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Pradhan Mantri Vaya Vandana Yojana

Government of India has launched a new Pradhan Mantri Vaya Vandana Yojana 2023. In which the elderly will get a minimum pension of Rs 1000 per month. What is this pension scheme?, how can you apply in this scheme. What is the eligibility of the applicant?, What is the required document? All such information is given here further in this article.

Though Pradhan Mantri Vaya Vandana Yojana you can earn an interest income at the rate of 7.4 per cent per annum. It is a social security scheme for senior citizens offered by the LIC to give an assured minimum pension to for 10 years based on an assured return on the purchase price/ subscription amount. It also offers a death benefit in the form of return of purchase price to the nominee

Pradhan Mantri Vaya Vandana Yojana Information | Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana is a government pension scheme launched with the aim of providing social security to senior citizens. If you want to get pension every month by investing lump sum, then ‘PM Vaya Vandana Yojana’ is the government pension scheme for you. The scheme is run by Life Insurance Corporation of India (LIC-LIC). On May 4, 2017, the Government of India launched the ‘Pradhan Mantri Vaya Vandana Yojana’ aimed at the country’s senior citizens.

Eligibility criteria to avail the scheme 

— The person must have completed 60 years 

— There is no limit for maximum age 

— Policy term is 10 years 

— Minimum pension is Rs 1000 per month while the maximum pension is Rs 10000 per month. 

— The total amount of pension allowed per senior citizen should not exceed the maximum pension limit. 

— No medical examination is required to buy this scheme 

Pradhan Mantri Vaya Vandana Yojana 2023

Name of the schemeName of the scheme
Who initiated the plan?Government of India
benefitOld age above 60 years will get pension.
Official website

Benefits of Pradhan Mantri Vaya Vandana Yojana

  • Maturity Benefit: On successful completion of the policy term, the purchase value is returned to the pensioner along with the final pension installment.
  • Death Benefit: In the event of sudden death of the pensioner during the term policy, the purchase value is returned to the nominee.
  • Pension Payment: If the pensioner survives the entire policy term, the pension payment is made according to the pension payment method chosen.
  • Loan: Loan facility is available under Pradhan Mantri Vaya Vandana Yojana. Anyone can avail this facility after completion of 3 years of policy period. It offers a loan of up to 75% of the purchase price.

Pradhan Mantri Vaya Vandana Scheme Eligibility

  • There is no specific eligibility criteria for the PMVVY scheme except that the subscriber should be a senior citizen, ie (60 years and above).
  • Applicant must be an Indian citizen.
  • There is no maximum entry age for PMVVY scheme.
  • The applicant should be willing to avail the policy tenure of ten years.

How to apply Pradhan Mantri Vaya Vandana Yojana?

  • Online Application – You can apply online for this scheme by visiting LIC website
  • Offline Application: You can visit any LIC branch to fill the form for this scheme. Submit the form along with required documents. Your form can be deposited at any LIC branch.

Offline Application Process for Pradhan Mantri Vaya Vandana Yojana

  • To apply online in this scheme, the applicant has to go to the nearest LIC Centre.
  • From there one has to take the Pradhan Mantri Vaya Vandana Yojana application form and fill the necessary information and also attach the necessary documents with it.
  • After that hand over this form to the prescribed officer.
  • This way you can apply online.

Terms and Conditions of Pradhan Mantri Vaya Vandana Yojana

  • Age: Minimum 60 years
  • Policy Term: 10 years
  • Minimum Pension: 1000 per month (6000 every six months, 12000 per year)
  • Maximum Pension: 9250 per month (55,500 every six months, 1,11,000 annually)

Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse. Surrender Value payable in such cases is 98% of the Purchase Price. Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price. 

Useful links

Official websiteClick here
homepageClick here

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