👴🏻 Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme launched by the Government of India specifically for senior citizens aged 60 years and above. It offers an assured return on investment in the form of monthly, quarterly, half-yearly, or yearly pension for 10 years. The scheme is administered by the Life Insurance Corporation of India (LIC).
🎯 Objective of PMVVY
- To provide a regular source of income (pension) to senior citizens.
- To protect elderly people from the uncertainties of interest rate fluctuations.
- To offer an alternative to traditional fixed income schemes with guaranteed returns.
📋 Key Features of PMVVY
- Minimum Entry Age: 60 years (no maximum age limit)
- Policy Term: 10 years
- Pension Mode: Monthly, Quarterly, Half-Yearly, Yearly
- Minimum Pension: ₹1,000 per month
- Maximum Pension: ₹9,250 per month (₹1,11,000 per annum)
- Assured Return: 7.4% per annum (for FY 2023-24)
- Loan Facility: Available after 3 years
💸 Investment Limits
- Minimum Purchase Price: ₹1,56,658 (for ₹12,000 annual pension)
- Maximum Purchase Price: ₹15,00,000 (limit per senior citizen)
- The purchase price depends on the mode and amount of pension chosen.
🧾 Pension Payout Options
You can receive pension as per your convenience:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
🔁 Loan and Premature Exit
- Loan: Up to 75% of the purchase price after 3 policy years.
- Premature Exit: Allowed in cases of critical illness of self or spouse.
- Surrender value will be 98% of the purchase price.
📃 Documents Required
- Aadhaar Card
- PAN Card
- Proof of age
- Bank account details
- Passport-size photograph
📝 How to Apply for PMVVY
- Visit LIC’s official website or nearest LIC branch.
- Choose pension mode (monthly, quarterly, etc.)
- Submit required documents and choose payment method (cheque/NEFT)
- Get your LIC policy bond after approval.
🎁 Benefits of PMVVY
- Stable and fixed income for 10 years.
- Government-backed and risk-free investment.
- Flexible payout options.
- Tax benefits under 80C (limited).
- Retirement security for non-government pensioners.
📈 Performance and Reach
- Over 5 lakh senior citizens enrolled.
- ₹26,000+ crores collected in premiums till 2024.
- High preference in rural and tier-2 cities.
📞 Helpline Numbers
- LIC Toll-Free: 1800-33-4433
- Email: customerzone@licindia.com
- Nearest LIC Office/Agent
🧓 Final Thoughts
Pradhan Mantri Vaya Vandana Yojana is a golden safety net for India’s elderly citizens. It ensures peace of mind by providing a steady flow of income and financial independence in old age. Since it is managed by LIC and guaranteed by the government, PMVVY is a reliable investment option for all senior citizens above 60 years.
📝 Written by: Karan Ghongade | Trusted Source for Government Schemes
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