchasing your policy). LIC will pay you the Purchase price and an interest rate of 8 % per annum for a time period of ten years. The main objective of this Pradhan Mantri Vaya Vandana Scheme is to secure the future of our citizens after their retirement. You can find all the details such as purchase price, interest rates and time duration in the chart listed below.
Overview of Pradhan Mantri Vaya Vandana scheme
The PMVVY scheme provides an assured income Security to the Senior citizens of our country in their old age .
Under the Pradhan Mantri Vaya Vandana Scheme the Government of India guarantees assured returns linked to the subscription amount.Moreover, for a period of 10 years LIC Vaya Vandana provides an assured return of 8% per annum.
Even more Interesting is that the Interest under this scheme is provided on a monthly/ Quarterly/ Half yearly and yearly basis.
Pradhan Mantri Vaya Vandana scheme also gives you Tax reliefs
Benefits Of PM Vaya Vandana Scheme
Upon survival of the Pensioner during the policy term period of 10 years, as per the choosen model towards the end of each period pension will be payed in arrears
Upon death of the Pensioner within the policy term period of 10 years, the beneficiary will get a full refund of the Policy Purchase Price.
Upon survival of the pensioner through the end of the policy term period of 10 years, Purchase price along with final pension instalment shall be payable.
After completion of 3 policy years Loan facility will be available. Maximum Loan amount of 75% of the Purchase Price of Policy shall be granted and in periodic intervals the rate of interest to be charged for the loan amount shall be determined
Eligibility for PMMVY
Minimum age limit to be eligible for PMMVY is 60 years and there is no upper age limit.
Pradhan Mantri Vaya Vandana Scheme Rate of Interest
|Session wise Pension||Min Purchase Price||Max Purchase Price||Pension Interest rate
|Yearly||Rs. 1,44,578/-||Rs. 14,45,783/-||8.3 %||12,000|
|Half-yearly||Rs. 1,47,601/-||Rs. 14,76,015/-||8.13 %||6,000|
|Quarterly||Rs. 1,47,601/-||Rs. 14,90,683/-||8.50 %||3,000|
|Monthly||Rs. 1,50,000/-||Rs. 15,00,000/-||8.00 %||1,000|
How To Apply For Pradhan Mantri Vaya Vandana
- All Beneficiaries who need to apply for Pradhan Mantri Vaya Vandana Scheme and who want to get this Scheme they have to visit the site of LIC Like i.e. www.licindia.com. Or Visit the Nearest LIC Branch Office to Complete Offline application process.
- Go to the Scheme Section at top of the web page. And find out the Scheme of PMVVY.
- Enter the details of the Beneficiaries in the application form.
- And then Submit your details to the LIC board.
More details of Pradhan Mantri Vaya Vandana Scheme
Name of the Scheme
Pradhan Mantri Vaya Vandana PMVVY Scheme
Scheme Covered by Area
|Name of the Scheme||Pradhan Mantri Vaya Vandana|
|Category||Central Govt Scheme 2019|
Scheme launched by
Last date to Apply For this Scheme
31st March 2020
|Launched date||Jan month 2019|
|PIB Notification of PMVVY||Click here|
|User Notification of PMVVY||Click here|
|PMVVY Buy Online
|Pasupu Kumkuma Scheme||Click here|
|PM Modi Yojana Scheme 2019||Click here|
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- 1 Pradhan Mantri Vaya Vandana LIC Vaya Vandana Scheme
- 1.1 Overview of Pradhan Mantri Vaya Vandana scheme
- 1.2 Benefits Of PM Vaya Vandana Scheme
- 1.3 Pradhan Mantri Vaya Vandana Scheme Rate of Interest
- 1.4 How To Apply For Pradhan Mantri Vaya Vandana
- 1.5 More details of Pradhan Mantri Vaya Vandana Scheme