Pradhan Mantri Vaya Vandana Yojana was introduced on 4th May 2017 by the Central Government of India to provide pension benefits to Senior citizens as a secure income source, ensuring their convenient financial planning and management.  The Management Functions of the scheme rest with the Life Insurance Corporation. Under this Government scheme, a regular pension amount is paid to elderly Individuals monthly, quarterly, half-yearly, or yearly. 

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The closing period of this scheme was planned for March 31st, 2020. However, the Pradhan Mantri Vaya Vandana Yojana scheme has been extended by the Indian Government for another 3 years until March 31st, 2023.   

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What are the benefits of Pradhan Mantri Vaya Vandana Yojana- 

There are numerous benefits PMVVY offers to the Senior citizen that are mentioned below: 

• A fixed pension for up to 10 years is based on the chosen payment frequency.
• For 2023-24, a fixed 7.40% annual interest rate and rate adjustment will be done in coordination with Senior Citizens Saving Scheme (SCSS)
• Flexible disbursement option with the periods of month, quarter, half-year, or year. 
• In the event of a Health emergency, beneficiaries can avail of 98% of their investment by opting out of the scheme. 
• Beneficiaries can obtain an investment-backed loan after 3 years subject to the 75% of the investment. Interest costs will be offset through the pension amounts.  

Who is eligible for Pradhan Mantri Vaya Vandana Yojana? 

Before initiating the application process for Pradhan Mantri Vaya Vandana Yojana, it is recommended to check the eligibility criteria carefully. Required eligibility conditions for PMVVY are mentioned below: 

• Applicant should be an Indian Citizen
• The minimum age of the applicant should be 60 Years(Completed). 
• For each elderly Individual, the Maximum Investment Limit is Rs. 15 lakh. 

Note: There are no criteria required for Maximum age to apply for the scheme. 

Pension Ceilings and Amount- 

Here are the details related to the Pension Limits, an applicant is required to comply with: 

Note: Maximum Pension Limit applies to the whole family i.e. beneficiary, spouse of beneficiary, and dependents. In this case, the Total pension amount a family is set to avail under this scheme must not cross the ceiling of maximum pension. 

Pradhan Mantri Vaya Vandana Yojana Application Process 

Application Process for Pradhan Mantri Vaya Vandana Yojana can be executed either online or offline depending upon the convenience of the applicant.  

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Online Mode

Here is the step-by-step method to apply for Pradhan Mantri Vaya Vandana Yojana through the online medium. 

• Firstly, Go through the official website of the Life Insurance Corporation.
• Under the ‘Buy Policy Online’ section, select “Pradhan Mantri Vaya Vandana Yojana.”
• Tap on the button no. 842 for purchase and on the new web page, click on  ‘Click to Buy Online’. 
• Now, Enter details like name, date of birth, mobile number, email, servicing unit, etc. to generate your access ID. A 9-digit access code will be sent to you through SMS or mail. 
• Enter the access ID and tap on the option “Proceed”. 
• Now choose the plan related to your preferred pension. 
• Then, complete the document submission process and payment process. 
• Click on the “Submit” Button. After submission of the form, you will get a confirmation message related to the successful submission of the form along with a policy number via mail or SMS. 

Offline mode

For applying through an offline medium, you are required to visit the LIC Branch close to your location. Take the application form from the respective staff, enter the necessary details, attach the necessary documents, and submit the document along with the required payment amount. 

Required Documents: 

Here is the Information related to the documents required during the application process for Pradhan Mantri Vaya Vandana Yojana: 

• Bank account details
• Address proof
• PAN card
• Aadhaar card
• Age proof
• Passport size photo
• Proof of retirement from employment

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